As Guyana continues to be in a state of uncertainty over Monday’s elections, which have not seen a winner announced for a new government, a developer has said that it remains cautious and will not move ahead just yet.
“Due to an uncertain business environment, Windsor Estates/Navigant Builders, a US-based real estate developer will hereby be postponing its plans for the proposed Ogle project.
“We would also like to state that this decision is non-partisan in nature, and that we are prepared to move forward with this project once a democratic and credible resolution to the election has been reached,” a statement from Windsor Estates’ principal, Danny Sawh, said yesterday.
The statement was also carried on the developer’s Facebook account.
“We urge all parties and the people of Guyana to remain calm during this time.”
A number of businesses have been expressing worry over the political climate, which has brought the city to the standstill and patches of protests on the coastlands yesterday.
Banks and gas stations have been shuttering their windows. Police fired tear gas at Opposition-aligned supporters yesterday at Lusignan.
The ambitious second-phase development at Ogle, East Coast Demerara, would have cost the developers of Windsor Estates $900M for the lands alone.
The developer is planning to sink US$83M that will see a mixed-use urban village, consisting of high-end residential condos and townhomes and Class A offices and business suites on the 30-acre plot of land which will be located not far from a planned bypass road.
Navigant is credited with building its flagship project, Windsor Estate, East Bank Demerara, a gated community true with Florida-styled home, palm-lined avenues and town houses.
The 30-acre lands at Ogle were formerly under sugarcane. They were transferred to the National Industrial and Commercial Investments Limited (NICIL).
Almost 800 acres between Ogle and Lusignan have been released for developments with at least three brand name hotels, including AC Marriott and Hilton, expected to be constructed in the area not far from the Ogle airport.
Navigant was one of several companies expressing interest in 2017 when NICIL asked for submissions.