HOUSING: Barbados developer eying housing investment in Guyana

Mark Maloney

Mark Maloney

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Barbados developer and the principal behind that country’s US$175 million revamped Hyatt Ziva Barbados Resort and The Village at Coverly Housing Project, Mark Maloney has expressed interest in housing investments in Guyana and last week met with President Irfaan Ali to discuss possible projects, sources say.

“He had discussions with the President”,  sources close to the government confirmed with the Stabroek News.  Maloney’s discussions with the president centred on “areas of housing and other sectors”.

Maloney’s visit preceded an announcement by the government yesterday that it is seeking to raise US$250m ($50b) to support its housing development plans and is seeking Expressions of Interest (EoIs).

With multi-million dollar investments in transformational projects in his home country, Maloney also owns the Rock Hard Cement Company and shares a business partnership with Norwegian-born Barbadian developer Bjorn Bjerkham of the Preconco, Marina Construction, and the Jada Group and Caribbean Homes businesses.

Maloney’s The Village at Coverly project saw the transformation of land into over 600 houses in a modern housing community in Christ Church, Barbados.

“Our Mission is to provide affordable, quality housing using a concept which maximizes the use of land for the benefit of all homeowners and by doing so permits homeowners access to more affordable properties while enjoying a Lifestyle Community,” the project’s website states.

The community features low-to-middle cost, energy-efficient homes built to withstand a Category 5 hurricane, a 5.0 earthquake, storm surges and major flooding. The fully planned development also offers residents a medical centre, gym, restaurants, stores, recreation centres and sports fields.

Maloney is well-known to the Guyanese motor racing community as he competed often here during his career as a speedster.

Also last week, representatives of famed Shark Tank billionaire and US investor Mark Cuban’s Radical Investments LLC, arrived in Guyana aboard a luxury jet for a two-day visit.

The three-member contingent, two Guyanese and a Paula Garces, had no planned meetings with government according to Go-Invest’s recently appointed investment czar, Peter Ramsaroop.
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Comments

  • CHERRYL KLASS  On October 13, 2020 at 4:42 am

    Yes, Mr Maloney is welcomed but people in Guyana need to invest as well but we are not being given the opportunity to do so by the Government, they are holding off the land from the ordinary citizens who are willing and able to build their own homes. Poor people need a chance to build for themselves. Let us get a chance to do so, please

  • Voice of Reason  On October 13, 2020 at 8:39 am

    I’m familiar with The Village of Coventry development in Barbados and it’s easily seen as you drive along the Highway towards the airport. That development was cramped with houses albeit the houses were very nice and most likely two bedroom homes. They stood empty for a few years as I had heard that Bajans did not want to live in such close quarters where you can spit across to your neighbour’s house and, therefore, were not renting them. I don’t know if they have been occupied now.

    Hopefully Mr. Maloney will build his development in Guyana with more land in between the homes as Guyana does have a lot of land space to accommodate a more spacious development. Of course that will depend on how much he’s willing to spend to accomplish this. Land is a lot cheaper in Guyana than it is in Barbados so there’s no reason why a comfortable housing development cannot be built.

  • brandli62  On October 13, 2020 at 9:20 am

    “The community features low-to-middle cost, energy-efficient homes built to withstand a Category 5 hurricane, a 5.0 earthquake, storm surges and major flooding.”

    I guess its better late than never to see investors flooding into Guyana…. What does he mean with low-to-middle cost homes? What’s the price range? Will the land belong to the home owners? In addition, Cherryl Klass makes above some further good points.

    What is however puzzling to me, is the fact that gets an appointment with the President. Why is this necessary? Is he looking for cheap to acquire government-owned land? Does the EoI automatically grant you access to the head of state? I hope we are not seeing the next corrupt business deal in the making.

    • Georgy Porgy  On October 13, 2020 at 1:15 pm

      You forget that Ali used to be the Minister of Housing when the PPP was in power? Added to that fact is MONEY!!!! Money must pass if Mr. Maloney wants to implement his housing development plans.

      • brandli62  On October 14, 2020 at 4:58 pm

        Good point, George! I hope the Guyanese people are vigilant!

  • Curtis  On October 14, 2020 at 9:33 pm

    Yep Ali was had about 29 charges if I’m not mistaken pending against him, some of which was for land fraud. Yes we sure have a President to be proud of don’t we. Guyanese people must remember that a leopard don’t change its spots.

  • Dennis Albert  On October 15, 2020 at 5:41 am

    Locals will be living in shanty towns and shacks, while the foreigners build their fancy condos and US$300,000 houses.

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