Innovations Investments Inc. to construct $12M Mazaruni Estates Condominium to meet growing housing demand

In response to the increasing need for housing in the nation, Innovations Investments Incorporated has announced plans to build a Mazaruni Estates condominium worth US$12 million at Mandela Avenue, Georgetown. The condominium will occupy 2.7 acres of land adjacent to the Four Points by Sheraton-Marriott Hotel, a 150-room facility situated on the newly constructed four-lane Mandela-Eccles road. Commencing in April, construction of the Mazaruni Estates condominium will begin with the construction of two five-story towers as the first phase of the project. The development will boast numerous amenities, including an Olympic-sized swimming pool, a basketball court, a tennis court, a jogging trail, a country club, a restaurant, a bar, a retail centre, and shops. Additionally, the development will feature 24-hour security and a car park capable of accommodating up to 130 vehicles. Each condominium will come with a reserved parking spot for the owner and an additional parking spot for visitors. The estimated price for each condominium will be around US$255 000. According to investor Lorenzo Alphonso, the land clearing process has already commenced, and the Mazaruni Estates condominium project is projected to be finished within 16 months. Alphonso is currently involved in the construction of numerous hotels throughout the country and has acknowledged the persistent high demand for housing as the economy continues to flourish. The Mazaruni Estates condominium is being constructed approximately one year following the passing of the Condominium Bill in the National Assembly. The bill, which is considered a contemporary piece of legislation, was approved on May 17 and has opened the door for the development of condominiums and the conversion of existing structures into individual ownership units. Importantly, the bill provides a means for individuals who have purchased duplexes or condominiums from the government to obtain their land ownership documents.

Source(Image: Artist's Impression of the Mazaruni Estate, Innovation Investments Inc. , News Source: Newsroom )

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13 Mar 2023 17:15 | by anaraine

| Construction, Engineering and Transportation