$300M multi-complex mall for Soesdyke
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An artist’s impression of the facility to be built at Soesdyke, EBD
An artist’s impression of the facility to be built at Soesdyke, EBD

–proposed four-storey building to have 17 rooms, 30 commercial spaces

LOCAL investor, Kirtis Davis has crafted an ambitious plan to construct a $300 million multi-complex mall at Soesdyke, East Bank Demerara (EBD), with the aim of transforming the commercial landscape within this massive community.

The idea for the construction of this facility, named Kings and Queens Multi-Complex Mall, was inspired by the emerging oil-and- gas sector, and an increasing demand for a high-quality, state-of-the-art facility to service the needs of persons living within the upper EBD area, and along the Soesdyke-Linden Highway.

A study done by the University of Pretoria, South Africa, had found that some of the major benefits of shopping centres are direct employment, indirect employment, and capital investment.
There is also anecdotal evidence of Guyana benefiting in the same way from the construction of shopping centres like the Giftland Mall, MovieTowne Mall and the Amazonia Mall, among others.

Cognisant that most of those facilities are situated in Georgetown, or on the outskirts of the city, Davis plans to decentralise the opportunities and benefits with the establishment of his facility.
According to a project summary seen by the Sunday Chronicle, the multi-complex mall will have 17 self-contained rooms, 30 rental spaces, a restaurant, bar and fast-food outlets.

“The name Kings and Queens Multi- Complex Mall was inspired by Mr. Davis; this adds to homely, efficient service, ambiance and welcoming atmosphere which the project was designed around,” the project summary outlines.

The facility will not only be customer-friendly, but also environmentally-friendly, since the architecture of the building was done with “a lot of emphasis” on blending it with the surroundings.

“The design process investigated the feasibility of several building types and construction materials, however, in the end, the final product was a four-storey concrete structure, with the fourth floor being an open space as a roof garden, or to be used for special functions,” the developer says.

It is unclear at this time how many jobs will be created, but, as evidenced by similar projects, there will be jobs during the construction phase, and direct and indirect opportunities upon the completion of the mall.

Unlike other private projects, which oftentimes benefit persons within and around the city, this complex will create opportunities for a different section of the population, especially those persons residing in rural communities along the upper EBD.

It was reported recently that with Guyana slated for massive growth and development as a result of its burgeoning oil-and-gas sector and other productive sectors, the authorities have urged existing and potential stakeholders to look at investment opportunities outside of Georgetown, so as to ensure that advancement is widespread.

“Major developments are not for the capital city alone; we wish to see major developments in every region of the country, and within these regions, development must be widespread, and across-the-board,” Minister of Tourism, Industry and Commerce, Oneidge Walrond had said at a ceremonial sod-turning exercise for a US$32.2 million Hyatt Place Hotel at Providence, EBD.

There has been a notable increase in the number of opportunities for Guyanese, with the latest symbol of this being the approval of 48 private projects which, collectively, have the capacity to create over 2,300 jobs.

The Sunday Chronicle understands that the local economy has been a magnet for investors who have expressed an interest to invest in massive projects across the various economic sectors.

Based on information shared with this publication, of the 48 projects which have been approved, 17 are in the services sector, 17 in the manufacturing sector, five in agriculture, four in mining, three in forestry, two in tourism, two in Information and Communications Technology, and one in the energy sector.

Those project proposals signal the growing interest and confidence in the local economy, from both Guyanese and foreigners. Noteworthy amidst this advancement is the fact that 33 of the approved projects are from locals.

Speaking during a recent interview on Globespan, Chief Executive Officer (CEO) of Go-Invest, Dr. Peter Ramsaroop, said that 65 per cent of the private investments made this year were from locals.

Dr. Ramsaroop said that, even as the economy continues to grow, President Dr. Irfaan Ali, and, by extension, the government, are committed to having Guyanese benefit from the investment opportunities that are available locally.

“So, when people think the foreigners are coming in and benefitting, I can say that 65 per cent of my signatures on investment opportunities this year, through the Senior Finance Minister Dr. Ashni Singh, have been local businesses,” Dr. Ramsaroop said.

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