THIS column has already written about Albouystown, but the milieu is moving so fast in that ward that it requires another offering to keep abreast of what is happening now.   Within the last year, a select number of investors have quietly begun to acquire properties in Albouystown.  This choice of investment is due to a number of factors that the less discerning are unaware of.

In the first instance, the prices of Alboutstown properties, so far, are lower than in other parts of the city. In the second instance, the State has remade the road and drainage systems in the ward, investing several billion dollars in this development.  When property owners realise that these billions are to be added to the value of their properties, prices will certainly increase.  But probably, the greatest increase in property value, which has so far not been reflected in property prices, is the geographic situation of Albouystown.

Albouystown is situated within walking distance of the markets, the business areas of the city, the main law courts, and the main health and educational facilities.  It offers the quickest route to the Cheddi Jagan International Airport, and to the burgeoning business corridor along the East Bank Demerara, including the onshore oil developments on the East Bank. And it is also within easy reach of the West Coast onshore oil developments.

Much of the massive workforce of the East Bank would prefer to live in Albouystown, where they could easily and cheaply commute to their workplaces, once they find comfortable and safe homes.  This potential rental market offers a lucrative investment opportunity to the investor.

Let us examine a hypothetical investment:  A half-lot usually measures 66 feet by 100 feet (sometimes 130 feet), and is sold from $15 to $18 million. This half-lot could accommodate two three-or-four-storey blocks of flats with parking space for several vehicles, a watch house in front, and some land to plant a few trees.  These flats would be in a gated community.  The inhabitants would comfortably drive into Independence Boulevard to get into the city or on the East Bank, and would no longer have to navigate through the narrow and crowded Sussex Street.

The State should assume a leadership role in this renewal project of Albouystown, since it has already initiated involvement by rebuilding the roads and drains of the ward.  The State should declare Albouystown as a “Zone of Development”, and among the activities which could be done in achieving this intention is by according income tax holiday for ten years to investors/developers, and contributing some building materials to projects as is being done for house-lot allottees.

If the State were so involved, the transformation of the ward would begin; the appellation of “Slum Area” given to Albouystown would disappear in six to eight years, and an event of historical importance would be achieved.

In this renewal of Albouystown, the M&CC must play an essential complementary role: It will not increase taxes on properties which have been given an income tax rebate; it would ensure that all buildings in every yard did not infringe the city’s by-laws and building codes; properties which have not paid taxes for many years or have been abandoned should be put on Execution Sale; and houses which require demolition should be methodically demolished.

Albouystown is not endemically a slum area, and this means it could be restored to its former status of being a regular ward of the city.  In 1905, when the suburban village of Albouystown was absorbed into the city, it was regarded as an enhancement.  Every yard had one house, often with a tenant living below.  There were a variety of fruit trees in every yard, where birds frequented or even nested.  Crime was unknown, and the population consisted of self-employed tradesmen, with a number working as stevedores on incoming ships.  The ward was clean, and garbage was easily disposed of, since the rubbish incinerator was on the nearby Le Repentir grounds. Very few property owners ever owed taxes to the M&CC. The decline of Albouystown into a slum occurred in the 1960s as a result of the racio-political riots of those years.

There are still bargains that could be had, though some owners are beginning to hold on to their properties, knowing that there would be an eventual price rise, and this is particularly true on Independence Blvd. It would be a very salutary experience for residents from other parts of the city and prospective investors/developers to visit Albouystown.