Project 5,000: Units to Be Built in South Quay and Lady Hailes as First Phase Set to Begin
On Friday May 17, the Minister of Housing and Urban Development, the Hon. Major General (Ret’d) Edmund Dillon oversaw the signing of a contract between the HDC and the China Gezhouba Group International Engineering Company Limited (CGGC) for the provision of 5000 affordable housing units.
CGGC will engage in a design-build-finance arrangement meaning that land will be provided by the state but the financing of this project with come from the CGGC. The proceeds from the mortgages will be used to repay/refund the company.
The first phase of this project will provide 204 apartments on South Quay, Port of Spain and 235 apartments on Lady Hailes Avenue, San Fernando. This project is expected to reduce the number of persons on the housing database while regenerating the urban landscape in both Port of Spain and San Fernando.
Speaking at the signing ceremony, Minister Dillon said, “I believe today, that Phase 1 of Project 5,000 units is a demonstration that this government, creative as it is, will use Public Private Partnerships to the benefit of our citizens.”
Also speaking at the signing ceremony were Managing Director of the HDC, Mr Brent Lyons; Member of Parliament for San Fernando West the Honourable Faris Al-Rawi; and Member of Parliament for Port of Spain South, the Honourable Marlene McDonald.