In a significant move, the Unicomer Group has unveiled plans for a new venture named ‘The River Place Commercial Complex’ in Farm on the East Bank of Demerara.
The groundbreaking ceremony for the complex took place after four years of planning, marking what Unicomer deems one of the largest retail investments in Guyana.
Upon completion, Phase one and two of the project are expected to cost approximately 33 million US dollars.
Mario Siman, Chief Executive Officer and Chairman of the Board of Unicomer Group, expressed the company’s commitment to investing in Guyana and delivering an unparalleled retail experience.
Siman highlighted the coordination efforts with the landlord, CCI Patricia, and emphasized that the complex has been designed with the latest architectural technology to accommodate retail and entertainment activities.
Minister of Tourism Industry and Commerce, Oneidge Walrond, welcomed this new investment, noting the significant increase in foreign investors in Guyana.
She expressed gratitude to the Inter-American Development Bank (IDB) for its support, emphasizing the government’s partnership with the private sector and lending agencies to ensure low-risk investments.
Lorena Solorzano Salazar, the IDB Country Representative for Guyana, described the 25 million US dollar project as transformative and a significant milestone for the Guyana Private Sector.
She highlighted the IDB’s agreement to support the development, emphasizing its potential to shape the future of the East Bank Demerara Corridor.
The state-of-the-art facility is expected to be completed within 18 months and will include amenities such as a gym, restaurants, and retail stores, among others.
This venture represents a substantial investment in Guyana’s retail infrastructure and underscores the confidence of both local and international investors in the country’s economic growth prospects.
By Nakasia Logan