Pegasus Suites construction well underway

― largest investment by local private sector

― $626BILLION+ in taxes to be garnered throughout construction period

DPI, Guyana, Friday, February 15, 2019

Minister of Business, Dominic Gaskin today visited the construction site of the Pegasus Suites and Corporate Centre.

The $21Billion facility is poised as the largest single investment by the local private sector and is set to be a technological marvel as the methods used and design will be like no other within the country.

At the visit today, Minister Gaskin expressed the positive impact such a project has for Guyana and the level of confidence our local investors may have.

“I think we need investment in Guyana, as a government, we have been encouraging our local businesses to invest, and we have been trying to attract foreign investment into Guyana. This is a show of confidence by a local investor, and we’d like this to be an example to other local investors.”

Speaking on what is expected of the final product, owner of the Pegasus Hotel, Robert Badal highlighted some of the features of the groundbreaking facility.

“We will have two buildings… the 12-story tower which is a mix-use facility housing accommodation and offices and then we have a seven-storey building that is purely offices and connecting the two will be a state-of-the-art Conference Centre.”

Badal also added that “It will be a Grade A facility, it will be LEED certified, LEED silver, which I don’t know of any building in the Caribbean that has LEED silver.”

LEED represents Leadership in Energy and Environmental Design and is the most widely used green building rating system in the world. Providing a framework to create healthy, highly efficient and cost-saving green buildings.

As it relates to the socio-economic impacts the project is expected to have on Guyana, it is projected that more than $626Billion (US$3M) will be garnered in taxes alone during the construction phase. This phase will also see the creation of over 300 jobs, and upon completion, roughly 80-90 persons will be permanently employed to work on the facility.

Nikosi Bruce.

Images: Ackeem Thomas.

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