Unicomer Guyana to Develop $33 Million River Place Commercial Complex in East Bank Demerara

Unicomer Guyana has announced the construction of the River Place Commercial Complex, a state-of-the-art development in Farm, East Bank Demerara. This ambitious project, with an investment of US$33 million, is set to transform the area with 44 retail spaces and 396 parking spaces.

The complex, which broke ground on May 24, 2024, is expected to be completed within 18 months. It represents the largest single retail investment in Guyana's history and is anticipated to create significant economic and employment opportunities.

Minister of Tourism, Industry and Commerce, Oneidge Walrond, highlighted the importance of such investments in driving economic growth. She noted that foreign direct investments in Guyana have increased from US$4 million to US$7 million over the past year. 'Such investments contribute to our overall economic growth. Organic investments such as this one coming out of the Unicomer group lead to the adoption of new technologies, new processes and equipment that can improve efficiency and productivity,' Walrond said.

Why this matters: This investment in Guyana's retail sector has significant implications for the country's economic growth and development. The creation of new jobs and stimulation of further development in the East Bank Demerara region could have a lasting impact on the local economy.

The River Place complex will span 25,000 square feet and will house prominent stores such as Courts Mega Store and Ashley Home Store, along with various other retail outlets, a gym, and restaurants. The first two phases of the project are set to cost approximately US$33 million, with potential future developments including a hotel.

Vincent Gordon, Sub-regional Managing Director for Unicomer Guyana and the Dutch Caribbean, emphasized the project's significance, stating, 'It is one of the single largest retail investments to date in Guyana's history.' Lorena Solorzano Salazar, Inter-American Development Bank (IDB) Group Country Representative for Guyana, echoed this sentiment, describing the project as transformative for the East Bank Demerara corridor.

The ground-breaking ceremony, held on May 24, 2024, marked a significant milestone for the project. In April, a US$25 million loan was signed between the IDB's private sector arm, IDB Invest, and Redstart Guyana, the real estate development and property management division of the Unicomer Group.

The River Place Commercial Complex is expected to bring substantial economic benefits to Guyana, creating jobs and fostering further development in the East Bank Demerara region. This project signifies a major step forward in the country's economic landscape, driven by significant foreign investment.

Key Takeaways

• Unicomer Guyana invests $33 million in River Place Commercial Complex.
• Complex to feature 44 retail spaces, 396 parking spaces, and create jobs.
• Project expected to be completed within 18 months, starting May 2024.
• Largest single retail investment in Guyana's history, driving economic growth.
• Future developments may include a hotel, further boosting the local economy.