GUYCAN INVESTORS GROUP INC. plans to invest GY$2 billion (approximately US$9.6 million) for the development of a plaza complex called SPECTRUM. The complex, to be situated at 14 Coglan Dam, Vreed-en-Hoop, West Coast Demerara, will include a restaurant, supermarket, roof top bar, pool hall, office space, gym, retail space and hotel.
The complex would be built on 3.45 acres of land situated near a busy shopping hub in Guyana’s administrative Region #3 and the Port of Vreed-en-Hoop being developed by the Guyanese consortium, NRG Holdings.
The Environmental Protection Agency (EPA) is reviewing an application for environmental authorisation for the project. The regulator, after screening the proposed project, determined that there are no identifiable significant environmental impacts nor has the project been deemed environmentally sensitive.
Project documents include an estimate for construction to be done in phases over a totality of four years, with completion expected at the end of 2026. It is estimated to provide employment for more than 50 persons during the construction phase, and over 500 persons during operations.
The group expects to attract thousands monthly while operating, with annual turnover of GY$300 million, and room for growth with time.
The proposed complex aims to meet the rising demand for rental and retail space, entertainment venues, and residential accommodations, project documents state. GUYCAN plans to capitalise on the business opportunities emerging from the oil industry and the influx of foreign workers by providing modern professional services. They have noted a substantial market for these services in the Vreed-en-hoop community, supported by ExxonMobil’s need for residential spaces and ongoing construction projects in the area.
The NRG-owned Vreed-en-Hoop port includes the Vreed-en-Hoop
Shore Base Inc. (VEHSI), a US$300M project led by Guyanese businessmen, in partnership with the Belgian Jan De Nul. VEHSI is a special purpose vehicle established to support Exxon’s Yellowtail project, expected to achieve first oil in 2025. VEHSI is one of the major projects catalysing economic activity in Region Three.