GEORGETOWN, Guyana (CMC) — Guyana on Friday announced the immediate construction of more than 700 housing units across several regions estimated at G$5 billion(One Guyana dollar =US$0.004 cents).

“The project is expected to start, almost immediately, and it is anticipated that within the space of 12 months it will be completed,” Minister of State, Joseph Harmon said.

He said Cabinet had given approval for the constitution of the 758 housing units as part of the low-cost housing initiative geared towards public sector employees, youths and low income earners

“This, as I said, is the initial phase as over the next two years, we will be rolling out housing developments, housing communities in several other communities of Guyana. The important distinction that we want to make is that we are not just issuing house lots we are building homes within communities for the citizens of this country”.

The new housing units, which will include duplexes and town houses, are expected to cost G$5.4 million each and Harmon said the application for units will be the same as in the case where individuals would have applied for house lots.

He told reporters that there are an estimated 25,000 applications for housing over the years.