Chinese real estate development company Gao Zhen will construct more than 2,000 middle-income housing units in Grenada over the next five years.
"Today's signing signifies that we are taking a step in the next direction to assist middle-income earners in having their own homes," said Social Development and Housing Minister Delma Thomas at the October 1 signing of a memorandum of understanding with the company in St Georges.
Gao Zhen proposes to construct high-quality, storm and earthquake-safe, affordable houses in Grenada on a build-and-transfer basis.
Under the agreement, the company will develop a minimum of 500 units in the first year and an additional 500 units for the next five years, without any capital input from the Grenada government or the Housing Authority of Grenada.
"We'll do our best to support the government to providing the best quality, affordable houses possible. Our government supports us and I can assure you that we will do good things in Grenada. We have a great team to do this," said the company's chief executive officer, Wuyan Shen.
Thomas said that the government is also holding talks with Gao Zhen regarding housing units for the lower-income bracket.
"We are committed to working with Gao Zhen to bring that benefit to people who are in need of housing assistance at this time," the housing minister said.
Construction of the middle-income units is expected to begin in January 2014.