New La Penitence Market to cost at least $1.1B

(Kaieteur News) – The construction of a new La Penitence Market in Georgetown could cost somewhere between $1.1 billion and $1.9 billion.

The construction of market which will be done in three lots is a project being executed through the Ministry of Local Government and Regional Development. Bids were recently opened for the project, and according to the tender minutes released by the National Procurement and Tender Administration Board (NPTAB) office, a total of 51 contractors have applied for the project. No engineer’s estimates were provided in the minutes.

However, an examination of the bids submitted by contractors who bid for all three lots revealed the lowest bid stands at approximately $1,172,290,669.This is a calculation of the bid amount submitted by Amaya’s Trading. The highest bid amount was $1,954,583,411, and this is based on the bid amounts of all three lots submitted by M&D Investments.