St. John’s Antigua- A private sector entity has signed a multi-million deal with government, which is expected to inject approximately $200 million into the economy and create up to 1,200 jobs.
Bau Panel Systems Limited, the parent company of a global group of companies, will be constructing 5,000 low to middle income homes as well as establishing a manufacturing plant here.
The deal was signed on Tuesday with the company for a 25-year period.
Bau will be constructing homes at four sites, Bolans, Five Islands, Lightfoot and Lyons, on land provided by government.
The plant will be situated at Crabbs Peninsula. It will manufacture the company’s building material, which is hurricane resistant panels, which keep the heat out, allowing the interior of buildings to remain cool.
The project is being managed by Ken Hurst, former CEO of the Airport Authority and a polymer scientist by profession.
Hurst said the building system is a not a new one, rather one that has improved over time.
“It’s been around but these guys have perfected it. You can do up to nine storeys. As we get along, we will supply the things needed and we will have persons coming in to provide training in the technology.”
Hurst told OBSERVER Media, the multimillion – dollar deal will be executed with the formation of two subsidiaries, Chapa-Bau which will oversee the housing construction, and Bau Panel system Antigua Limited.
“We anticipate supplying 400 to 500 40ft containers for export on a monthly basis once we are up and running. We did not want to have a lot of lorries taking things into the port and leaving, because the plan is to locate it at Crabbs where we can, at some stage, invest in a small port,” Hurst said.
“The whole thing is about speed, to keep the cost in check,” he added.