Ed Ahmad building housing scheme, mall, at Leonora

Ed Ahmad building housing scheme, mall, at Leonora

JUNE 26, 2012 | BY KNEWS |   NICIL sold land ‘strictly’ for wood processing

Ed Ahmad

New York-based Guyanese, Edul Ahmad, who is facing trial in a US$50 million mortgage-fraud scheme, is looking to build a posh housing scheme, mall and gas station at Leonora, West Coast Demerara. The housing development would be called Hollywood Gardens.
The land for the project was previously owned by the state-owned Guyana Sugar Corporation (GuySuCo), up to 2008. The almost 17-acre plot was sold by the government’s asset holding company, NICIL.

In announcing the sale, NICIL and the Privatisation Unit had said that the use of the land was restricted to value-added wood processing operations. The sale of the land was made to one of Ahmad’s companies, South American Woods Incorporated.  

The plot of land once served as the senior staff compound for the Leonora Estate. At the time of the sale, NICIL claimed that all of the buildings were destroyed by fire or were vandalized. The land, 16.3098 acres, was sold for $80M or $4.9M/acre. (about $25,000 US/acre).

Ahmad, who was released on bond in the mortgage fraud scheme, is not allowed to leave New York and travel to Guyana. Jury selection in his fraud case will take place in November, and U.S. prosecutors say they will need only one week to prove their case against Ahmad.

But Ahmad is currently offering parcels of the land for sale. The Leonora projects are being run from Ahmad’s building materials depot at Ruimveldt, Georgetown.

Persons are being told that if they want to build their own house, they can buy a 95-foot by 50 foot lot for $6.5 million. Persons can also let Ahmad custom design and build for them.
As land development is now ongoing, persons who make inquiries are being told that if they secure a plot of land, they would only be able to start building next year.

Ahmad proposes to have 87 houses built at the location. To that will be added a full gas and service station, facilities to house two banks, and a huge shopping mall, the company says on its website.

The proposed Hollywood Gardens – Leonara, West Coast Demerara

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Comments

  • s.J  On June 26, 2012 at 7:08 pm

    Its nice to see Guyanese returning to develop guyana but at what cost.

  • Gloria Y Fredericks  On June 26, 2012 at 8:29 pm

    Is this the same Ed Ahmad who is alleged to be a very close friend of ex President Jagdeo? Can he reveal the source of his apparent extreme wealth? Looks awfully questionable. Anyway with his pending fraud case, he can look forward to at least five years behind bars in the US.

  • Cyril Balkaran  On June 28, 2012 at 7:50 am

    Who is going to trust this man who is awaiting trial in November 2012 in the USA for a $50 million US Mortgage Fraud Scheme. Is there in the sale announcement of this Hollywood Mall to be located at leonora, West Coast Demerara, another fraud in the making. Guyana please be warned of this kind of people who have perfected the art of Scams. The Budhoos also are on the run from USA. The elder Budhoo is under investigation for Mortgague fraud in california and the daughter is hiding in Guyana. SO be aware of how yuo spend your hard earned savings. Do not support Scams and men of doubtful characters! God help us in this day and age.

  • Gloria Y Fredericks  On October 11, 2012 at 2:02 am

    Now that more indepth information about the extent of the scam that was perpetuated by this unsavory character, and the amount of money that is involved, a twelve or fifteen year sentence with fines amounting to less than fifty million dollars must be considered a steal. Every dime owned by this criminal ought to be seized as well as every piece of property he owns. This criminal also obtained land in Guyana I daresay by fraudulent means with the help and blessings of a dishonest government and has the nerve to capitalize on it and enrich himself by constructing a separate village. The stolen land must also be confiscated. Let us hope that the U S government makes an example of him and leaves him penniless. He ought not to be permitted to enrich himself at the expense of the entire Guyanese nation.

  • Cyril Balkaran  On October 11, 2012 at 8:52 am

    In today’s world everything before a court of law depends on the evidence that is produced against the accused. The facts of the case of Frauds and embezzlement are not hard to prove but to allege that a whole government has entertained the sacm which is a part of the Mall Fraud in Leonora is indeed troubling. The evidence is concrete and real as Leonora is there for all to see and the Mall is being constructed. The long arm of the Law will soon catch up with him so those whose investments have been squandered will have recourse to the very law.

  • francis jackson  On October 16, 2012 at 8:49 am

    update, this gentleman has been carted off to jail for 15years. Who is running his empire? corruption and more corruption…

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