Chinese company Guangxi Hydroelectric Construction Bureau has started building a a housing estate on the island of Sao Tome, on a self-funding basis, the Minister of Public Works of Sao Tome and Principe said last week.
Minister Fernando Maquengo said that under the terms of the concession agreement, the company will have the right to market and manage the housing estate in order to make back its estimated US$300 million investment.
The new housing estate, which will be built between the capital of Sao Tome and Principe and the district of Lobata in an area of 214 hectares, will have just over a hundred dwellings as well as supermarkets, schools, kindergartens and a hospital.
Included in the “Expu Conga” project designed by the Ministry of Public Works of Sao Tome and Principe, the new housing estate will also have buildings to house accredited diplomatic personnel working in the archipelago as well as several facilities with a maximum of seven floors for public administration services, including, retail, tourist, cultural, sporting and leisure areas.
As well as building the new estate from scratch the contract also includes redevelopment of the current city of Sao Tome, built in the 1950s by the then Portuguese colonial administration.
This funding from Guangxi Hydroelectric Construction Bureau comes five months after the President of Sao Tome, Manuel Pinto da Costa, made a private visit to Shanghai, China, where he encouraged Chinese investment in the archipelago. (macauhub/CN/ST)