Minister for Housing and Local Government Premila Kumar.

Despite the uncertainty in the market due to COVID-19, investors are putting their money in the country and are moving forward with their projects.

Local Government Minister Premila Kumar says the Town and Country Planning this month has approved nine major development projects worth around $48m.

Kumar says COVID-19 is an opportune time for investors to get their projects off the ground.

The projects include commercial development, office space, restaurant, warehouse,  residential apartments, a private hospital commercial and residential apartments.

“There are individuals who are taking advantage of the COVID-19 and they would like to get their homes renovated and there are some who want to get off with the construction of their homes. Investors see it as an opportune time.”

She adds from January to September this year a total of 24 development projects have been approved by the Town and Country Planning worth around $72m.

Kumar adds this number is lower as compared to the same period last year.

The Minister says last year 23 major development projects worth $1.4bn were approved.