Cemex to invest $18 mn in low-cost housing in D.R.
Cemex, one of the world's three largest cement producers, said it would invest $18 million in the construction of 568 lowcost housing units in San Pedro de Macoris, a province in the Dominican Republic.
Construction started Wednesday on the 186unit phase one of the Altos de Higuamo project, with the first 60 houses scheduled for delivery in December, Cemex said in a statement.
The residential area "is a model in its class, with green, institutional and service, and commercial areas, a children's park, multiuse sports area, water treatment plant, underground power lines, concrete streets and solar power in common areas," Cemex said.
Residential projects like Altos de Higuamo are part of a strategy to provide comprehensive social development solutions that will open the way for "building the cities of the future," Cemex's president for the Dominican Republic, Carlos Gonzalez, said.
Cemex's goal is to work with communities, the government, developers and other stakeholders in creating increasingly more sustainable cities by leveraging its financial resources, technology and construction knowledge, Gonzalez said.
The Dominican government helped speed the project by fasttracking development plans, the Cemex executive said.
CEMEX, which was founded in 1906 in Monterrey, has operations in more than 50 countries.
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