201 unit housing development launched in Cunupia
The Housing Development Corporation (HDC) continues in its efforts to provide housing for as many families as possible on the public housing database, having embarked on a Public Private Partnership (PPP) housing arrangement with contractor, Mootilal Ramhit and Sons Contracting Limited (MRSCL).
The arrangement is expected to provide 201- two and three bedroom single family, townhouse and duplex units in Cunupia.
This is the second PPP arrangement to be implemented over the last two years.
The first PPP housing model is currently being implemented by NH International at Mahogany Court, Mt. Hope.
The 26 -acre development, called Bamboo Creek Villas, is a gated development which is expected to cater to the individual needs and desires of families who require modern amenities to suit their specific lifestyles.
As a modern community, there will also be dedicated spaces for commercial/community use, green spaces and open areas for recreation and relaxation. Units in this development will be sold for $1.2 million.
The Public Private Partnership model for the housing sector was conceived and introduced in 2016 in an effort to harness the available financial resources from the private sector, their expertise and in some cases, their land.
This newest PPP project, Bamboo Creek Villas is considered a PPP project in its “truest form” as the developer, Mootilal Ramhit and Sons Contracting Company Limited, is using its own financial resources, technical expertise, designs and land.
The HDC has therefore agreed to provide a ready, eager and willing clientele from its public housing database who can easily afford to service a mortgage for this property.
This approach will not only reduce the number of applicants on the database but it will allow the HDC to continue providing quality, affordable housing units for those who require the state’s assistance.
In addition to listing the benefits of PPP models, HDC Managing Director, Brent Lyons, underscored the benefits of private sector partnerships to the housing sector.
He mentioned that the HDC recently launched another private sector programme, Housing Construction Incentive Programme, which is intended to satisfy the current demand for affordable housing, “tap into” available private funding, stimulate the economy and present developers with a sound and viable option for investment.
These incentive programmes are considered “win win” situations for all involved as the HDC is able to provide homes for low and middle income earners, the investor/contractor is able to receive financial incentives to complete construction while still making a profit and the economy will be stimulated and employment opportunities provided for those in the housing and related sectors.
“The positive turnaround of our economy can be achieved through meaningful partnerships with the private sector so I encourage the private sector to come on board. Partner with us, so that we can stimulate the economy and provide shelter for those in need,” Lyons said.
Thursday’s formal launch included Roopnarine Oumade Singh, Executive Director of Republic Bank Limited; the bankers for the project, Robert Green, Managing Director/Chief Executive Officer, TTMF and Etienne Mendez, Senior Engineer, MRSCL.
Fifty prospective home owners from the public housing database were also given the opportunity to view six fully-furnished model units.
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