Housing Minister Retracts Statement Surrounding the Construction of 300 Homes by Year End

The Housing Minister has retracted statements made surrounding the government’ plan to construct 300 homes in its flagship housing project by year end.

In an interview on Observer Radio’s Voice of the People, the Hon Eustace Lake indicated that “By the end of the year, we will have 300 homes done at Dredge Bay and other sires including Cooks New Extension.

However in a press release issued on Friday, the minister said he misinterpreted the question when asked about the number of houses completed at the Dredge Bay site.

“I fully accept responsibility for this. I wish not to be silent but rather to correct my statements with regards to matters discussed on the recent radio program,” the minister said.

The minister added that instead of 300, the National Housing Development and Urban Renewal Company Ltd has made commitment noting that two hundred (200) homes are likely to be completed by year end.

The press release further detailed that a total of 48 homes will be constructed at the Dredge Bay site and not 68 as mentioned on the Voice of the People radio show. He said that a total of 160 homes will be built at Paynters and the Cooks Estate site will see the construction of 148 homes.

Meantime the Housing minister has revealed that the total expenditure for site preparation and construction now stands at 12 million 392 thousand 875 dollars.

The Managing Director of National Housing Development and Urban Renewal Company Ltd. Mr. Bernard Gardner noted that the two bedroom houses will cost an estimated one hundred and ninety-three thousand five hundred dollars ($193,500.00).

“As for the three bedroom houses, the approximate cost will be one hundred ninety five thousand five hundred dollars ($195, 500.00) and the four bedroom houses is estimated at two hundred and forty four thousand dollars ($244, 000.00),” Gardner noted.

A Financing model is in place with a local institution to provide financing for the homes with a 10% down payment with a maximum of thirty years with an interest rate of about six percent, the release noted.

 

 

News Reporter

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