Prime Minister Dr Keith Rowley is appealing to the private sector to collaborate with the Government in more private-public partnerships (PPP) to provide affordable homes to citizens of T&T.
Speaking at the sod turning for one such project, City Heights, in Cocoyea, San Fernando, yesterday, Rowley said there are currently 191,000 people awaiting homes from the Housing Development Corporation (HDC). He said such partnerships will allow another option for citizens, easing the demand on the HDC.
“That is only happening because the HDC is being seen as the only opportunity for most people to get a house, especially new families who are just starting out and would like to get their first unit within the measure of their income,” the Prime Minister said.
“But with the private sector, with Government’s assistance and involvement, getting involved and building houses- two bedrooms as mentioned with all the amenities for $1.2 million and three bedrooms full family units for $1.5 million- that is imminently affordable to the middle-class people who are on the list of the HDC.”
An artist’s impression of the City Heights Development.
OFFICE OF THE PRIME MINISTER
He said this will allow the HDC to redirect those on their list who could afford to purchase the privately built homes.
He said the demand for housing on the HDC is not one it could meet in any short or medium term because at its peak, it was only able to construct around 4,000 homes in a year. At that rate, the PM said it will take over 47 years for homes to be built to accommodate those currently on the HDC waiting list. He said if even 10,000 on the list could afford a privately built home, it presents a market that can be immediately capitalised on.
City Heights will be a residential community of 90 apartments divided into three six-story buildings.
It will have two and three-bedroom apartments with two bathrooms each, parking, entertainment areas, such as a pool, and other social areas. The community will be gated with 24-hour surveillance.
The pre-sales of this residential community will begin in November and the construction of the development will begin in January 2023. The duration of construction will be 30 months, with units ready to begin delivery in the 24th month.
Prices for residences will start at $1.2 million for two-bedroom apartments and $1.5 million for three-bedroom apartments. It will be built by the Furness Group of Companies.