NHT building $24-m uptown apartments

THE National Housing Trust (NHT) plans to build six upscale townhouses in the Kingston suburb of Cherry Gardens costing $141.7 million, according to just-released government data.

Prime Development Company has been endorsed to construct six townhouses each with three bedrooms and associated infrastructure at 2a Mark Way, Cherry Gardens which leads to the Hillel Academy High School on Upper Mark Way. The NHT puts the cost to build each unit in the $24-million range but the selling price will be determined when the units go to market in August 2011.

"The selling price of the units will be based on the market conditions at that time," stated the NHT in a written response to Observer queries.

The Natonal Contracts Commission (NCC) recommended Prime Development for the contract last month, however information was only posted this week on the Contractor General's website. The NHT said it decided to participate in the Mark Way housing development as part of its programme of identifying underutilised lands for housing in the corporate area. This is not the NHT's first venture into upscale homes. It is currently building homes at upscale "Paddington Terrace (which) approximately 93 per cent complete".

It added: "The development is being done under a joint venture agreement with the National Land Agency. It is among several housing projects being financed by the NHT this year under its housing programme. Over $7 billion is projected to be spent on Scheme developments for NHT contributors across all income groups, in FY 2010-2011".

The NHT within the Jamaica Public Bodies is projecting that 7,304 benefits (housing solutions) will be granted to beneficiaries during the financial year. It also expects its surplus to decline from $1.5 billion in the 2009/10 fiscal year to $690 million in the 2010/11 fiscal year.

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