$4-b housing project for Montego Bay
GORE Developments yesterday launched a $4-billion project to construct 1,600 houses in Montego Bay over the next four years — a move that will essentially create a new village on the south-westerly outskirts of the city.
Actual construction of the 680-square-foot, two-bedroom homes will not begin until September and the first units will not be delivered until January next year, but hundreds of house-hungry Jamaicans turned up yesterday to hear about the project and to place their names on lists as prospective buyers.
“The response has been excellent,” said Phillip Gore, the chairman of Gore Developments. “It is better than what we had expected. Hundreds of persons have already signed up.”
Among those who signed up was Montego Bay resident, Tamara Scott, who was impressed with what she heard and the value that she expects for the $2.5 million she is being asked to spend for the house to be built on 3,500 square feet of land.
Scott was one of the many persons who turned out at yesterday’s launch.
“After looking at the various diagrams and hearing from the representatives I will definitely purchase one of the houses,” Scott told the Observer.
The development, to be built on land formerly owned by the Kerr-Jarrett family, is to be known as Bogue Village, and will be Gore’s first project outside the Corporate Area and St Catherine.
“We saw the need for good, affordable houses, so we have decided to take this… here,” said Gore.
Like Phillip Gore, the mortgage finance companies too were buoyed by the large numbers who showed interest in the development. A number of them had booths at the site with information on how people could apply for home financing.
Thelma Cooke-Wallace, the manager of CIBC Building Society, was, for instance, “very encouraged” by the number of persons who visited her booth to inquire about financing.
CIBC’s offer to first-time home owners is 90 per cent financing at 13.5 per cent.
She said qualified first-time home owners could receive up to 90 per cent financing to purchase a house at an interest rate of 13.5 per cent.
Hugh Solomon, the head of the St James local government and a candidate for the governing People’s National Party in the general election later this year was obviously pleased and has welcomed the development.
“I think this is a wonderful project for Montego Bay,” said the city’s mayor.
