SAGICOR Bank has partnered with Jamaica Mortgage Bank (JMB) by pumping more than $680 million or just about 49 per cent of total financing into construction of the 47-unit Nitram residential development in Waterloo, St Andrew.

The Government-owned JMB provided the remaining 51 per cent of the $1.4 billion required to complete the new residential property built by Nitram Development Limited, in what has been described as an important public-private partnership.

“The Nitram of Waterloo stands as a model of what can be achieved when private sector initiatives align with national policy priorities,” Prime Minister Dr Andrew Holness said at the ribbon-cutting ceremony.

He commended the collaborative efforts that contributed to the project’s success and said the development exemplifies the Government’s commitment to leveraging private sector partnerships to address the critical need for housing.

Located at 44 Upper Waterloo Road, the six-storey complex consisting of one- and two-bedroom apartments offers premium urban living at prices starting at $36.55 million.

Michael Willacy, senior vice-president responsible for corporate, retail, and strategic business development at Sagicor Bank, in his address emphasised the crucial role of housing in Jamaica’s economic growth. He reaffirmed Sagicor Bank’s commitment to supporting such developments.

“With this opportunity, people who obtain their mortgages through Sagicor Bank are set to benefit from special interest rates, along with credit card offerings for those who qualify, homeowners’ insurance, and other benefits,” he said while noting a special discount rate to be made available for some qualified purchasers who are onboarded by May 1.

Willacy said the bank is providing up to 97 per cent financing for mortgagors who plan to live at the dwelling, with up to 40 years to repay, adding that, “If it is an investment property we will provide up to 90 per cent financing and 30 years to repay.”

This project is the latest in a series of investments by Sagicor Bank aimed at fostering national development across key sectors, including housing, infrastructure, and entrepreneurship.

In another public-private initiative the bank recently financed the US$92.2-million Rio Cobre Water Treatment Plant, which is set to benefit more than 600,000 residents. Additionally, Sagicor Bank has partnered with Jamaica Business Development Corporation (JBDC) to launch the Sagicor Bank SME Resource Centre, offering free training and financial guidance to local entrepreneurs.

The Nitram development, now successfully completed with units available for sale, was realised through the dedication of the wife and children of the late Phillip Martin, who pursued his vision following his passing in 2024.

“We are proud to have played a role in delivering this project and will continue to support initiatives that provide real opportunities for Jamaicans,” Willacy stated.

Michael Willacy, senior vice-president responsible for corporate, retail, and strategic business development at Sagicor Bank, addressing the ribbon-cutting ceremony of the Nitram of Waterloo apartment complex.