THE National Housing Trust (NHT) has published the names of 80 individuals who have been shortlisted for units at Ruthven Towers, its new high-rise development on Ruthven Road in St Andrew. The company, in its advert on December 5, said the listing did not mean the applicants would be given a loan, but rather that they would be interviewed.

It also said that some units have been set aside for public sector workers. It was stated that if units became available due to the withdrawal of any of those shortlisted, the next eligible set of individuals who applied will be selected to be interviewed.

In November 2021, after a decade of planning, the NHT — which is the island’s largest housing supplier — placed on the market phase one of the new seven-floor apartment complex, comprising 14 two-bedroom and 72 one-bedroom apartments.

Applications were invited within the period November 12-16, 2021. Only applicants who have never previously owned a home were invited to apply.

Pricing ranges from $27.7 million for one-bedroom units at the low end, to $38.7 million for two-bedroom units. The new development features a gated entrance, security system, landscaped grounds, underground parking, jogging trail, spaces for a meeting room, and laundromat.

One-bedroom flats on the first floor are priced at $27.7 million; however, prices of units trend higher with each additional floor. Consequently, a one-bedroom flat on the seventh floor costs $28.9 million.

A first-floor two-bedroom unit is $35 million. Other quoted prices for two-bedroom units are $35.5 million on the second floor, $35.9 million on the third floor, $36.4 million on the fourth floor, $36.8 million on the fifth floor, $37.3 million on the sixth floor, with a two- bedroom on the seventh floor priced at $38.7 million.

The NHT is promising to deliver phase two of the development — which will comprise towers 2, 3 and 4 — by 2024. This phase will include one-, two- and three-bedroom apartments plus gym, swimming pool, tennis court, multi-purpose court, shopping and services, more spaces for meeting rooms and laundromat.

Two-bedroom units feature an open concept living room, dining and kitchen, master bath and secondary bathroom, walk-in closet, balcony, water heater, and facilities for washer/dryer installation.

The NHT advertised two options for purchase. Option one is a priority index entitlement (PIE) scheme for which it will provide 100 per cent financing. Under the PIE, $15 million will be loaned at an interest rate of up to 4 per cent and the balance at an interest rate of 7.6 per cent.

The second option is open market purchase under which the NHT will lend a maximum of $6.5 million singly, or $13 million jointly, towards the purchase of an apartment. The NHT says on its website that this loan will be calculated at an interest rate of up to 4 per cent.