PM Holness said NHT already sell all the 86 -$37 million units. - putting up weak defenced again

PM Holness putting up weak defenced again

The NHT has received applications for the 86 units at its Ruthven Towers apartment complex in New Kingston, according to Prime Minister Andrew Holness.

"What we have done, in doing that property, is to ensure that some of our contributors are able to benefit, so those 86 persons who applied are contributors," Holness disclosed.

And I understand that, though there was some uproar about the cost of it [the units], they have all been applied for, and very shortly the successful applicants will be announced," he added.

Holness was speaking on Wednesday at NHT's handing-over ceremony for units in Twickenham Glades, St Catherine.

There was public backlash last month after applications opened for the purchase of apartments at Ruthven Towers.

The unit cost for the high-rise apartments, for which phase one is under construction, range from $27.7 million to $37.7 million.

The apartments were, in 2018, proposed to sell for $16 million to $22 million, but after a review, the prices increased. The NHT defended its pricing strategy, citing "the cost of construction inputs, as well as global challenges which have increased the cost of housing.

Holness admitted that the units were expensive but pointed out that there was a demand for those types of units in the country.

In defending the cost of the units, the prime minister contended that the NHT's provision of houses in New Kingston ensures that certain communities are not reserved only for the rich.

"The NHT still has a duty to provide housing solutions and opportunities for every segment of the market.

"This development in Ruthven Road is 86 units. The land costs $378.5 million for five acres; that land is prime land in the heart of New Kingston, he argued.

Meanwhile, Holness said the NHT was directed to re-evaluate phase two of the Ruthven Towers apartment complex, as well as its participation in the segment of the housing market targeted at upscale developments.

Prime minister, Andrew Holness says the National Housing Trust (NHT) now has over 12,000 units under construction, the highest ever for any period since the organization was established.

Prime minister made the disclosure while questioning why members of the public were arguing about 86 units that were being built at a cost of $27.7 million to $37.7 million at the Ruthven Towers, when the NHT was currently constructing the most housing units, at any one time, for people in the lower-income bracket.

“Twelve thousand and nineteen units, Michael Manley would be proud of it because this is the most NHT has ever had under construction for any period, including when it was building over Portmore, if you look at the statistics for the last 10 years, you would see five, seven, we have doubled it and we are arguing over eighty-six units,” said Holness.

There was public backlash last month after applications opened for the purchase of apartments at Ruthven Towers.

The unit cost for the high-rise apartments, for which phase one is under construction, ranges from $27.7 million to $37.7 million.

The apartments were, in 2018, proposed to sell for $16 million to $22 million, but after a review, the prices increased. The NHT defended its pricing strategy, citing "the cost of construction inputs, as well as global challenges which have increased the cost of housing."

Holness admitted that the units were expensive but pointed out that there was a demand for those types of units in the country.

Holness made the comment about most units under construction, at a handing over ceremony at Twickenham Glades, St. Catherine on Tuesday.

A total of 110 new homeowners received keys to their houses during the ceremony.

The two bedrooms duplex was constructed by the National Housing Trust and the units were sold for thirteen million seven hundred dollars ($13,700000).

Twenty three occupants were qualified for a mortgage at zero(0%) percent interest rate, while other beneficiaries at Two and percent2-4%.

The prime minister said based on the rapid rise in building costs it was important to do projects now because the longer they waited is the more expensive they become.

"We have instructed the NHT to re-evaluate its participation in the Ruthven Road segment of the market.

"It's gonna be a difficult decision as to whether or not we should participate at all, except in the provision of mortgage, but there is another phase to the project...

"So I have asked them the NHT to take a second look at it to see whether or not they should proceed based upon the construction cost, the cost of the land, and the public distraction, explained Holness.

The NHT had promised to deliver phase two of the development, which would comprise towers two, three and four, by 2024.

This phase would include one, two, and three-bedroom apartments, plus a gym, swimming pool, tennis court, multipurpose court, shopping and services, and more spaces for meeting rooms and laundromat.