St. John’s Antigua- There is promise of yet another housing project on island as a construction and real estate company GeoTech partners with state-owned Social Security to build homes for low-income earners.
The multi-million dollar housing project will be launched next month and run for the next three years.
Undaunted by the global economic downturn, the investors said the project would make at least 40 people homeowners.
While the lands belong to Social Security, GeoTech Constructions Ltd will be responsible for the construction of the properties that will have either two or three bedrooms and either one or two bathrooms.
General Manager of GeoTech, Arthur Bostwic, told OBSERVER Media, “It is an exciting venture for us because we know in the end these homes would make many people comfortable. Even if you cannot purchase a house with cash and you have to incur a mortgage, in the end the house is yours.”
Bostwic said close to $15 million will be invested in putting up the properties to be built in Paynters, near Sir Vivian Richards Stadium.
“We are hoping that in the next six weeks or thereabout we could get up and running with work as people are already signing on with our marketing and sales department. We haven’t yet settled on whether we would launch on August 15 or 16 but it’ll surely happen around mid-month,” he said.
The GeoTech official said the homes would be made using concrete blocks and gable roofing while the floors would have ceramic tiles. Additionally, a garage with cover would be installed and two concrete paths built from the road leaving to the driveway. Kitchen cupboards, electricity and water systems would be installed as well.
GeoTech said it has three architectural designs for the homes in mind and a fourth is likely.
The cost for the two bedroom homes with one bathroom would cost an estimated $255,000. The maximum cost per home, Bostwic said, would be about $300,000.
The company’s general manager praised the Construct Antigua project which has, according to him, made the investment cheaper hence buyers would be able to pay about 25 per cent less than they would pay elsewhere for a home matching GeoTech’s designs.
“We are working with most banks on island, credit unions and we would also take cash. Whether you are a citizen or non-citizen you can still buy a house. The only difference is, a non-citizen has to secure a land holder’s licence which is inexpensive,” sales and marketing manager of GeoTech, Carol Spencer, said.
Once the applicants wishing to purchase homes are approved for loans or show cash, GeoTech said construction would begin.
The homes will be built on plots ranging from 1,085 square feet to 1,485 square feet.