Jamaica News: The Jamaica Mortgage Bank (JMB) has partnered with Nawe Property Development Company Limited for the construction of the ‘Genesis Manor’ housing development in Goshen, St. Elizabeth.
The 91/2-acre development will comprise 30 detached 2-bedroom/1-bathroom units on 1,338 sq. ft. of land each.
“We have partnered with Nawe Construction to do this development and we hope that it will bring some economic activity to the area,” General Manager of the Jamaica Mortgage Bank (JMB), Courtney Wynter, said at the groundbreaking ceremony for the development on February 20.
Mr. Wynter said the Bank is pleased with the partnership with the St. Elizabeth-based Nawe Property Development Company Limited.
The move is in keeping with the Bank’s mandate of facilitating the development of safe and affordable housing in Jamaica.
Chief Technical Director with responsibility for Water, Works and Housing in the Ministry of Economic Growth and Job Creation, Doreen Prendergast, lauded the development.
“We are very happy when the Jamaica Mortgage Bank and private contractors enter into a partnership to bring additional housing solutions to the housing market, particularly here in St. Elizabeth, where we have a large number of returning residents. We wish the developer and his team success,” Mrs. Prendergast said.
She was representing Minister without Portfolio in the Ministry of Economic Growth and Job Creation, with responsibility for Water, Works and Housing, Hon. Karl Samuda.
Meanwhile, Chief Executive Officer (CEO) of Nawe Property Development Company Limited, Howard Ewan, also expressed gratitude for the opportunity to provide affordable homes.
He said the property was acquired in 2006 to be subdivided and sold as lots. However, the company has decided to construct houses instead. “I think we have already pre-sold about nine houses,” Mr. Ewan added.
The development is scheduled to be completed in 14 months. The starting price for each unit is $22 million (US$175,000).
Since the start of the 2018/2019 fiscal year, the JMB has approved six new housing development projects, valued at $2 billion, including a housing project in Port Royal.