John Myers, Business ReporterWest Indies Home Contractors Limited (WIHCON) is spending $1.7 billion to develop its first housing project in Montego Bay, St. James, under an agreement with two government entities.
The houses in the new phase of Rosevale Estate are already being marketed at a price below $5 million for a two-bedroom unit.
WIHCON says it has a facilitation agreement with the Ministry of Water and Housing, which has provided land for the project.
The National Housing Trust, which lends to developers at rates of about seven per cent, is providing construction financing.
The Rosevale Estate development, which is located in the Spot Valley community above Rose Hall, or about five miles off the main road leading into Montego Bay, will offer some 490 housing solutions on completion.
The first phase has already been completed and is fully sold out.
The second phase, which consists of 162 units, is now on sale, with a special offer for buyers who make at least a 15 per cent downpayment by December 15.
reason for escalation cost
WIHCON is capping escalation costs for the 720 square feet two-bedroom units at seven per cent for those buyers who make the downpayment by the stipulated date.
The developer said only 32 units remained in Block B of the second phase.
Each unit is priced at $4.787 million and is subject to certifiedescalation.
"As its name implies, the development is sited in a rolling valley," the developer said. Housing lots are about 4,000 square feet and allow for expansion at the rear.
WIHCON is the single-largest construction company in Jamaica, having built over 40,000 homes since 1958 with construction of the Mon housing development - the first major housing development in the country.
The company, which also specialises in the development of social and physical infrastructure, recently built 17 schools in North West Jamaica under contract to the state-run Urban Development Corporation.
john.myers@gleanerjm.com