Jamaica Mortgage Bank Providing $1.5 Billion For Corporate Area Housing Projects


Story Highlights

  • Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Senator the Hon. Pearnel Charles Jr, says that eight housing developers are completing projects in the Corporate Area through loans totalling approximately $1.5 billion from the Jamaica Mortgage Bank (JMB).
  • These developments are Kensington Gates ($642-million loan); Mayfair Manor ($401.48 million); Sherlock Manor ($132.6 million); Portview Manor ($89.53 million); Edinburgh Apartments ($66.45 million); Hughenden Apartments ($61.12 million); Harmony Court ($58.3 million); and Beconfield Apartments ($40.9 million).
  • Speaking to JIS News after a tour of the projects on Wednesday (September 11), Senator Charles Jr. hailed the private investors, some of whom are undertaking their first housing developments, for creating impactful projects that have helped to boost Jamaica’s construction sector.

Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Senator the Hon. Pearnel Charles Jr, says that eight housing developers are completing projects in the Corporate Area through loans totalling approximately $1.5 billion from the Jamaica Mortgage Bank (JMB).

These developments are Kensington Gates ($642-million loan); Mayfair Manor ($401.48 million); Sherlock Manor ($132.6 million); Portview Manor ($89.53 million); Edinburgh Apartments ($66.45 million); Hughenden Apartments ($61.12 million); Harmony Court ($58.3 million); and Beconfield Apartments ($40.9 million).

Speaking to JIS News after a tour of the projects on Wednesday (September 11), Senator Charles Jr. hailed the private investors, some of whom are undertaking their first housing developments, for creating impactful projects that have helped to boost Jamaica’s construction sector.

He noted that they are providing “safe, affordable [and] legal housing solutions for our people, particularly our young professionals”.

Senator Charles Jr. said that one aim of the tour was to reassure the developers of the Ministry and the JMB’s commitment to ensuring the success of their projects.

“The important message… is that we are not just about financing. This is a partnership to ensure that our developers are successful,” he said.

“We have monitoring systems and [measures] to provide guidance and the necessary support to ensure the success of these developments. The success of our developers is the success of JMB, is the success for Jamaica,” he stressed.

Developer of the Hughenden Apartments, Denise Pitter, told JIS News that she is grateful that the JMB chose to invest in her project.

“I really appreciate Jamaica Mortgage Bank considering us… and in all honesty, I would not go anywhere else.

“I remember when I first started and I approached other loan institutions, I was told that we were young, they didn’t know us,” Ms. Pitter told JIS News.

She said her father was involved in construction, and he inspired her to pursue a similar career path.

General Manager, JMB, Courtney Wynter, commended Mrs. Pitter on her achievement in the male-dominated construction sector.

“She completed these eight units in record time… and what makes her project unique is that she did it about nine months ahead of schedule and within budget,” he said.

Since its establishment 48 years ago, the JMB has been responsible for the construction of 25 to 30 per cent of the Government-related houses in Jamaica at a cost of about $39 billion.



https://jis.gov.jm/jamaica-mortgage-bank-providing-1-5-billion-for-corporate-area-housing-projects/

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