Government’s latest housing development which sit on the outskirts of Bridgetown should be set to be handed over in May 2010.
The four towers construct at the Country Road/Bank Hall junction are advancing and is another step in the road for the administration which put housing as part of its main objectives during its tenure.
The news recently came from Minister of Housing and Lands, Michael Lashley, who said that the four National Housing Corporation (NHC) buildings, would provide 56 units in total, comprising 48 two-bedroom and eight three-bedroom homes.
But government’s high rise solutions do not stop with Country Park Towers. According to the Housing Minister Mr. Lashley similar high rise ventures are on the cards.
He said, “We are looking at launching, through the course of this financial year, in Eckstein Village, Tudor Bride, St. Michael, and doing a high rise there. There are also plans for another at Valerie in St. Michael,” he added.
Lashley revealed that in addition to the 20, two-bedroom units being built at Stuarts Lodge, Tweedside Road, St. Michael, NHC employees would be building 20 units at Fordes Road, also in that parish.
“That is well under way, and already we have invited and selected, in terms of the tender process, the company to do the infrastructural work, so that would be started very shortly. We are also looking at building 12 quadruplexes at Haggatt Hall, and that
will come on stream during this financial year as well,” Minister Lashley pointed out.
One of Barbados newest condominium developments has a major feat to celebrate, that is opening on budget.
Sapphire Beach Condominiums which opened on February 12, 2010 was constructed in 18 months and completed within budget. This was one of the key points made by principals of the development Philip Tempro and Bjorn Bjerkham at the opening ceremony of the luxury development.
With several project developments in the Caribbean either being subject to high cost overruns or major delays, the accomplishment is a big one for the South Coast property.
The 54 unit condo development was developed with a budget of $50 million and is projected to earn $85 million in foreign exchange for Barbados. Meanwhile taxes for the property are expected to stand at $1 million annually.
Moreover, both Tempro and Bjerkman highlighted that since practical completion there has been an increase in sales for the units at Sapphire Beach. In fact the new construct was described by Bjerkham as “a strong contender in the international market.”
The new property sits on 170 feet of beach front land and features two kidney-shaped swimming pools surrounded by attractive hardscape and external illumination.
These condos have two contemporary design styles and luxurious finishes. The units come with 2 bedrooms or 2 bedrooms and a study and direct beachfront views.
Of the 54 units, there are only 22 units left for sale, and Prime Minister David Thompson who officially opened the residences urged all those prospective buyers to get moving on the transaction process because they are not many left.
The financing for the $50 million project came from the local commercial bank which boasts of being the biggest lender in the market, Barbados National Bank (BNB). In fact BNB carried it’s commitment to the project even further with purchasing two of the units as well.
The project is a joint venture between the Barbados government which owns 49 per cent and the private sector which owns 51 percent. Another principal for the development is Consumers Guarantee Insurance (CGI).
Anyone looking to acquire Gems of Barbados properties for a pittance can put that plan on the back-burner.
This point comes with Prime Minister David Thompson making it clear that under his watch no such deals will be brokered.
Thompson made this assertion last week at the official opening at one of the country’s largest condominium developments on the south coast of Barbados, Sapphire Beach Condominiums.
The announcement came just 24-hours after he suggested on a televised Press Conference, that Government is considering selling some of its assets during the current economic downturn.
Prime Minister Thompson stated, “There will be no more “Eastry House give-aways.” For those waiting in the wings to purchase property owned by Gems of Barbados for a pittance, my answer is clear and straightforward. You can Forget it.”
Sapphire Beach Condominiums, is a $50 million joint venture between Government’s Hotel and Resorts Ltd (HRL) also known as Gems of Barbados”, Consumers’ Guarantee Insurance (CGI) and Jada Development. 
According to the Prime Minister the stated mission of Gems when it was established in 1995, was to acquire hotels located primarily on the South Coast of Barbados that were indebted to the Barbados Development Bank, and to bring them up the high standards of comfort and service enjoyed at the best hotels on the West Coast.
With a strategy to earmark 15 hotels and reach a target of 500 rooms that would enable HRL to benefit from economies of scale and then systematically sell off the shares owned by the Government of Barbados.
The Prime Minister pointed out that HRL never made a profit and that by 2005, 10 years after HRL (Gems) was established, 7 hotels owned by HRL has been reduced to 3, together with other real estate assets.
He argued that HRL never made a profit. The Prime Minister also believes that the strategy which was employed was not the best for the development of South Coast Tourism. But he noted that it was a catalyst for changing the face of tourism along the South Coast.
Government’s latest housing development which sit on the outskirts of Bridgetown should be set to be handed over in May 2010.
