Jamaica Mortgage Bank Providing $1.5 Billion For Corporate Area Housing Projects
By: , September 13, 2019The Key Point:
Photo: Donald De La Haye
Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Senator the Hon. Pearnel Charles Jr (2nd left), shakes hands with Portview Manor developer, Marlon Christie (left) during a tour of the construction site in St. Andrew on Wednesday (September 10). At right is General Manager, Jamaica Mortgage Bank (JMB), Courtney Wynter.
Photo: Donald De La Haye
Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Senator the Hon. Pearnel Charles Jr (right), speaking with developer, Peter Haddad, during a tour of the recently constructed Edinburgh Apartments in St. Andrew on Wednesday (September 11).
Photo: Donald De La Haye
A section of Sherlock Manor, which is among eight housing projects in the Corporate Area, which are being developed through approximately $1.5 billion in loans form the Jamaica Mortgage Bank (JMB).
Photo: Donald De La Haye
Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Senator the Hon. Pearnel Charles Jr. (centre), tours the interior of a new apartment at Mayfair Manor in St. Andrew on Wednesday (September 10). He was joined by (from left) Construction Supervisor, Devine Dwelling Limited, Kevin Malcolm; Director, Housing Sector Monitoring, Ministry of Economic Growth and Job Creation, Shandel Hannan; Executive Assistant to the Minister, Racquel Hudson; and General Manager, Jamaica Mortgage Bank, Courtney Wynter.
Photo: Donald De La Haye
Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Senator the Hon. Pearnel Charles Jr. (left), listens to a point from General Manager, Jamaica Mortgage Bank (JMB), Courtney Wynter (right), during a tour of the Harmony Court housing project in St. Andrew on Wednesday (September 11). Looking on is Construction Supervisor for the development, Noel Jumpp. The Minister toured eight housing projects in the Corporate Area, which are being developed through approximately $1.5 billion in loans from the JMB.
Photo: Donald De La Haye
Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Senator the Hon. Pearnel Charles Jr (right), speaking with Hughenden Apartments developer, Denise Pitter, during a tour of one of the units on Wednesday (September 10). The Minister toured eight housing projects in the Corporate Area, which are being developed through approximately $1.5 billion in loans from the Jamaica Mortgage Bank (JMB).The Facts
- 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.
The Full Story
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.