SMHDF director Helen Salomons (centre) signed a contract for the construction of 12 three-bedroom villas at Blue Mountain Estates, located between Defiance and Oyster Bay.
BELVEDERE--St. Maarten Housing Development Foundation (SMHDF) is making good on a promise to offer affordable, high-quality properties to persons in the St. Maarten community who wish to own their own homes, said General Director Helen Salomons. “We are starting new construction.”
The SMHDF director signed a contract for the construction of 12 three-bedroom villas at Blue Mountain Estates, located between Defiance and Oyster Bay. “We are currently making preparations for the start of construction with TULA Design and Construction through a customised financial arrangement that will ensure the highest quality and lowest cost of these new homes,” said Salomons.
The project will kick off with six of the villas as phase I with the second batch of six homes to follow quickly in a second phase, SMHDF announced. The first six units in phase I, all standalone three-bedroom villas with an apartment below, will cost a little more than NAf. 2.4 million to construct.
“The project will not only set the tone for the balance of homes to be built, but also for other homes expected to be built in the future,” Salomons said. “Key to providing these homes for potential homeowners in the community is an interest-free pre-financing construction concept that we have developed with our main contractor.”
According to Salomons, SMHDF will not have to start payment of its interest-free construction until the first six properties are completed. “This will provide ample opportunity to begin receiving revenues from the new home sales to finance construction of additional homes.”
Salomons has thanked contractor TULA Design and Construction for entering into the exclusive financial arrangement and its own supervisory board for approval of the financing and construction plans.
“It continues to be SMHDF’s aim and goal to build affordable, low-cost homes to fill the void of social housing that is needed in St. Maarten at this time. Our portfolio of housing stock not only includes homes for rent, but also homes for sale from which long-term financing will enable building of other homes on several properties being leased and owned by SMHDF. We are very pleased to be able to add to our property stock.”
Further information about the constructed villas, their purchase price and timeframe for construction will be posted in the media and circulated to present SMHDF tenants soon.
Salomons said the SMHDF management and supervisory board are very excited about the start of this project and “the tremendous investment opportunity it offers to first-time buyers, especially families and persons in the community looking to make a sound property investment.”
