The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

ARAWAK Homes is set to launch its newest line in home models by month’s end, its president telling Tribune Business that proper land planning had allowed it to offer properties at price points representing a 12-year low.

Franon Wilson, told Tribune Business that Arawak Homes was now offering three bed/two bath residential homes starting at $227 per week, designed for individuals who, over the past several years, would have been unable to purchase a home by themselves.

The company will launch its housing solution at the end of the month with the opening of its latest subdivision, Premier Estates, off Faith Avenue.

Mr Wilson said 16 homes are set to be constructed in Premier Estates, with two model properties designated for the launch already sold.

“We built six of these homes in Sir Lynden Pindling Estates, and all six sold very quickly,” he told Tribune Business.

“With the launch we are building models, and we are already selling the models we want people to see. Six homes were built for the launch and two are already gone. The need is there. People want to own their own homes.”

Mr Wilson said Arawak Homes had already identified more land in Carmichael Road for housing development. “Based on the feedback and the amount of people that are coming in for this, we realise that we have to develop plans for another property so that we could have a product to meet the demand,” he added.

“It’s now possible for anyone earning, say the salary of a teacher or a police officer ,to own their own home by themselves and not need anyone to sign with them. Twelve years ago was the last time a teacher could have owned a home by themselves.

“We are excited because the fact is that there are a lot of people out there who want to own a home by themselves, or because of their loan situation they need a home at this price point because, when they add the loans they have to pay plus the mortgage, they still have to be in the bank debt service ratio.”

Mr Wilson said proper land planning had allowed Arawak Homes to offer the new price point. “When you look at the cost of construction, it has gone up significantly, and when you look at the past 12 years, the materials, the cost of labour and add to that the cost of infrastructure, which people tend to overlook, is significantly higher,” he said.

“The problem is those have increased at a faster pace than our salaries. What Arawak Homes has done is we have travelled around the world looking for different solutions, and our architectural department in their travels identified what they deemed to be a solution.”

He added: “We must thank this Town Planning Committee and the former Town Planning Committee under the former administration for recognising the need outlined in the 1984 Housing Report written by the then-Minister of Housing, Hubert Ingraham, which said that we need to build homes on properties less than 5,000 square feet but still maintain a standard.

“This offering is truly the benefit of land plannning and how proper land planning can lead to a reduction in the cost of homes for individuals.”

Mr Wilson said Arawak Homes’ new home model will feature cathedral ceilings, hard surface counter-tops, tiling in public areas and landscaping.

“Some lots will be avlittle over 4,500 square feet. Some lots will different sizes, some will be higher, some lower, but the bottom line is that most of the lots in there will be around that size,” said Mr Wilson.