World Homes to roll out national housing programme
BY KARENA BENNETT Business reporter firstname.lastname@example.org
Sunday, September 25, 2016
Private development company World Homes Jamaica Limited says it will be rolling out a national housing programme with assistance from the National Housing Trust (NHT) to create more affordable housing options to contributors.
“This programme entails the development of affordable housing on lands we have in Kingston, the North Coast and the South Coast. We are taking it in stages and work is now being done on the design plan for these locations before moving forward,” President and CEO William Lai told the
Jamaica Observer in an e-mailed response to queries.
World Homes has already begun to deliver on its promise of affordable housing solutions with the plan to build Foreshore Estate off Marcus Garvey Drive in Kingston.
The subdivision includes 230 units consisting of starter studios and one-bedroom flats at prices ranging between $2,350,000 and $3,700,000 respectively. The development also consists of one-bedroom and two-bedroom quad townhome and duplex townhome units.
“All the starter units are reserved, and the one and two bedrooms are on really good demand. Customers have been securing loan amounts from the NHT on the units and the Trust has also been working with us in providing a mobile unit to make the process easier,” Lai told
World Homes expects to begin construction of Foreshore Estate by the end of the year and aims for completion by December 2018. Lai noted that the construction will result in temporary employment for more than 100 individuals.
Amenities of the gated community include security guard support, jogging and walking trails, a basketball court, open recreation spaces, and a playground. The complex is also in close proximity to a basic school.
“So far, the response has been tremendous, which indicates a very strong demand for housing in the Corporate Area,” Lai said.
Last November, the NHT, in a bid to provide more affordable homes to contributors, said it expects to fund some 9,000 housing solutions over 2016/17 to enable thousands of families to realise their dream of owning a home under a short to medium-term housing programme. The Trust noted that it is hoping to partner with private developers to reach its goal.
World Homes Jamaica Limited is a subsidiary of World Homes Corporation which was first established in Canada in 1990. Over the years the company has invested and developed many commercial, industrial and residential projects across that country, and has also constructed over 800 houses in Guyana.
A registered corporation, World Homes Jamaica Ltd is chaired by Edward Lai. The company utilises the latest technology in prefab and local materials to provide cost-effective housing solutions.
CEO William Lai is an architect who has designed, supervised and built landmark buildings in the United States as well as other major cities throughout the world, including Miami, New York, Panama City, Guangzhou and Hong Kong.
His father, Edward Lai, has planned, designed, financed and developed many commercial projects including the New Kingston redevelopment area. World Homes’ management team has combined experience of over 60 years in the industry.