Property Matters – New Public Housing

“…that this is “a defining moment for the housing construction industry in Trinidad and Tobago”, the Minister stated that “the Government through agencies like the HDC, remains committed to providing affordable, well-designed housing accommodation and adequate infrastructure and amenities for the various low and middle income citizens…”
—Statement by Housing and Urban Development Minister, Major-General Edmund Dillon at launch of the HDC’s latest housing initiative.

Signing-hdc.jpg
HDC Chairman, Newman George (seated, second from right) presents a copy of the signed agreement to Zhou Xing, Executive Vice President, CGGC. Looking on are Lui, Huailiang, General Manager, CGGC (left) and HDC Managing Director, Brent Lyons. Also witnessing are (standing from left) Paula Gopee-Scoon, Minister of Trade and Industry; Attorney General and MP for San Fernando West, Faris Al Rawi; Chinese Ambassador to T&T, Song Yumin; Housing and Urban Development Minister, Major General (ret’d)Edmund Dillon; Minister of Public Administration and MP for Port of Spain South and Minister of Foreign and CARICOM Affairs, Dennis Moses. Photo credit: The HDC

On Friday 17 May 2019, the HDC signed contracts for an extensive program of new public housing with China Gezhouba Group International Engineering Co. Ltd (CGGC). The arrangement is that CGGC will design, finance and construct 5,000 new homes for the HDC in phases.

The first two-year phase is for 204 flats at South Quay in POS and 235 at Lady Hailes Avenue in San Fernando at a cost of $71,739,411 USD. The contract sum for the first phase was stated in USD, which raises for me questions as to why it was not stated in TTD. The contract sum is equivalent to $490M TTD, so the average cost per unit exceeds $1.1M. That does not count the land of course, since we always seem to place no value on the land. Continue reading “Property Matters – New Public Housing”

VIDEO: Interview on The Morning Brew on new Chinese housing contract

CNC3 LogoAfra Raymond sits with Hema Ramkissoon on the Morning Brew to discuss the newly revealed public-private agreement to finance and build 5,000 apartment units in Port of Spain and San Fernando with China Gezhouba Group International Engineering Co Ltd (CGGC). Opinions on whether this is a good deal or not. Video courtesy CNC3 Television.

Programme Length: 00:10:40
Programme Date: Wednesday, 22 May 2019