Fri | Sep 22, 2017

HAJ projected to post $61 million in profit this financial year

Published:Tuesday | March 21, 2017 | 3:03 AM

The Housing Agency of Jamaica (HAJ) is projecting to post $61 million in profit this financial year.

This is after the agency posted $886 million in losses at the end of March 2016.

HAJ Chairman Norman Brown says the projection is based on changes made to the management team, as well as efforts to reduce the debt to the National Housing Trust from $3.5 billion to $2.73 billion.

He said some of the profits will come from the sale of units at its latest development, the Vistas at Runaway Bay, St Ann. 

The development features 82-bedroom units, which are being sold at a starting price of $13 million.

In its report for the period ending March 2016, the HAJ said it racked up $886 million in losses in one financial year.

However, Brown says things have been improving at the HAJ.

 

Brown says the $61 million profit projected this year is significant given the recent performance of the HAJ.

 

HAJ Chairman Norman Brown