M&M in line for $2.7b housing contract - NHT to develop 833 more units at Longville
Dionne Rose, Business Reporter
Don Mullings, head of M&M Jamaica Limited.
M&M Jamaica Limited, an engineering and project management firm headed by Don Mullings has landed a $2.7 billion contract from the National Housing Trust (NHT) to develop 834 houses and house lots at Longville Park in Clarendon.
The 16 year-old company was awarded the contract under selective tender and while the National Contracts Commission has endorsed the deal, Cabinet is yet to sign off on it.
The project forms
According to information from the NHT, if Cabinet gives the green light for the award of the contract, construction is scheduled to start in February.
Construction of the units is expected to last for just under two years with the units expected to be on the market by late 2011.
The NHT said the units would be sold for $3.55 million for the studios, $5.1 million for the one bedrooms and $6.2 million for the two-bedroom units.
The serviced lots are to be sold for $1.2 million. The prices are subject to escalation.
Plans for a fourth phase
Phase one of the development was completed in 1998 when NHT offered 464 studio units and 275 serviced lots to qualified Trust contributors. According to information from the NHT's website, at the time the studio units were sold for $967,500 each while the service lots went for $485,000.
Phase two came on stream in 2004 when 29 studios and 833 serviced lots were offered to the market.
While the NHT has been unable to provide information on the total investment to date in the Longville Park development, agency officials said there were plans for a fourth phase.