NHT flirtation with upscale market rebuffed

Avia Collinder, Business Writer

Four years on, the National Housing Trust (NHT) is still advertising on its website town houses for sale in its upscale Paddington Glades developments.

The units, which first went on the market in 2008, are being advertised at J$33 million and J$36 million. NHT is seeking buyers for town houses located west of the junction of Paddington Terrace and Croydon Avenue in Kingston.

The website indicates that three of the original five town house units are still available.

In 2007, the Trust announced the plan to construct the five town houses at 37 Paddington Terrace at the same time as it unveiled nine units to be developed at 4-6 Salisbury Avenue with a completion date of August 2008.

Back then, the total cost of the two developments was projected at J$280 million, or J$20 million per unit.

High-end Clientele

The Paddington venture represented the state housing agency's very first foray into the high-end market, although NHT noted at the time of its launch that it had also provided financing for similar projects spearheaded by other developers.

Paddington, it was then said, was meant to gain for the Trust a higher margin than that garnered through financing other developers.

In 2010, the Trust also announced plans for six three-bedroom town homes on Mark Way in Cherry Gardens and five three-bedroom houses at Sharrow Drive in Kingston with the same upscale clientele in mind.

An update on total take-up for the developments was not available from the NHT up to press time.

But, online, eight of the nine units at Salisbury — described as a joint venture between the National Land Agency and the NHT — are being advertised at $33 million to J$34.5 million each.

Ava-Ann Scott, manager of the New Loans Department at the NHT, said Monday that she was uncertain as to the number of units actually available currently, and that more information could be provided by Janice Speid of the general manager's office. Speid was out of office.

"I do know that units are available. The cost of these units are in the J$30-million range, and so anyone coming to us would be taking loans from another institution as well," Scott said.

The maximum loan made by the Trust to individual borrowers is J$4.5 million, with J$9 million available to two borrowers.

The land for construction at Paddington and Salisbury was obtained from the Commissioner of Lands. Paddington Glades is also currently being advertised to expatriates on international websites.

business@gleanerjm.com