Ferreira insists low cost homes ‘overpriced’ by nearly $60,000


ENVIRONMENT Minister Romauld Ferreira.


Tribune Business Reporter


ENVIRONMENT Minister Romauld Ferreira has again hit out at housing developer Arawak Homes, asserting during his budget communication the company had “overpriced” homes in the Ardastra Gardens Subdivision by as much as $60,000.

Arawak Homes president Franon Wilson, however, strongly denied those claims yesterday telling Tribune Business: “Our response simply is that the honourable minister is wrong on a number of fronts, period.”

Mr Ferreira said during his 2019/2020 budget communication on Tuesday evening: “By way of a memorandum of understanding, Arawak Homes constructed homes in the Ardastra Gardens Phase III subdivision. The government paid for all for the infrastructure in this area and gave them the land for free. The developer or design builder Arawak Homes Ltd was to improve the value of the land by constructing low cost housing.”

“After getting free land and infrastructure the homes were sold to the public on average for $160,807 per house. No matter that they got the land and infrastructure for free, that’s the water and light, they sold it to their fellow Bahamians for $160,807.00 on average. We had the approved value of the land, that is the value of the homes on the land appraised. The result was that they were appraised on average at $103,650 per home. That means that on average the homes were overpriced by $57,157.00 or 35.5 percent. These were the types of sweet heart deals we met in place. Why should Bahamians be forced to buy an overpriced home from a favoured few?.”

Mr Ferreira had suggested previously that under the former Christie administration, Bahamians were in many cases being overcharged between $20,000 to $40,000. He had also noted that due to the inflated price of single-family homes, the Minnis administration decided to discontinue offering turnkey homes, but instead install the necessary infrastructure on undeveloped land to produce residential serviced lots.


bogart 4 years, 5 months ago

WHY DA..... GIVING AWAY outright OF PORE BAHAMIANS BIRTHRIGHT...TO PRIVATE SECTOR.....for profit making....to select one...??????????...........AND ON TOP OF IT....SPENDING PORE TAXPAYERS money TO PUT IN INFRASTRUCTURE.for select one.....to sell....????????? VERY GOOD MINISTER....but dey will tell you private sector makes profits....!!!!


birdiestrachan 4 years, 5 months ago

never mind what he says. there are many folks missing from the looney farm.


Well_mudda_take_sic 4 years, 5 months ago

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Well_mudda_take_sic 4 years, 5 months ago

Geez! Like most Bahamians, I didn't think Big Snake or Little Snake could be offended by anything. The seedy side of many of their business dealings are common knowledge within the Bahamian community. Also common knowledge to many foreign investors who have been 'burned' in South Eleuthera over the years. I didn't give these guys their respective nicknames - they earned them all on their own.


Observer 4 years, 5 months ago

Name that appraiser, Mr. Minister, and give details of construction type, size, etc.


realitycheck242 4 years, 5 months ago

Yep Yep .....the Snake and his company has bitten another Bahamian subdivision, just as he has done with pinewood gardens, Nassau Village, Sir LOP estates,Eleuthera properties ltd and many others...smt.


TalRussell 4 years, 5 months ago

Comrade minister rethink which is largest python of the two snakes. Is it a developer's nearly $60,000, or Imperialists red shirts cabinet that snatched another 3% in increased VAT monies from pockets financially struggling populaces - and likes me do arithmetic's for how many millions extra VAT that works out be's comrade minister - it's likes fuc%ing $30 million of the government's 12% the ONE BILLION DOLLARS VAT rake, yes, no..............and not single family ended up House ownership from their government..............and only one two snakes deadly venom of a $700 fee awaits family members seeking pickup and take home a loved-one's body from PMH's morgue...............


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