More about these two developments soon!

• Average lot sizes of 1,076 Sq. Ft.
• Unit sizes of approximately 978 Sq. Ft.
• 2 Bedroom, 2 1/2 Bathroom
• Ceramic wall and floor tiles
• UPVC French windows

For more information, please call 876-968-7522 or email info@hajl.gov.jm
Also see Stadium Gardens – A Nice Place To Live

Lot No. 720 has an area of 30,035.71 sq. ft (2,790.32 sq. metres) and is available for J$7.85 million.

Lot. No. 737 has an area of 22,945.21 sq. ft (2,131.61 sq. metres) and is available for J$6.75 million.

Terms of Sale

• Lots will be sold on a “first come – first served” basis
• The deposit is 30% of the sale price on signing the Agreement for sale
• The balance of the sale price is payable within 120 days after signing the agreement for sale
• Duplicate certificates of title will be provided on completion of sale

Prospective purchasers are therefore invited to:

1. Collect application forms from the UDC’s head office
2. Complete and return forms to:
   The Sales Department
   Urban Development Corporation
   8th Floor, 12 Ocean Boulevard
   Kingston
3. Applications must be accompanied by
   - requisite deposit of 30% of the sale price
   - copy of tax registration number
   - copy of a valid form of identification (passport, national ID, driver’s license)
   - documentation from a reputable financial institution demonstrating the applicant’s ability to complete payments

Features:
- 2,000 square feet to 2,300 square feet on lot sizes of 3,000 square feet
- ceramic and porcelain tiles
- solid wood doors
- double-glaze windows
- built-in generator system and back-up water system with a 1,000-gallon water tank
- play area for children, a tennis court, a basketball court and pool area

They will be sold for J$18 million to J$20 million, and prospective buyers are required to make a 15% deposit, with the balance payable on completion of the units. The deposit is refundable if you cannot complete (the purchase), or have a change of mind. As at this time, approval of this development by the Real Estate Board is pending.

Construction of Westmeade Willows should start within the next two weeks, and is expected to last 18 months. The lead contractor is Y.P. Seaton, with The Housing Agency of Jamaica (HAJ) being the catalyst.

Complex features pool, shops (including internet cafe) and dining. Two minute walk from the West end of the “strip.”

Rates range from $80-$120 US per night depending on length of stay and season.

Contact: Dawn Ebanks at debanksjm@yahoo.com 876 477 8676, 876 962 2514 or Karis at 717-612-2172 (US)

Here is an overview of the recent interest rate policy changes:

To re-cap, all NHT contributors applying for loans to build or buy houses or lots, will enjoy at least a 1% reduction in the interest rate at which those loans will be calculated. This change will benefit both existing and new mortgagors. For existing mortgagors, it will mean a reduction in monthly payments. For new mortgagors, it means increased affordability. On the one hand, some persons who did not previously qualify for NHT loans will now qualify, while persons who had previously qualified, will now be able to get more to borrow from the NHT.

The benefits will be even greater for public sector employees, who have been given an additional 1% reduction on their interest rate over the next three years, thus bringing the overall reduction in their rates to 2%. New mortgagors, 55 years and older, who have also been singled out for special attention, will receive their loans at 2% below the rate applicable to other persons in their income group.

Unions Estate is an elegant new housing development in Twickenham Park, St. Catherine. This gated community offers easy access to public transport as well as to commercial, educational and civic facilities in Spanish Town and Kingston. Unions Estate will have its own recreational space, as well as areas earmarked for a day care centre and basic school.

Features:

• Ceramic tiled floors
• Kitchen Cabinets
• Built-in closets
• Full bath
• Pre-wired for cable and telephone

Price details:

2 bedroom apartments
Size – 51 sq meters / 549 sq ft
* J$5.8M to $6.1M + closing cost of $3,500
(prices vary by location – ground, middle, top floor or corner lots)

3 bedroom apartments
Size – 61 sq meters / 657 sq ft
J$6.95M to $7.15M + closing cost of $3,500

2 bedroom townhouses
Size – 80 sq meters / 861 sq ft (space for addition at rear)
J$7.455M to $7.6M + closing cost of $3,500

For more details, visit www.nht.gov.jm or your nearest NHT office.

There are ways that you can navigate the loan modification process, obtain a second mortgage, leverage your equity, and thus make your credit score work for you, giving you the ability to negotiate the best home mortgage rates and more. Advantage Mortgage Lending has leading experts who will help to inform you and help you to make a smart decisions about any home mortgage – whether its your first loan, a refinance, or just about any other aspect of borrowing with which you may need some assistance. If you’re self-employed, there are small business mortgage options as well. Be sure to check out their mortgage solutions for applicants with low and bad credit ratings.

For borrowers in Jamaica, did you know that three of the new polices recently announced by the NHT are now in effect. These policies are the reduction in interest rates, increase in loan limits, and the removal of the 5% deposit on Scheme loans. Their effective date was May 1, 2010. Another policy which the NHT had announced last year, namely the use of contributions to help meet deposit requirements, also came into effect on May 1.

Prime Development Company’s contract is for the development of six 3-bedroom townhouses at 2a Mark Way in Cherry Gardens. While the NHT has put the cost to build each unit in the $24-million range, the selling price will be determined when the units go to market in August 2011 (naturally, the price will be based on the market conditions at that time in the future).

The NHT is reportedly participating in this Mark Way housing development as part of its programme of identifying underutilised lands for housing in the corporate area. It is doing it under a joint venture agreement with the National Land Agency. The NHT is currently doing something similar on Paddington Terrace in the Liguanea area.