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Housing
Development: Our Own Experience
PRESENTATION BY
MAURICE GABAY
OF MAGIL CONSTRUCTION
Minister of Water and Housing, the
Honorable Karl Blythe, members of the Jamaica Mortgage Bank ladies
and gentlemen, good afternoon. It gives us pleasure to be asked to
make a presentation at this seminar. You see, Magil is directly
involved in housing and have a special commitment to the provision
of the highest quality product.
For those who may not know, our
company, Magil, is a Canadian-based organization, which has been in
the housing and construction business for over 50 years.
Magil’s experience has included
working as contractors and developers in North America as well as
countries worldwide. We have built from multi-story buildings, both
commercial and residential, tourism resorts to high-quality,
affordable homes.
Five years ago Magil first came to
Jamaica as contractors to construct the West Cumberland Housing
Scheme in Portmore St. Catherine, for Gore Development.
We saw the opportunity to expand our
operations - building quality, affordable homes on a large scale.
There it was, a definite challenge to
do what we do best - build homes and create communities. We had to
do it, do it right and do it now.
Our commitment was further emphasized
when we relocated our regional office from Florida and established
ourselves in Kingston. With that move came our first project as
developers in Jamaica - the White Water Housing scheme.
Housing development would not be
possible without the assistance of the following agencies. The
National Housing Trust, through its innovative mortgage programme of
providing the Jamaican population with access to low-cost funds, is
at the center of solving the housing problem. Our association with
this organization has been smooth from personal interaction, to the
disbursement of funds.
The Ministry of Housing, through its
joint venture programme, opens the possibility for the construction
of more homes on lands that otherwise would probably have remained
idle.
It is through this programme that our
first opportunity for a housing development - the White Water
Meadows Housing scheme - came to be. In association with a local
company, Can/Cara Limited, the scheme started in the year 2000 with
an innovative concept in house construction.
Finally, the Jamaica Mortgage Bank.
This organization is pivotal in the provision of affordable housing,
and laying a foundation for housing providers to operate
successfully. The organization of this seminar is but
one simple example. The bank understands what it is to do about
low-income housing projects, and do it successfully.
The Jamaica Mortgage Bank has offered
invaluable assistance to Magil in the form of financing and market
support. Clearly stipulating what a good working relationship is all
about.
With the National Housing Trust's
funding for mortgages, the Ministry of Housing's joint venture
programme, the Jamaica Mortgage Bank financing and the demand in
housing, we feel there is enough opportunity here to make business
viable.
But, let us not forget about the
market and affordability. The average work force and NHT
contributors - young professionals, teachers, policemen, nurses and
others - all hope to own a home in a suitable community, which Magil
intends to provide.
They depend largely on the NHT
$800,000 single applicant limit or the combined $1.6 million and
$2.4 million mortgages to fund their purchases. We are committed to
provide top quality homes between the $2 million and $2.2 million.
Personal relationships on site are
given the highest priority and we, have no problems to execute our
projects.
During our work on White Water, we
have come to better understand the Jamaican market place and as such
consider ourselves fully prepared to take on other endeavors.
The housing shortage has not yet been
contained, and, as our chairman Mr. Joseph Gutstadt said at the
start of the White Water scheme,“ we are here to stay." We
currently have two other developments on the drafting table that is
still to be announced. Magil’s intention is to provide more than
1,000 housing solutions per year.
Watch us grow. By doing right and
doing it now.
Thank you
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