Government has identified land in the western portion of New Providence for the development of an “upscale community” where young professionals will be able to purchase property worth $150,000 for only up to $50,000, according to Prime Minister Dr. Hubert Minnis.
While he refrained from saying exactly where the community will be, Minnis said the development will be in his constituency of Killarney.
“We’ve identified the land and it will be upscale,” Minnis said.
“It’ll probably be 95 x 100 and we’ll put in all the infrastructure, the community center, swimming pool etc. The lands in the west are usually about $120,000 to $150,000. We would sell it to the young professionals for about $50,000 or less because it’s really their land. Crown land is really the people’s land. We just want to ensure that the people receive their land.”
Minnis was speaking on the sidelines of an event in Crossing Rocks, Abaco, where 24 Abaco residents received the title deeds for the property they have owned for decades.
During the event, Minnis diverted from his speech to announce plans for the new upscale community, saying it’s one of the ways government plans on making land more easily accessible to young Bahamians.
“Many young professionals find it difficult to get started because lots in New Providence, for those in Abaco who don’t know, are $120,000 and above and our young Bahamians cannot afford it,” he said.
“Our law enforcement officers cannot afford it. Therefore, the government will be making provisions so that this land will become available with all the bells and whistles.”
In a side interview after the ceremony, Minnis went into a bit more detail saying, “So they’d purchase the property at about $50,000 and the property with all the infrastructure would be worth $150,000, which means they would automatically qualify for mortgage and have their homes built without that great outlay that’s prohibiting most young people from building today.”
He added that there will also be certain exemptions put in place for the building of homes on the land.
“We’ll allow them to build duty free, so all the materials will be duty free, inclusive of utilities like refrigerator, stove, microwave etc.,” he said.
“And I think that’s really just to give the young professionals a start. We’ve identified the property and with this progressive and aggressive program, we want to do developments throughout all the Family Islands.”
He continued, “Now that we’re in this era of Airbnb, we want to encourage a lot of people to take advantage of opportunities in the Family Islands. Especially with COVID-19, lots of people want to go to the Family Islands, which are COVID free and we’re encouraging Bahamians to take advantage of it, once they identify and show that they’re serious we’ll grant them the land so that they can proceed. “
To avoid confusion, Minnis advised that the property he spoke of is not the recently announced subdivision that will be placed off Carmichael Road.
“The land in Carmichael, we’re ensuring that a certain percentage is left for police, defense force, nurses, teachers etc,” Minnis said.
“And we’re going to workout a formula again so that the young professionals: you have the doctors the lawyers, media personnel, you would automatically put a certain percentage aside for that grouping so that the remainder can be purchased by other groupings.”
No timeline was given as to when work on the development is set to begin.