BASSETERRE, St. Kitts - WORK has officially started on the new ‘The Residence at Dewars’ housing development for St. Kitts, Nevis, Anguilla Trading and Development Company Limited in Dewars.
When completed, the development will accommodate 30 mega houses stretched across 7,321 or 5.69 square acres in the new high-rise spot overlooking the Caribbean Sea.
At the groundbreaking ceremony held at the new location this morning Dec. 22), which is just off the FT Williams Highway, TDC’s Chairman and CEO Early Kelly reminded that the company is no stranger to housing development since it created several areas for clients, including the Golf View Complex, Atlantic View, Sunrise Villas and Romney Bay.
Kelly explained that discussions started on the project to acquire the land from the Government in 2017 and they were able to source it and begin work on the new project of 30 house lots at a cost of EC$3.3 million.
Currently, the company has 143 interested applications of which four have been approved, a further four are expected to be recognised in the early part of 2021 with discussions ongoing with others.
Kelly told the gathering that the development of Dewars forms part of the company’s growth strategy going forward, noting that the project would pump some $16.5 million dollars into the economy when all of the houses are completed.
Though the company currently does not have any ongoing project in Nevis, it is the desire, Kelly noted, to have a similar undertaking on the sister island.
Dr. Timothy Harris, Prime Minister and Minister of Finance, commended the efforts of the TDC Group of Companies in creating opportunities for the development of St. Kitts and Nevis.
With the Federation, like many other countries around the world, suffering from the slowdown due to the Coronavirus, Dr. Harris noted that construction is the leading growth sector in St. Kitts and Nevis and, with that being the case, his Government has given full support to the project.
The project is expected to take between three to five years for completion with successful applicants having eight styles of houses from which to choose two, three or four-bedroom houses.
Prices for the two and three-bedroom houses range between $540,000 (1525 sq. ft.) to $560,000 (1551 sq. ft.), and the four-bedroom being $960,000.
Meanwhile, the company has broken the value of the land to $20 per sq. ft., $21 per sq. ft. or $22 per sq. ft.
