Holness salutes JMB as statutory corporation eyes JSE listing
Small developer grateful for entity’s role in rescuing vision
Published:Friday | July 8, 2022 | 12:10 AM
Prime Minister Andrew Holness has lauded the Jamaica Mortgage Bank (JMB) for partnering with a small developer to construct 30 housing solutions at Red Hills in St Andrew.
Dubbed Forest Gate Apartments, the Kirkland Heights apartment complex – comprising one-, two-, and three-bedroom solutions – is the brainchild of Willard Banton, a developer and contractor of humble beginnings.
At a ribbon-cutting ceremony Thursday evening, the prime minister emphasised the role of the state-owned JMB in assisting small developers in realising their dreams.
The JMB provided the financing for the project.
The 51-year-old bank mobilises financial resources for on-lending to private and public sector developers and financial institutions.
“The mortgage bank prides itself on empowering ordinary men and women in becoming skilled developers,” Holness said.
The prime minister also noted that the JMB is to be listed on the Jamaica Stock Exchange (JSE) to give Jamaicans an opportunity to own a stake in the decades-old housing entity.
The price for the three-bedroom units is a little more than $40 million; two-bedroom units cost about $35 million, while the one-bedroom units cost $27 million.
In a Gleaner interview, Banton said he was having challenges with the project when a representative from the JMB visited the site and offered to partner with him to complete the complex.
“It’s like the Almighty sent an angel here because I was struggling all along until the mortgage bank came here. I couldn’t do it alone – they played a great role,” he said.
The homeowners have a panoramic view of the city, with security and other amenities.
Looking ahead, Banton is eyeing another project in Jacks Hill, St Andrew, where he is contemplating another partnership with the JMB.