World Homes hungry for houselots
-sets target of 50,000 homes in next ten years
Stabroek News
May 14, 2004
Homes built by World Homes Inc., at Mon Repos, East Coast Demerara.
One local land development company with ties to a Canadian land developer plans to make homeownership affordable to all Guyanese and has embarked on a countrywide homeownership drive.
World Homes Inc., located above Universal Airlines office on Main Street, started operating in Guyana last year and is a subsidiary of World Homes International operating in Canada.
"No matter where you are what is your position...come and we will help you," states Edward Lai, managing director of World Homes Inc.
According to Lai, World Homes International in Canada has a presence in several Caribbean islands through its land development efforts including building homes or providing home financing. He says the company came to Guyana due to an invitation from the president.
Lai puts the housing needs of Guyana at 5000 homes per year and says the company hopes to provide as many of these as possible. So far the company has built over 500 affordable homes.
A minimum of 1000 house lots per year are needed by World Homes with a maximum of 5000 house lots if the agency is to fulfill its goal of providing 50,000, mostly low income homes in the next 10 years.
World Homes Inc., with house lots from the Ministry of Housing or from allottees themselves, can build a starter home for $990,000 with no down payment and a monthly payment of $7,990; a two-bedroom home for $1.59M with monthly payments of $12,500 and a down payment of $90,000 or a three-bedroom home for $1.995M with a down payment of $100,000.
These building rates are specifically for the homes themselves and do not include the price of the land.
Persons who choose World Homes Inc., as their developer will need to fill out an application form; submit a job letter and make the required deposit.
The applicant is then referred to the banking institution which will determine their eligibility for a mortgage(the bank takes two days to give a response to the developer).
If the mortgage is approved the bank appoints a lawyer to process the mortgage. Officials at World Homes say the post-building process takes four months but the home takes four to six weeks to build.
With the government's help, four local banking institutions agreed to a home mortgage with a 7% interest rate per annum, for clients building homes through World Homes.
Lai says these low interest rates are suitable for low-income, homebuyers who cannot afford mortgages with 17% and 18% interest rates.
"This would enable many government workers, civil servants and single working persons to have the opportunity to own a house for the first time," says Lai. Couples and individuals without children are also eligible to apply.
All homes are built with concrete and steel foundation; concrete block walls; metal zinc roof and inside wood ceiling; electric lights and fittings; kitchenette with sink and cabinet; separate bathroom fully equipped with shower, toilet bowl and wash basin; two doors along with a full house warranty, guaranteeing all work and material.
A number of families have already began benefiting from this regional homeownership drive.
World Homes recently completed 140 homes in the Diamond/Grove area with a combination of house lots from the Ministry of Housing and from allottees who approached the company for financing.
Construction has also started at Parfaite Harmonie, West Bank Demerara to build 100 homes during the first phase of building with the lots mainly from the government.
In Linden, two model houses are under construction with one almost complete at Amelia's Ward.
At Ordinance, Fortland and Glasgow Berbice, construction is expected to start on an initial ten homes in three weeks. According to Lai, this area represents a large potential for at least 100 - one, two and three-bedroom type homes.
At Four Miles, Bartica nearly 50 homes were built and delivered, with another five homes under construction in this area.
After the company received some complaints from homeowners in Bartica about the homes, the contractor was dismissed.
Over 100, two and three-bedroom homes were built and delivered in Mon Repos and Coldingen, Tuschen, Golden Grove, Mocha, Parika, and Cornelia Ida. In another three to four weeks, home construction is to begin at Charity on the Essequibo Coast.
Also preliminary plans are being made to build over 200 homes in Lethem, which Lai says, "is an important area of trade and development with Brazil."
In all the areas where projects are, the company's policy is to use contractors from the said areas. World Homes Inc., has 25 approved contractors who are located in all the Regions where there are projects.
While the company's main source of houselots is from the Ministry of Housing, there are according to Lai, over 25,000 allottees that have house lots but need World Homes' support to build an affordable home to suit their needs.
With the further support of the government, World Homes expects to obtain 1000 acres of land to construct 7,000 new houses this year.
World Homes has offices in Berbice, Linden and Essequibo with a Bartica office schedule to open soon.