Nation e-Edition

Coverley prices financial rape, says Arthur

Coverley prices  financial rape, says Arthur Owen Arthur: It’s financial rape. (Picture by Clifton Henry)

Tue, August 17, 2010 - 12:00 AM

FORMER PRIME MINISTER OWEN ARTHUR has described the pricing regime at the recently unveiled Government/private sector housing project at Coverley, Christ Church, as akin to the “financial rape” of Barbadians.
Addressing the Barbados Labour Party’s (BLP) St Lucy branch meeting at Selah Primary School, St Lucy, on Sunday night, Arthur said a two-bedroom house at “The Villages” on a mere 660 square feet of land was being sold for $281 000, while a three-bedroom house on 814 square feet was going for $333 000.
He noted the houses were out of the reach of the average Barbadian.
Arthur recalled that under his administration a two-bedroom house and land for lower income earners at Lower Burney, St Michael, was sold for $106 000.
He noted that Bjorn Bjerkham’s JADA Company was now selling a similar property for almost three times that price. He said a three-bedroom house and land at Lower Burney went for $120 000.
“The DLP recently completed a project at Marchfield [St Philip] and they were able to sell a two-bedroom house on 644 square feet for $130 000, but Coverley is $281 000. A three-bedroom house at Marchfield on 860 square feet, bigger than the ones at Coverley, for $187 000, but at Coverley they are $333 000,” he said.
He called on Barbadians to do the numbers themselves by multiplying 1 000 houses by what was being made off each house and they would realise that the Coverley project was as close as one could get to finding gold on the island if one were a developer.
“These people are making at least $100 000 per house and as much as $125 000 per house, and this does not include the profits that they are making because they are doing the fabrication of the houses themselves,” Arthur indicated.
The St Peter MP said the Democratic Labour Party was always spouting rhetoric about “the small black man”, but to ask poor people to buy houses at Coverley was “financial rape”.
Juxtaposing black Haitians being required to pay France hundreds of millions of dollars after becoming independent with Barbadians having to pay large sums for the houses at Coverley, Arthur likened the project to one of “reverse reparation”.
He said that passing such largesse to just one developer at a time when the construction class in Barbados “was sucking salt” could only be described as “sick and disgraceful”.
Arthur added that a similar situation was about to occur at Bushy Park, St Philip.
“When will it stop?” he asked, adding that as Prime Minister his stated and recorded policy had always been to include and encourage along small contractors as the construction industry advanced. (WG)

  • Editor's Choice

Share your thoughts

Please sign in or register to post your comments.

Page 1 of 1 pages

Posted by DO YOUR RESEARCH 4 years, 2 months ago
Approx. square foot of land $2,500.00 @ $5.00 per sq ft $12,500.00. cost of house approx. $280,000.00 to $330,000.00.

With so many unsold houses on the market I am sure I can find a property with on least 4,000 sq ft, enclosed and room for expansion, with no stringent building restrictions.

  • 0
Posted by Bare Foot Boy 4 years, 2 months ago
Is the listed prices for the proerties within the prevailing market prices for similar properties in the area? As the former Prime Minister has conjectured that the company is making "$100 000 per house and as much as $125 000 per house" could he also tell us what the land acquistion and infrastructural development costs as well as the building expenses for each house? Moreover, is Mr. Arthur suggesting that the costs of developing such projects have remained stagnant since the development of the project cited as being being completed under his administration? As this is a Government/Private venture, could the gentleman please tell us what the financial arrangements are between the Government and JADA Company, i.e. which party has assumed the greater risk in the project by their financial investment in this and similar projects?

  • 0
Posted by devaron bruce 4 years, 2 months ago
i guess he had nothen else to talk about.. cause who can afford to buy them will buy them

  • 0

Page 1 of 1 pages

Latest Videos

Quick Poll

Do you agree with the demolition of the 100-year-old chapel at Lazaretto, Black Rock?

View Past Polls

Stay Connected to Your World

Join Your Friends & Our Community

Your Friends' Activity

Daily Cartoons

  • October 31, 2014 - 2014 10 31
  • Thursday, Oct 30, 2014 toon - 2014 10 30
  • October 29, 2014 - 2014 10 29