1 OAK CEO says Prospect Ridge development has “tremendous opportunity”
NASSAU, BAHAMAS — A local real estate professional said yesterday the government’s western New Providence housing initiative for young professionals could be a “game changer” for those able to qualify, while suggesting it could take three years or more for the development to take shape.
Matt Sweeting, 1 OAK Bahamas’ chief executive, told Eyewitness News: “All in all, I think it is a great opportunity for young professionals and the demographic this community is intended for.
“I think it provides a tremendous opportunity for people to leapfrog up the financial and real estate investment ladder.”
The government last week launched the application process for the initiative while outlining the criteria for applicants. The application process is being facilitated through the government’s MyGateway portal.
The initiative is part of the government’s land reform priority to foster social and economic empowerment through land ownership while strengthening the middle class.
“This development will definitely take a few years when you consider the fact that the ground hasn’t even been broken yet, that the land needs to be prepared and the sheer amount of infrastructure that needs to go there,” said Sweeting.
“If we use Carmichael Village, even though it’s a much larger community, that’s been three-plus years now in development.
“We can reasonably say that this upscale community will be at least three-plus years in development.
“I think this could be a game changer for people who decide to lock onto this initiative.”
Still, Sweeting noted there were some requirements he took issue with.
“I took exception to the point where the government says that if you apply and get approved, you must live in the home,” he said.
“If we’re talking about economic empowerment, you have to realize that some people buy homes for investment purposes as well.
“A person’s financial situation may allow them be able to purchase one of the lots and build a home but their circumstances may be such that it is makes sense to live with family for the next few years. Why would there be a restriction on them being able to rent out a home they own?”
He further noted: “When you think about a marginalized demographic, you have to look carefully at persons in their over-35 who have not been able to secure their first home as yet, whether because of financial setbacks or missteps. I question why they would be given less points.
“They (the government) are also giving public sector employees get five points. I found that interesting considering that these persons are already at an advantage, particularly when it comes to lenders.”
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