$20.7B spent on housing development in first half of 2023
Of the $54.5 billion allocated for nationwide housing development this year, the government, through the Ministry of Housing and Water has expended $20.7 billion in the first half of 2023.
This is according to the 2023 mid-year report released by the Ministry of Finance on Saturday.
Under the ‘Dream Realised’ housing initiative, a total of 3,828 house lots were allocated to individuals in the first half of the year, with plans to allocate an additional 6,172 in the second half.
During the review period, 1,245 land titles and transports were also distributed, with plans to distribute an additional 3,755 by year-end.
To support individuals in constructing their homes, the government initiated the distribution of vouchers through the Cement and Steel Housing Subsidy Programme in Regions Two, Three, Four, Five, Six, Seven, Nine, and 10, benefiting 927 persons in the first half of the year, with a total value of $163 million.
It is expected that 500 additional subsidies will be distributed in the second half of the year.
Further, under the Lethem Housing Support Initiative, about 434 applicants registered as of June 2023. Of this amount, some 312 persons pre-qualified for loans from financial institutions, 69 persons were approved, and 48 homes are currently being constructed.
In the second half of the year, the Home Construction Assistance Programme will be rolled out to facilitate access to financing for the construction of homes through a partnership between the Central Housing and Planning Authority (CHPA) and financial institutions.
Construction works were completed on 287 low-income houses at Great Diamond, Little Diamond, Ordinance Fortlands, Leonora, Anna Catherina, and La Parfaite Harmonie. Progress is also underway for an additional 355 houses, scheduled for completion by the end of the year.
Similar works are ongoing at Prospect, Little Diamond, and La Bonne Intention (LBI) for the completion of about 435 homes for young professionals in the second half of 2023.
Additionally, a total of 88 moderate-income homes were constructed at Cummings Lodge in the first half of the year, and 174 more are expected to be completed later this year at Cummings Lodge and Amelia’s Ward.
Meanwhile, infrastructural works are advancing in new and existing housing areas, including land clearing, construction of roads, drains and bridges, and the installation of utilities.
It is expected that the installation of electrical and water distribution networks in 15 housing areas will be completed in the second half of the year.
Designs were also completed for infrastructure works in regularised areas including Tuschen, Chateau Margot, Sophia, Belvedere, Amelia’s Ward, Patentia, Stewartville/Uitvlugt, Cummings Lodge, Experiment, and Hampshire. Works have commenced in Charity and will soon start in other regularised areas.
Accordingly, work is underway on the implementation of an information technology (IT) solution for the Single-Window Planning and Development System in the second half of 2023.