Following the launch of the Housing Development Corporation’s (HDC) upscale Victoria Keys development “in and around February 2017”, the housing corporation identified through its sales office “a clear sales process on a first come, first serve basis,” says Housing Minister Randall Mitchell.
He said Hayden Pritchard applied for a unit at Victoria Keys on February 20, 2017.
Rodney Smart and Karen Smart applied for a unit on April 13, 2017.
Mitchell said all was above board with their purchases.
But he did not identify Smart and Pritchard as the Chief of Defence Staff and acting Chief of Defence Staff, respectively.
“Both prospective purchasers followed the established, transparent, and fair sales process and both have satisfied the HDC’s requirements.
But he noted, “Both prospective purchasers have settled their sales agreements, made their respective down payments and are in the process of securing mortgages prior to completing their respective purchases.”
Mitchell said Moonilal recently came into possession of information concerning Smart and Pritchard through an answer to a question filed in Parliament.
These matters are in the public domain and therefore do not infringe on the privacy of the individuals, he said.
He veered into an explanation the exorbitant prices of the Victoria Keys units. He said at Victoria Keys, a one-bedroom apartment costs $1.4m, a two-bedroom, $1.850m, three-bedroom, $2.4m and a penthouse, $4.5m.
He said in 2016, Cabinet approved the offer for sale of 206 apartment units at Victoria Keyes on the open market at open market prices.
“Therefore, from the date of launch in and around February 2017, 206 apartment units were free to be purchased by anyone at the stated open market prices.
“The prices were determined through the assistance of independent valuators, Terra Caribbean and Linden Scott.”
Mitchell said the reason for offering these 206 units at open market prices without offering any subsidy is because the total cost for construction for the Victoria Keyes development, drastically escalating under the last government at $650 million, had gone way over and above the cost of low to middle income housing units with luxury amenities such as a swimming pool, club house, tennis court.
He said at open market prices, the Government hopes to recover as much money as quickly as possible to continue its housing construction programme for those for whom it was intended, that is, low and middle income earners.
He said from February 2017 to the time of this response to the T&T Guardian, the HDC has entered into sales agreements and received deposits of over $160 million on real estate at the Victoria Keyes Development.
“These much needed funds will be injected back into Government’s housing construction programme where it will service those who are in most need.
“The HDC is targeting around $350m from its total sales and we are currently engaged in a marketing drive to boost it.”
