BASSETERRE, ST. KITTS, December 23, 2020 (MMS-SKN) — Construction continues to be the lead growth driver in St. Kitts and Nevis, and Prime Minister, and Minister of Finance and Minister of Sustainable Development, Dr the Hon Timothy Harris, is commending the TDC Group of Companies for starting another residential development – ‘The Residences at Dewars’ on St. Kitts.
Prime Minister Harris who was the chief guest on Tuesday December 22 at the official ground breaking ceremony for ‘The Residences at Dewars’ described it as the start in a very real way of another residential development by the TDC Group of Companies.
“Today is a wonderful day and in fact I see it in some ways as TDC’s Christmas gift to the people of St. Kitts and Nevis,” said Dr Harris. “I want to commend TDC because it has been a dynamic group of companies that has always been looking for opportunities, seizing them and advancing the quality of life in St. Kitts and Nevis.”
Noting that the Chairman of the TDC Group of Companies Mr Earle Kelly had told the gathering that they had received an avalanche of interest applications in the project, the Honourable Prime Minister noted that the market for housing at this time, in his view, is great.
“The Government wants to focus on the low income and the low middle income market in providing affordable houses,” said Prime Minister Harris. “We want the private sector to partner with the Government, as the largest owner of land in the country, to facilitate the housing demands in our country.”
Dr Harris further commended the interest, the zeal, and the mode of expansion that the TDC Group is displaying and noted that this would be useful if the government is to build back a more resilient country after the continuing negative impact of the Covid-19 pandemic.
He reminded that the good news is that the international organisations that have looked at the country, its prospects, and its resiliency during the Covid-19 pandemic have said that in 2021 things will be much better in St. Kitts and Nevis. He also reminded that during his Budget Address he had said that the International Monetary Fund (IMF) has predicted that St. Kitts and Nevis should see growth at eight percent.
“Construction is the lead growth driver in St. Kitts and Nevis, and as Mr Kelly spoke he gave you a sense of the wider array of mobilisation across sectors, the professional services, architects, engineers, contractors, labourers, insurance, financing – all these sectors apart from the obvious the quarry products, the masonry products, the building materials, all of them are impacted,” pointed out Dr Harris. “So the more construction we have in the major growth area of the country which is construction at this time, clearly that would push us closer to realising and surpassing the prediction of the IMF that this country can be the fastest growing country coming out of the pandemic.”
The Honourable Prime Minister promised fullest support for the project, noting that as part of the negotiations Government facilitated the infrastructure works for the project, and accepted the proposal from the TDC Group for special considerations with respect to the transfer taxes which would have been about 10 percent. They were reduced by 75 percent to 2.5 percent, which Dr Harris described as a true partnership.
“May the season of Christmas remind us of service – service to our people, service to our country, and 2021 for all the uncertainty can be a much better year and we must make it a much better year than 2020 has been,” said Prime Minister Harris in conclusion. “So again congratulations to Earle Kelly, congratulations to your support team, congratulations to the TDC Group of Companies and may the company get stronger and better and much more engaging in all the areas of social economic activity in our country.”
TDC Chairman and CEO, Mr Earle Kelly, who had earlier said that the development of housing is not new to the company expressed that ‘The Residences at Dewars’ is a project that is very important to the TDC Group of Companies. He observed that discussions with Government started in 2017 and the company purchased 5.69 acres of land 2018
“We will not have a problem in selling this development because it is so beautiful,” said Mr Kelly. He explained that the land had been developed into 30 lots and a green area, noting that so far the cost has reached $3.3 million. On offer will be eight models made up of three two-bedroom models, four three-bedroom models, and one four-bedroom model.
Present at the ceremony included Governor General’s Deputy His Excellency Michael Morton who previously served as the Chairman of the TDC Group of Companies, company directors and representatives of organisations collaborating with TDC in the development. Executive Director of the TDC Group of Companies, Mr Nicholas Menon, delivered closing remarks.