Jamaicans on Twitter are still seemingly unable to process the staggering prices announced by the State-operated National Housing Trust (NHT) for units on sale at its Ruthven Towers complex in St Andrew. 

Two days after the NHT’s rates were advertised, ‘Ruthven’ was still the number one trending topic in Jamaica on Sunday afternoon (November 7). 

The NHT is pricing one- and two-bedroom solutions at JM$38,000 per square foot and the cheapest Ruthven Towers luxury unit can be yours—on the ground floor at an introductory price of $27.7 million. 

When ground broke for Ruthven Towers some four years ago, the NHT projected unit costs at between $16 million and $22 million. 

However, with the development now being advertised for intake, and an open house viewing for this weekend only, prices have jumped significantly on each floor of Ruthven Tower 1—ending at $37.7 million for a two-bedroom unit on the seventh floor. 

Even when the costs were expected to be much lower, concerns were raised that the quotations from the NHT—which traditionally caters to lower- to middle-income home seekers—were similar to those coming from private developers. 

At its September 2017 launch, the NHT disclosed that the $5.7 billion development will comprise “238 strata units, including one-, two- and three-bedroom units all located in a central area between New Kingston and Half-Way-Tree”.

While the high prices concerned many Jamaicans, checks by Our Today have found that private luxury developments in the Corporate Area are far more expensive. 

Among those properties are the soon-to-be-completed Residencies at Terra Nova, 20 South, Wellington Rose and Norbrook Golf Estate—each starting at US$591,300, US$539,000, JM$89 million and JM$65 million respectively.

A brochure published on the NHT’s website detailed that the Ruthven Towers units up for sale are from its first phase of development with online-only bids opening on Friday, November 12. 

The application process will last until November 16, the NHT added.

Ruthven Towers 2, 3 & 4 are slated for completion in 2024 and offer an additional 243 one-, two- and three-bedroom apartments.

Jamaicans on Twitter were taken aback by the prices, with many wondering whether the prospects of owning a home in Kingston are out-of-reach.

Per the NHT, there are two options at financing for prospective applicants, the Priority Index Entitlement (PIE) or an open market purchase. 

Through the PIE, the NHT said it would provide 100 per cent financing, which, after further elaboration, equates to $15 million at an interest rate up to four per cent and the balance at an interest rate of 7.6 per cent.

For open market purchases, the NHT will only dispense its contributor loan maximum of $6.5 million singly or $13 million jointly. NHT financing is also calculated at an interest rate of four per cent, however, the additional costs, as well as the balance of the loan, must be finalised through alternative banking sources.