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Social Security signs $11M contract for 43 houses

Seated left to right: Chairman of the Social Security Board Ian Smith, Director of the Social Security Board Antoinette Skelton, James Todman who is the director of James Todman Construction, Larry Adams who is the director of Larry Adams Construction. The persons standing are  Social Security Board members Simon Potter, Vereen Vanterpool, and Anghel George.

Seated left to right: Chairman of the Social Security Board Ian Smith, Director of the Social Security Board Antoinette Skelton, James Todman who is the director of James Todman Construction, Larry Adams who is the director of Larry Adams Construction. The persons standing are Social Security Board members Simon Potter, Vereen Vanterpool, and Anghel George.

The state-owned Social Security Board (SSB) said it has signed an agreement to facilitate the design and building of 43 residential units at Joe’s Hill in the Road Town area, adding that the project will cost just over $11 million.

The agreement was signed on January 5 with the joint venture team of James Todman Construction (JTC) and Larry Adams Construction Companies (LAC).

“The Joe’s Hill Housing Development carries a contract sum of $11,150,612. The development comprises of approximately 7.054 acres of land to include a collection of 43 homes ranging from one to three bedrooms in condos and single family homes. The development encompasses scenic views and will boast a gym, a playground, commercial and green spaces, and ample parking,” said the SSB.

Its Director Antoinette Skelton stated that more than 100 persons already have expressed an interest in purchasing a home through the SSB housing development initiative.

She noted that the SSB is still ‘committed to advance the housing project to other areas of the territory’.

Chairman of the state-owned entity, Ian Smith, hailed the signing of the agreement as a proud moment for the Virgin Islands and the SSB.

According to him, the investment will enable Virgin Islanders and Belongers to own their own homes, thus creating the opportunity for individual wealth building.

Smith pointed out that the project ‘will also stimulate the economy through the creation of hundreds of jobs and the circulation of money throughout the economy by the multiplier effect’.

The chairman went on to give SSB contributors this assurance: “The Social Security Board will not be assuming the risk of the development as the end financing, for the relevant individual mortgages will be done through the local banks.”

The SSB said it expects returns of 7% to 12% on the local real estate development investments.

Speaking on behalf of joint venture team (JTC/LAC), contractor James Todman pledged to construct the housing development in a timely manner, with quality and professionalism. Representative of LAC, Larry Adams, was also at the contract signing. So too were other SSB members – Anghel George,Simon Potter, and Vereen Vanterpool.

Investments

According to the SSB, it has had a long history of investments in real estate internationally – including Fannie Mae and Freddie Mac.

The first-time home owners initiative will be no different, the entity added.

It explained: “The Social Security Board, as part of its investment policy, has the capacity to invest anywhere from 10% to 20% of the Social Security Reserve Fund into the local economy. Previously, these investments took the form of large scale infrastructure and capital development financing.”

“Given the pressures on interest rates and returns on investments, the Social Security Board looked at an alternative investment strategy that would increase the portfolio’s return while stimulating the economy and ensuring the long term viability of the Social Security Fund,” the SSB further said.

It noted that its Reserve Fund currently stands at approximately $580 million with $192 million invested in US and Global equities; $206 million invested in fixed income and convertible fixed income; $80 million in local credit and equity investments; and $98 million in CD’s and cash at local banks.

Copyright 2017 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.

tola_radio_feb_10

47 Comments

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  1. Really says:

    Well-loved. Like or Dislike: Thumb up 8 Thumb down 0

    Will these homes be affordable?

  2. Want to know says:

    Like or Dislike: Thumb up 3 Thumb down 0

    How can one express interest in these homes or future housing plans by ssb board?

  3. LB says:

    Well-loved. Like or Dislike: Thumb up 24 Thumb down 5

    Will young contractors ever get a chance to earn in this system? Same old retirement age contractors over and over.

    • Pretty in pink says:

      Well-loved. Like or Dislike: Thumb up 13 Thumb down 7

      The old contractors were selected for a reason.

      They have made their mistakes, learned their lessons and improved and proven their ability.

      Young contractors will get their chance soon enough as long as you continue building a credible and trustworthy name and brand.

      • ??? says:

        Like or Dislike: Thumb up 2 Thumb down 4

        @Pretty in pink

        It’s called the old boys’ network but in this case, only some of the old boys get work consistently, either from no bid contracts or where rules are bent in their favour in contested bids.

        Jamesy does good work, but he is the beneficiary of both of the above situations.

    • Deh Watcha says:

      Hot debate. What do you think? Thumb up 6 Thumb down 4

      Nope.

      This was a setup from the very beginning.

      Its now easy to know who will be receiving theirs next.

    • LOL says:

      Hot debate. What do you think? Thumb up 4 Thumb down 5

      Sorry, it is all about getting value for money.

    • Speak your mind says:

      Well-loved. Like or Dislike: Thumb up 7 Thumb down 3

      @LB

      So true the more these two have the more thay want thay are the lovers of money

    • Guest says:

      Like or Dislike: Thumb up 2 Thumb down 0

      Learn to vote right…and be seen showing who you backed..

    • I FROM HERE says:

      Well-loved. Like or Dislike: Thumb up 9 Thumb down 4

      We want value for money. These young contractors are a rip off.

      We will stick with the older heads who don’t have their work men sitting down on the job and still want a full days work.

  4. who the cap fit says:

    Well-loved. Like or Dislike: Thumb up 6 Thumb down 0

    That one is being rewarded for voting against zoe

    • i want to know says:

      Like or Dislike: Thumb up 2 Thumb down 0

      did he turn traitor against the vip? no wonder he is eating constantly, he and that bald/white headed one

  5. wow says:

    Well-loved. Like or Dislike: Thumb up 9 Thumb down 4

    The deputy governor’s husband given a government contract? Isn’t that a conflict of interest? and his son is the town planner at that?

  6. old man alone says:

    Well-loved. Like or Dislike: Thumb up 9 Thumb down 1

    What more jamsie want?

  7. question says:

    Like or Dislike: Thumb up 3 Thumb down 0

    Will skelton and crabbe concrete get some of the pie?

  8. Ghetto life says:

    Poorly-rated. Like or Dislike: Thumb up 4 Thumb down 7

    Hidden due to low comment rating. Click here to see.

    • Really says:

      Like or Dislike: Thumb up 5 Thumb down 2

      @ Ghetto life

      I can bet my last dollar you are not a a vitgin islander see what i said i was correct

    • SMH says:

      Like or Dislike: Thumb up 0 Thumb down 2

      @ Ghetto life

      READ your stupid ass!

      • Ghetto Life says:

        Like or Dislike: Thumb up 1 Thumb down 1

        Lol…ayo too bright (as the Jamaicans say). Do not worry about my nationality as that shows the level of your intellect.

        I know my maroon passport was not obtained by marriage, residency or as some have by tekkin…..c0@^ or back work!

        I’m for one not a supporter of social housing estates – bet ayo both live in the latest ghetto – SPOONERS! Imbeciles.

      • Really says:

        Like or Dislike: Thumb up 2 Thumb down 2

        @SMH

        Hey you ass it is people like you who walking around this place with your head up your st#nking ass that is where all your common sense went with your snobby remarks persons who live in the ghetto are humans also get a life.

  9. de silent one says:

    Well-loved. Like or Dislike: Thumb up 12 Thumb down 3

    Wow! Its an awesome undertaking and the opportunity for some young and single parents to sign up and have a home.

    Looking forward to some other areas of the territory for the same development. Everything about it could only be positive.

    • Speak your mind says:

      Well-loved. Like or Dislike: Thumb up 5 Thumb down 0

      @de silent one

      So true the more these two have the more thay want thay are the lovers of money

  10. Albion says:

    Well-loved. Like or Dislike: Thumb up 4 Thumb down 0

    It’s interesting. When I saw the headline I assumed that this was a social development project by SSB, but it looks like it is just a straight financial investment.

    I always associate property investments in the BVI with low returns on investment – normally only 1 or 2%. But I am guessing that SSB has done their sums.

    Hopefully there will also be an “affordable housing” component to it so SSB can make money and give a helping hand to those who need it at the same time.

  11. Good Stuff says:

    Like or Dislike: Thumb up 5 Thumb down 2

    iSalute this initiative

  12. Guest says:

    Well-loved. Like or Dislike: Thumb up 12 Thumb down 0

    43 homes, gym, playground, green space..etc for 11 million? LOL not in the BVI where walls cost $1 million.

    I will take bets either the number of homes will be scaled back, or the contract will be renegotiated due to unforeseen expenses…LOL!!!

  13. VI Pride says:

    Like or Dislike: Thumb up 3 Thumb down 0

    Are there plans for similar developments on the sister islands of Anegada, Jost Van Dyke, and Virgin Gorda??

  14. lol says:

    Like or Dislike: Thumb up 1 Thumb down 0

    11 houses at a million dollars each just like the wall around the high school..Any bets?

  15. ndp heckler says:

    Well-loved. Like or Dislike: Thumb up 5 Thumb down 0

    Will these be given out free like those in craft alive for political reasons?

  16. Bob says:

    Well-loved. Like or Dislike: Thumb up 8 Thumb down 0

    If they can build 43 homes and all those amenities for $11Mil that’s roughly $255K per house give or take, which means we are being ripped off big time.

  17. Inquiry says:

    Like or Dislike: Thumb up 1 Thumb down 0

    How do I sign up? Is the list already available??

  18. ................ says:

    Like or Dislike: Thumb up 4 Thumb down 3

    Can you people at least try not to be negative for a change?????????????????? This is a good initiative.

    I don’t think it’s that the contractors want more. I think they just have a proven track record.

    And even if they want more, what is wrong with that? They’ve earned it.

    Success brings more success, you all should try it sometime…..instead of just being negative.

  19. Haters says:

    Like or Dislike: Thumb up 3 Thumb down 1

    Why our own people can’t be hapy for other’s? If an outsider receive the contract then you all cry.

    Stop hating on the people them. Proud of you all !!!!!!! Don’t mind these set of haters!

  20. Truth says:

    Well-loved. Like or Dislike: Thumb up 10 Thumb down 1

    We are complaining about the Chinese and other foreigner, but when locals backed by a local entity puts a project forward to assist those who cannot get homes, WE COMPLAIN even louder.

    Our people continue to be our own ENEMY! Had a ‘younger contractor” been selected would we have said, “he lacks experience” or “he is too green.”

    Embrace that both of these companies are local and experienced. Question whether you would want either building your prefer home, or would you prefer an inexperienced contractor.

    For all those who claim these will be ghettos, well for those who will house their families in a NEW HOME, which they may have thought unattainable , it will be a wonderful reality.

  21. Bull says:

    Like or Dislike: Thumb up 2 Thumb down 1

    Jamsie you are an example to all. I am so proud of you. Do good and good will follow you. Continue to lead by example. Blessed love.

  22. Delta says:

    Like or Dislike: Thumb up 2 Thumb down 0

    These people are spend taxpayers money like it belongs to them.

    Hope no one ends up in jail in the end. Hope they pay the retires a decent pension. Time to make changes. Money seem to be burning some people’s hands.

  23. Houses, not wall says:

    Like or Dislike: Thumb up 3 Thumb down 0

    WOW, Jamesy – they should have let you build the wall around the High School.

    You building 43 houses for $11 Million and we had to pay 1,8 Million (once it is completed) for this joke of a wall

  24. Intersted says:

    Like or Dislike: Thumb up 0 Thumb down 0

    So who do you have to contact to gain more information and where you qualify to get one of these houses?

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