SSB invests over $18M in local real estate in the last decade

Minister with the responsibility for Social Security, Vincent Wheatley has reported that the Social Security Board (SSB) invested nearly $20 million locally in the last decade.

The minister gave that indication while responding to questions from Second District Representative Melvin ‘Mitch’ Turnbull last Friday.

Wheatley said the SSB specifically invested the $18,835,957.50 on 138.6 acres of real estate scattered across the BVI.

A breakdown of the investments shows the SSB spending $325,000 for four acres in Mount Sage in June 2016 and another $705,000 in Long Trench in July 2016.

In that same year, the SSB purchased a number of lots in the Joe’s Hill area of Tortola to include 2.268 acres of land for $360,000 and 0.25 acres at the cost of $49,000.

Wheatley said the SSB spent another $360,000 for an additional 2.268 acres in Sea Cow’s Bay while 0.164 acres costing $525,0000, 163 acres for $610,000, 0.167 acres for $445,000, and 0.167 acres for $550,000 were all purchased in Wickham’s Cay in that period.

Million-dollar land

He stated that more real estate was sourced in other parts of the territory such as Spooner’s Estate on Tortola.

The SSB also acquired 10.01 acres of real estate in South Sound on Virgin Gorda for a total of $1 million and a further 7.4 acres in McNamara Estate for the sum of $1.5 million.

Among other areas, the Board also invested $3 million on 34.06 acres in Georges North Side, and $1.69 million on 9.69 acres at Butu Mountain in 2017.

After being put on hold for three years, the SSB just recently signed a contract for the development of affordable housing on the land they had purchased in Joe’s Hill.

During the May 28 contract-signing ceremony, SSB Chairman Ian Smith said the Joe’s Hill development is the first community that will be built as a part of the Board’s first-time homeowners initiative.