Courtney Wynter, CEO of Jamaica Mortgage Bank.
It could cost up to $380 billion to build the 70,000 housing units desired by the Government of Jamaica over the next four to five years, according to Courtney Wynter CEO of the Jamaica Mortgage Bank (JMB).
Speaking at the JMB/Jamaica Developers Association Conference on Thursday, Wynter noted that the price point set by the government is in the low-income range of $8 million for each unit.
“Assuming a mix of offerings including 25 per cent serviced lots and 75 per units and assuming the developers need to make 21 per cent return on their investment, the all-in cost would be $5 million per unit.