Deanstown Heights: Credit union packages land, house, finance, insurance

A new St James housing development promising 34 affordable homes is set to expand options for Barbadians seeking home ownership, with more than a dozen buyers already expressing interest ahead of construction, the developer said Friday.

The Deanstown Heights Housing Development, being executed by the City of Bridgetown Co-operative Credit Union through COB Financial Services Incorporated, is being pitched to low- and middle-income buyers at prices ranging from about $362 500 to $571 000.

The groundbreaking ceremony for the project was held at the site of the first house to be built on Friday.

President of COB Credit Union and chairman of COBFSIA, Kemar Cumberbatch, described the development as a defining moment for the organisation as it moves beyond financing home ownership to directly creating a residential community.

“Together we give ordinary people extraordinary economic power, and today that collective boardroom vision becomes a visible reality,” he said. 

“Six different house models, all fit to ensure that our members’ budgets and their familial needs are met.”

The houses will be offered on 34 lots ranging from 5 443 sq feet to 10 079 sq feet each, and the impact of the project would ultimately be reflected in the lives of Barbadians who will call Deanstown Heights home, Cumberbatch said.

“By the young professional who receives keys to their first home, it will be measured by that working-class family that finally has a piece of the rock they call their own, where their children can grow and play safely. It will be measured by that devoted parent who can finally rest, knowing that they have a valuable asset to pass on to future generations.”

He said home ownership in Barbados has become increasingly difficult because of the cost of land, construction, insurance and other financing costs, adding that COB and COBFSIA have stepped in to make financing more accessible.

“Within one single connected institutional framework, our members can now access the land, the housing solutions, the mortgage, and the insurance. We are taking the roadblocks out of the way to provide real practical solutions. This project demonstrates the evolving powerful role that our credit unions must play in the modern Barbadian economy.”

The COB president thanked the National Housing Corporation for its role in helping make the project possible, while expressing a willingness to partner on additional development projects.

Senior operations officer with COBFSIA, Rhonnelle Smith, gave an overview of the project and its finance and insurance options:

“COBFSIA will be the ones who are facilitating insurance for the properties as well. We’re offering up to 95 per cent financing, and through Cooperators General, we’re also offering insurance options. Now today we’ve had more than 12 persons come forward; some are at the very, very point of receiving their commitment letters.

“We do have six models, modern options for Barbadians to select from; six housing options … from 873 square feet to 1 492, and what persons marvel at is the size of each lot, which is over 5 000 square feet and going up to pass 10 000 square feet.”

Smith said Deanstown Heights is a flagship development located among the established communities of Apes Hill, Polo Ground, St Silas Heights, Waterhall Terrace and Waterhall Tenantry. She added that the homes will be built using the Forster construction system, a Swiss-engineered line of 100 per cent steel profile solutions for sustainable architecture. 

Minister of Housing Chris Gibbs commended the COB for the project as it aligns with the government’s housing target of 2 000 homes annually.

Minister of Housing, Lands and Maintenance, Christopher Gibbs. (Photo Credit: Lourianne Graham)

He said, “These types of projects are very, very important to our economy and as the prime minister has said earlier, our target is 2 000 homes per year. Now I’m not scoffing at 34; I know that we can do more, but the truth is that if you look around, this project is nestled within an existing community. What does that mean?”  

“We already have infrastructure; we’ve got roads, we have access to light and water. That makes it more economical to be able to deliver this type of solution to Barbadians, and I applaud you again for that in your vision.”

The minister further explained how projects like COB’s will benefit credit union members who have already applied through the NHC, “There’s so much synergy within the NHC and our waiting lists, and the credit union system with COB that a lot of the people who are on our waiting lists are also credit union members.”

“So, I know that in working together on a project like this, we can deliver a piece of the rock, a home, a shelter for people that we have on our waiting list and, as a cherry on top, for your members as well. So that gives us tremendous synergy in this. And the truth is that this is the type of partnership that we have to explore because, as I said, government can’t do it all.”

(LG)