CENTRAL PINES SUB-DIVISION

February 2002 Table of Contents

CENTRAL PINES SUB-DIVISION

Prime Minister the Right Honourable Hubert Ingraham addressed a town meeting on 25th January at Central Abaco Primary School in the Central Pines Sub-Division to announce the conditions of sale for lots in the new sub-division.

It took six years for the sub-division to be developed, longer than the Prime Minister had hoped, and cost $6 million. The development was funded by the National Insurance Board which would be refunded in full by the sale of the lots. The sale price of each lot would merely cover the cost of the infrastructure - roads, electricity, water, sewerage, telephones, cable TV, etc - and thus the land, Mr Ingraham noted, was free.

The completed sub-division would be the second largest in The Bahamas but because of its hilly terrain would be far more scenic. The Dundas Town and Murphy Town area is the fastest growing in the islands. It has grown from a population of 1,350 to over 3,000 in just a few years. Over 200 applications have already been received for lots in the sub-division.

In addition to the housing lots there would be four churches, a government complex, a mini hospital (by 2003), the police headquarters, two convenience stores, two day care centres, two parks and a sporting complex.

The sub-division would comprise 664 lots when Phase II is complete. Phase I, on sale from 1st February, comprises 423 lots. Each lot will be priced at 95 per square foot. The following are points the Prime Minister made:

Houses constructed for less than $100,000 could, on request, be subject to a government guaranteed loan that would reduce the mortgage interest from both commercial banks and the Bahamas Mortgage Corporation;

Because of the nature of pine forest terrain some lots may find large caves on the property. If this happens, the government will refund the investment or allow another lot to be chosen;

No speculation would be allowed as the purpose of the sub-division was to provide housing for single families. Duplexes would be allowed so long as one side would be occupied by the owners. Developers would be able to purchase multiple lots and build houses for sale - not for rental;

Individual payment plans for lots could be established with government after at least a 10% down payment and the promise to pay within two to three years, possibly five. All buyers must be Bahamians over the age of 18 and preference would be given to those with no home at present. Land being paid for could be developed but no deed would be issued until the full payment had been made;

Wooden houses would be permitted but pre-fabricated houses would be discouraged;

Homeowners would be expected to leave as much of the existing flora in place as reasonably possible. Lawns, flowers and fruit trees would also be encouraged.

February 2002 Table of Contents