President Danny Faure has visited the newly completed block of condominiums for first-time home owners and the block of luxury apartments which is still under construction at Perseverance.
This was in the presence of the Chief Executive of the Green Island Construction Company (GICC), Glenny Savy.
The condominium project was initiated for first-time home buyers and is a joint-venture between GICC and the government.
President Faure visited both blocks and was able to meet and interact with the tenants who have already moved into their three-bedroom apartments housed in the first-time home owners block.
Mr. Savy says the luxury apartments will be sold at a higher price and the profit generated will be used to cross–subsidise first-time home owners’ apartments so they can be sold at a more affordable price.
Luxury apartments are priced at R5 million while three-bedroom apartments for first-time home owners are priced at R1.5 million and two-bedroom apartments at R1.2 million.
The cost of construction for the three-bedroom apartment block aimed at first-time home owners is around R20 million.
“In the apartment for first-time home owners, there are three bedrooms and we will soon start construction on the other four blocks which will consist of three-bedroom apartments and we will have five blocks of two-bedroom apartments,” Mr. Savy said.
The first-time home owners’ blocks are reserved for Seychellois nationals who do not already own land or private property and they will be unable to sell the apartment for a period of 15 years.
However, anyone is free to buy luxury apartments.
“Some people can buy it as an investment so maybe they can rent it out. there are no restrictions on luxury apartments and an applicant can buy and rent or sell at their own discretion,” Mr. Savy explained.
In terms of security, the entire compound will be totally fenced for the security of the home-owners. it will also be gated and there will be controlled access as well as an electronic house to enter the apartments.
Mr. Savy expressed that there has been a high-level of interest in the properties but that some applicants do not have the required 10 percent in savings to access a bank loan.