Since the project was launched a few months ago, only ten units have been started, but to date not even one is fully completed. Now the Social Security Board is promising that by the end of February next year, (2012), all ten would be ready for occupation.
Local company CONTEC was the company selected to build the 190 homes for the project.
In a release issued by the Office of the Prime Minister recently, the Social Security Board was quoted as saying that it stands by its measures to ensure the speedy completion of the 10 houses currently under construction at the Beacon Housing Development Project.
In its own statement, the Board said on Wednesday, while responding to the concerns of the SSB Director, seeking the approval of the Board to terminate the Housing Contract given to CONTEC, that the Board discussed the matter and accepted the recommendations of both the Beacon Heights Committee and the Investment Committee to manage the Project directly and to pay for all materials and wages incurred in the construction of the 10 houses.
It said the termination would have lead to litigation and a halt to the project while it is removing the Contractor from the site and engaging in the employment of another contractor.
“The Board felt that the corrective steps it had made in taking over the project and paying for the materials and labour directly would lead to the speedy completion of the ten (10) houses. It is still of that view.
Meanwhile, the Board has also tried to re-assure the public and contributors that the Social Security Fund “is strong and healthy” with total investments of just over one billion dollars (EC$1,078,697,965) with Cash at the Banks being over half a billion dollars (EC$606,881,711) and other securities being just under another half of a billion dollars (EC$ 477,594,741) as at December 31st 2010.
“The Fund is healthy and strong. The total Income produced by the Social Security
Fund in 2010 was over one hundred million dollars (EC$135,644,950) with a healthy surplus for the year after paying Benefits and Administrative Expenses of over eighty million dollars (EC$ 80,604,899),” said the Board’s statement.
It expressed confidence that the long term value of the Beacon Heights Housing Project which is estimated at over three hundred million dollars (EC$ 300,000,000) will redound to the benefit of the Social Security Fund and help it to meet its long term commitments to the people of St. Kitts and Nevis.
“The Beacon Heights project will provide good profits and value to the Social
Security Fund and will create good and lasting benefits to the people of St. Kitts and Nevis as well as stimulating the economy and providing good and permanent jobs for the people,” said the Board statement.
It disclosed that to date there has been firm deposits for three (3) of the houses and confidently expect to sell the remaining seven houses before the New Year.
“All of the houses under construction will be completed and landscaped by January/February 2012. Some of the houses will be completed by the end of November 2011. The Social Security Board is still very enthusiastic about its upscale project at Beacon Heights and expects great things of it,” said the Board statement.