Development of subdivision for young professionals includes 83-acres of land

Prime Minister of Bahamas Hubert Minnis stated a declaration regarding resolution on developing a subdivision for young professionals on Monday 12 April 2021.

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Bahamas: Prime Minister of Bahamas Hubert Minnis stated a declaration regarding resolution on developing a subdivision for young professionals on Monday 12 April 2021.

The highlights are as follow:

-Development consists of an 83-acre parcel of land in the Prospect Ridge area, near Baha Mar.

-Upscale development incorporating walking paths, parks, a community centre, a swimming pool, tennis court and clubhouse.

-Ecofriendly with minimal change to the existing topography of the land.

-Approx. 250 lots, including for single-family residences, townhomes and duplexes.

-Exact number of parcels will be determined following consultations with the Department of Environmental Planning and Protection and Town Planning on density restrictions.

-Those selected will be able to purchase lots around the size of 70-90×100 feet for a maximum of approx—$ 50,000.

-Government will put in place the necessary infrastructure, bringing lots up to around $150,000 in value.

-Certain exemptions to make the construction of homes more affordable, by the waiver of customs duties on all building materials.

-Home construction must be completed within 2 years of purchase.

-Opportunities to be provided for young entrepreneurs to grant residential and commercial services for lawn and garden-care, planting and removal, irrigation and drainage, landscape design, and stone and hardscaping.

-Opportunity to provide collection and disposal of domestic and commercial waste services.

-Clubhouse will also be an organized commercial operation for an entrepreneur.

-Community will have provisions for a preschool.

-“Professional” defined as “someone who is accomplished in his or her field, enough independently to sustain a mortgage or the fiscal responsibility for a residential dwelling in the community.” Not restricted to a particular kind of academic or professional training.

-Eligibility: 45 years old or younger, first-time homeowner, Bahamian and resident in The Bahamas.

-Open to Family Island residents.

-Applicant only eligible once and may only acquire one property in any such Government home-owning initiative.

-Application and application process being finalized, as are other details.

-After the Resolution, the Government will work toward finalizing the transparent application and selection process, executing architectural drawings that can be purchased off the shelf, and commencement of the infrastructure installation.

-No applications have been accepted to date for this community.

-No list of persons has been established for this community.

-Guiding principles for the application process have been established. It will be transparent. It will be digital.

-There will be strict adherence to the eligibility criteria. There will be no favouritism. No particular people or special people will be prioritized.

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