Thursday, August 04, 2005

Waterport Terraces up for sale

New Govt housing scheme

Gibraltar Government yesterday released the long awaited details of “a new affordable housing project” at Waterport Terraces.

In a statement issued yesterday, a Convent Place spokesman said the project will comprise of 536 residential units in all, the bulk of which will be put on sale on a 100% basis although 50/50 terms will also be available.

Prices range from £95,000 for a two bedroom flat to £160,000 for a four room maisonette.

A Gibraltar Government spokesman said:

“A building contract was signed on Monday with Brues y Fernandez for the construction of the Government’s Waterport Terraces affordable housing project.

Following signature of that contract, and the conclusion of the Tender Periods for Rosia Court and the Upper Town Properties, the Government is now in a position to make a further public statement in relation to all three schemes.

1. Waterport Terraces

Waterport Terraces comprises 536 residential units in all. Of these, 140 are “senior citizen” flats for the Government’s rental stock. 396 flats are for sale and comprise 58 two bedroom apartments, 272 three bedroom apartments, 32 four bedroom apartments and 34 four bedroom maisonettes. There will also be commercial units along North Mole Road. Construction work starts immediately. Completion is in phases between 18 and 24 months from now.

The prices of the properties (on a 100% basis) are as follows:

1. 58 two bedroom flats are priced between £95,000 and £101,000.
2. 126 three bedroom flats are priced between £106,000 and £108,000. (depending on the size and height)
3. 134 three bedroom flats are priced between £108,000 and £113,000. (depending of the size and height)
4. 12 three bedroom flats are priced between £113,000 and £121,000. (depending on the size and height)
5. 32 four bedroom flats are priced between £140,000 and £143,000. (depending on the size and height)
6. 34 four bedroom maisonettes are priced between £160,000 and £163,000.

All prices mentioned in this statement relate to 100% of a flat. Co-ownership (50/50) terms are available, except in relation to the 34 four bedrooms maisonettes.

These sale prices represent anticipated cost of construction, with no developers profit or cost of land, which Government is providing free of charge. Given the subsidy, there will be resale restrictions to prevent speculation. These are spelt out in the Conditions of Sale.

The development is being carried out on behalf of the Government by GRP Investments Co Limited (a wholly owned Government company) who will now initiate a marketing and information campaign. This will include an exhibition at Casemates Gallery and publication of a full brochure which will include prices lists, application form, Conditions of Sale and Specifications. This is expected to occur on or about 22 August. Brochures may be collected at either the exhibition or the offices of GRP at Watergate House as from that date. Properties will not be sold on a “first come first served basis”, and therefore there is no need for anyone to rush into any action. Applications to purchase will not need to be submitted until Friday 30 September.

2. Rosia Court

The application period for Rosia Court closed on 29 April.

However, because Government said that sales prices at Waterport Terraces would be publicly known before anyone had to make a decision to buy at Rosia Court, the sale of Rosia Court has been withheld until today.

A total of 122 applications were received for the 33 properties available at Rosia Court. Of these, 37 have been selected for a first round allocation process based on an analysis of the applications against the published eligibility and preference criteria. These 37 prospective purchasers have today been written to and invited to take part in two separate draws to determine allocation of properties.

Even though there were enough 100% bidders for all 33 properties, 29 properties will be allocated to 100% bidders and 4 properties will be allocated to 70% bidders. The draws will take place on Thursday 1 September.

Applicants who have not been selected for the first round may be invited to participate in a second round if the first round does not dispose of all 33 properties.

3. Upper Town Properties

A total of 75 tender bids were submitted for the 13 properties offered. Successful and unsuccessful bidders have today been written to.

The Government is delighted with the response to this scheme which, apart from providing interesting housing opportunities, makes a significant contribution to the Upper Town Urban Renewal Scheme. Details of further affordable housing schemes will be announced in due course.”

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