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Published On: Wed, Jun 20th, 2018

APS to start construction of 62 residential units this summer

APS

Signs construction contract for ORYX residences to be completed in 12 months

On Monday June 18th, Algemeen Pensioenfonds Sint Maarten (APS) signed the construction agreement with contractor Liccom NV for the construction of its new housing development project; ORYX Residences in Cay Hill. The contract signing will allow for construction of the 62-unit housing development project to commence this summer. The project is expected to be completed in 12 months, by summer 2019. The agreement was signed with Mr. Franklyn Richards – Chairman and member of APS Board, Mr. Guilliano Saturnilia – Member of APS Board, Mr. Andre Sneep – Managing director Liccom NV. Witnessed by: Mrs. Nadya Croes – Van Putten – Director APS. The signing of the agreement is a welcomed new milestone for APS and pending buyers. APS has been committed to fast track the housing development project, which will offer more short-term opportunities for home seekers, especially post-Irma. APS sees these investments as a win-win for the community and the fund.

“We were especially happy with this proposed timeframe of 12 months by Liccom. The quicker we can get the homes in the hands of the buyers, the better. A well-thought through organization of the construction in our opinion leads to the relatively short timeframe for constructing 62 units.” – Nadya Croes-van Putten, Director APS

The bidding and selection process for a contractor started in December 2017. APS expressed interest in selecting a main contractor with an established track record in similar projects to execute the work. Both local and international contractors were to participate in the bidding process for the housing project. Liccom NV ultimately proposed the winning bid, after which APS started preliminary contract discussions with Liccom NV. In April 2018, the terms of the construction agreement were negotiated, culminating in the June 18th signing of the construction agreement.

“Over the weeks of discussing terms of the agreement, many aspects of the project development were discussed. The discussions on the construction agreement were not always easy, however we were content with the input from Liccom on ways to reduce construction costs while maintaining the quality of the construction. We are very confident that they understand what we are looking for in this development and truly know the plans and drawings to the finest and most minute detail. As a corporate citizen of Sint Maarten, we see the shared benefits of these investments. These developments will offer a return that will enable us to continue to pay the pensions to our participants, make a socio-economic contribution to the individual buyers and the economy of the country as a whole.” – Kendra Arnell, Manager Projects APS

The architectural design of ORYX Residences has been prepared by local architectural firms: Cicca NV and IXI Design NV. Also involved in the design and engineering are local firms Independent Consulting Engineers and Windward Electrical Company. The Project management for ORYX Residences is assigned to Heren2. The building permit for the entire project has already been issued by the Department of VROMI. The design is in accordance to applicable Sint Maarten earthquake and hurricane codes and regulations, as well as fire regulations. ORYX Residences will be located in a commercial and residential zoned area in Cay Hill, right behind the CC1 warehouse.

Over the past months, APS has hosted several information sessions for potential buyers on the project. In collaboration with Key Real Estate, potential buyers were given project details, purchasing procedures and guidelines, during the information sessions. Active participants of the Fund were encouraged to make use of the opportunity to gather information on this potential homeownership opportunity. ORYX Residences will consist of 62 units, 44 of which will be two- or three-bedroom townhouses. The project further includes 18 apartments of 1, 2 or 3 bedrooms. Sales prices depend on the size of the unit. The average sales price will be around US $200,000 and the maximum price will not exceed US $250,000 for the largest units. ORYX Residences will be a gated community project, of which the layout and design will promote a community atmosphere with a central outdoor area where neighbors can come together and socialize in a community setting.

“Interested buyers can opt to qualify for a mortgage issued by APS, which consist of 100% financing with no down payment. Most local banks require a down payment, which could easily lead up to 30% of the purchase price. APS believes that this incentive will help in particular young professionals in buying a home.” – Nadya Croes-van Putten, Director APS

Over the years, APS has invested assets in real estate and embarked on a number of real estate development projects. By developing properties in which APS has invested, the expectation is that return will be generated and contribute to the appreciation of the pension fund’s assets and capital.



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