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Amid public backlash on the high-end Ruthven Towers apartment...

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Amid public backlash on the high-end Ruthven Towers apartment...

Amid public backlash on the high-end Ruthven Towers apartment complex in New Kingston, the National Housing Trust (NHT) has defended its pricing strategy, arguing that the unit costs - which range between $27.7 million and $37.7 million - reflect skyrocketing construction prices, its location, and access to amenities.

The long-awaited Ruthven Towers was first proposed to sell for $16 million to $22 million in 2018, but the price was up for review after the public chastised the Trust for rates that rivalled those charged by private real estate developers.

NHT, a state provider of affordable homes and mortgages, went back to the drawing board to review development plans as well as the pricing structure, but in the end released prices that are 73 per cent higher than initial projections.

The housing agency blamed the spike mainly on "the cost of construction inputs, as well as global supply challenges which have increased the cost of housing".

"In some instances, key inputs such as steel have seen a 200 per cent increase. These supply and price shocks have been further exacerbated in the last two years with the current pandemic," the NHT said in a statement issued on Monday.

CEO of West Indies Home Contractors (WIHCON), Marvin Campbell, confirmed that supply-chain challenges amid the COVID-19 pandemic have impacted the cost of construction inputs, including steel, lumber, cement, and electrical wires. The fluctuating foreign-exchange rate has also played a role, he said.

However, Campbell said that housing market escalation typically runs five to 10 per cent.

"Anything above that would be considered high, but it really depends on what the drivers are," Campbell told The Gleaner.

WIHCON itself says it has been staving off price increases to consumers through forward-buying, and has settled for lower margins on its projects by absorbing some costs.

NHT has asked for more time to respond to deeper questions from The Gleaner about the development.

Its response may provide clarity on why the Trust decided to dive back into housing developments for the top end of the market, a segment it said it would retreat from in 2012 following sluggish sales on its Paddington Terrace development, and before that, one at Salisbury Avenue

Extract from the Daily Gleaner, Nov, 9, 2021

ANSWER ALL QUESTIONS:

A. Outline the steps of any Ethical Decision Model with which you are familiar (8 marks)

B. What principles do you consider should drive the operation of the NHT? (10 marks)

c. What does the decision of the NHT suggest about the orientation of the Trust? Explain, using concepts and principles from the module. (12 marks)

 

 

 

 

 

 


 

 

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Answered by EarlMoonSquirrel26 on coursehero.com


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