Leading receiver, Ken Tomlinson, has been appointed to take control of the Hellshire View housing development in Portmore, St Catherine.
The scheme, a joint venture between Rite Solutions Developers Limited and the Housing Agency of Jamaica, HAJ, has been plagued by a series of missed deadlines.
Mahiri Stewart reports.
The project was slated to begin in 2022, with initial units to be delivered by November 2023. But to date, the work is yet to be complete.
Rite Solutions Developers has attributed the delays to unexpected site conditions, including dense rock formations, extra excavation, and the need for retaining walls, which drove costs past the initial budget.
In September 2026, it said prospective homeowners could receive their units within eight months if a proposed financing arrangement involving the HAJ was approved.
When chairman of the HAJ, Norman Brown, spoke on Cliff Hughes Online on September 22, he said a solution to complete the construction was at-hand.
He was asked if new financing had been identified.
Nationwide now understands the financial entity from which the developers borrowed funding for the project has stepped in and appointed a receiver.
A receiver is a neutral third party appointed by a court or a secured creditor to take control of, manage, preserve, or liquidate specific assets or a business during financial distress, legal disputes, or default.
It’s understood a letter was sent to HAJ last Friday, October 9 informing the entity about the appointment.
When Nationwide reached out to the HAJ chairman on Monday morning, he confirmed the receivership.
Brown says he expects the project to now move ahead with the required resources to complete the houses.
Meanwhile, Brown says the sale price for the houses will remain unchanged for people who had already signed agreements and made their deposits.
The starting price for the two-bedroom detached houses in the development was set at $17.2 million.
Norman Brown, chairman of the Housing Agency of Jamaica, speaking with Nationwide News on Monday.
Brown says the HAJ will meet with prospective homeowners for the first 100 units this week.
