The General Pension Fund of Sint Maarten (APS) and Banco di Caribe (BdC) have signed an engagement letter to provide all future homeowners of Oryx Residences with a mortgage offer that covers 100% financing for the purchase price of the homes with an interest rate of 6%. The engagement letter was signed by APS Director Nadya Croes-van Putten and Banco di Caribe Director Eduardo A. de Kort. The bank director acknowledge that he was happy to have established this partnership with APS for this unique project. The news of the mortgage offer was announced to the new homeowners during the month of July. The potential buyers were then requested to update their documentation in order to start the pre-approval process together with representatives of Banco di Caribe and Key Realty.
According to APS Director, Nadya Croes-van Putten, “It was a lengthy and complex process to find the right partner to establish a mortgage product that would be attractive for potential buyers. Although APS expected to be much further along in the process, finding the right partner was an important breakthrough for the Pension Fund and they are happy to be able to celebrate this new milestone for this project.”
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 homeowners can come together and socialize in a community setting. ORYX Residences will consist of 62 units, 44 of which will be two – and three-bedroom townhouses. The project further includes 18 apartments of 1, 2 and 3 bedrooms. The ORYX Residences is located in Cayhill, directly behind the CC1 warehouse.
The project development cost approximately 23 million guilders. This APS investment is expected to generate a return of an estimated 10% to 11% interest. This in turn will benefit the core task of the Pension Fund, which is to secure the pension payments of its beneficiaries.
The construction of the homes began in 2018, with the expectation that it will be completed by the end of July 2019. A recent report from the Audit Chamber gave an all clear signal to APS concerning their Investment into the project. The new homeowners are expected to be receiving their keys approximately 6-8 weeks after completion of the construction.