100th CAB-I Approved Homebuilder Recognised

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Economy

Friday, 14 September 2012 02:30

By caribarena news

Antigua St. John’s - Ten may have been approved after her, but Ms. Denise Knight is still the 100th homebuilder through the Construct Antigua & Barbuda Initiative (CAB-I) who is expected to benefit from approximately $150,000 in savings through the programme.

Knight was awarded her certificate on Thursday with notable fanfare at the Antigua & Barbuda Investment Authority (ABIA). Her award is accompanied by an overall 25 per cent discount on roofing material from Henderson (2004) Ltd.

Henderson reports having serviced about 40 of the 110 approved builders under the programme so far; an accomplishment that its Assistant Sales Manager Nara Dover credits to a notable spike in sales in a usually dormant construction period.

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Through a session led by ABIA Marketing Director Sascha Mercer it was revealed that Knight, a Senior Economist at the Ministry of Finance, is forging forward with the construction of a three-bedroom, two-bathroom home in Belmont.

Her application for ABST and Revenue Recovery Tax waivers as well as participating merchant discount was made on July 10.

Investment Promotion Officer (IPO) Olivia Smith, who presented Ms. Knight with her certificate of registration, told the media that so far exactly 110 projects have been approved under the programme, and the government has estimated a total of some $70 million in economic activity.

To date, approximately 35 suppliers of construction materials are registered under the programme, along with nine financial institutions and four insurance companies. Architects and attorneys are also registered under the initiative and potential homeowners can benefit from all involved.

Initially projected to run for 18 months, the CAB-I programme began in August 2011 and is expected to come to a close in February 2013. That is just five months ahead and based on the comments of Sascha Mercer, this initiative is likely to be extended beyond the initial projection.

She said an intense marketing push is to take place “shortly” to attract Antiguans and Barbudans in the diaspora to invest in construction activity in their home country as a means of not only generating additional foreign remittances, but also to further stimulate the struggling economy.

The marketing efforts would be pushed in areas where Antiguan and Barbudan nationals are known to reside in solid numbers. These include the USA and Canada.

The initiative is open to all builders, including those who already own homes as well as those who are looking simply to renovate.

In the meantime, Caribarena has sought clarification on several gripes raised by early beneficiaries of the programme who had complained about being practically ripped off by developers registered under the programme to provide quality and affordable services.

But IPO Smith said that while the individuals and organisations approved to work under the programme are vetted and assessed based on their performance on each project, most people who look to build don't often select from this recommended pool.



Smith said it is quite common for new builders to choose a contractor based on referrals, and that makes it difficult for the Authority to monitor the process.

“There have been some hiccups in the beginning...but we have improved the process,” was pretty what Marketing Director Mercer had to say on the subject.

ABIA Executive Director Lesroy Samuel and Investment Promotion Officer Erica Lake were also present at Thursday’s ceremony.

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