SINT MAARTEN (PHILIPSBURG) – 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 of the purchase price of the home 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 who commented: “We are happy to establish this partnership with APS for this unique project.” The construction of the homes commenced in 2018, with the expectation to be completed by the end of this month. The new homeowners will receive their keys approximately 6-8 weeks after completion of the construction.
The news of the mortgage offer was announced to the new homeowners earlier this month. The potential buyers were requested to update their documentation in order to start the pre-approval process together with representatives of Banco di Caribe and Key Realty. “It was a lengthy and complex process to find the right partner to establish a mortgage product that would be attractive for our potential buyers. Although APS had expect to be much further along in the process, finding the right partner was very important for us and we are happy to be able to celebrate this new milestone for this project.” – APS Director, Nadya Croes-van Putten
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 of the ORYX Residences is ca. 23 million guilders. This investment of APS will allow the fund to generate a return of an estimated 10% – 11% interest. This in turn, will benefit the core task of the Pension Fund, which is to secure the pension payments of its beneficiaries.