From left: APS Director Nadya Croes-van Putten and Banco di Caribe Director Eduardo de Kort during signing.
PHILIPSBURG–The General Pension Fund of St. Maarten APS and Banco di Caribe recently signed a memorandum of understanding (MOU) to provide all future homeowners of Oryx Residences with a mortgage offer that covers 100 per cent financing of the purchase price of the home with an interest rate of 6 per cent.
The MOU was signed by APS Director Nadya Croes-van Putten and Banco di Caribe Director Eduardo de Kort, who said at the signing, “We are happy to establish this partnership with APS for this unique project.”
The construction of the homes commenced in 2018 and is expected 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 potential new homeowners earlier this month. The buyers were requested to update their documentation 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 expected 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,” said Croes-van Putten.
ORYX Residences is located in Cay Hill, directly behind the CC1 warehouse. It will be a gated community project with a layout and design that will promote a community atmosphere, including a central outdoor area where homeowners can come together and socialise in a community setting. It will consist of 62 units: 44 two- and three-bedroom townhouses, and 18 one-, two- and three-bedroom apartments.
The ORYX Residences project development cost 23 million guilders. This APS investment will allow the fund to generate a return of an estimated 10-11 per cent interest. This, in turn, will benefit APS’ core task, which is to secure the pension payments of its beneficiaries.