THE Jersey Development Company has so far achieved pre-sales of more than £10 million for its Westward scheme at South Hill.
Treasury Minister Elaine Millar recently revealed the figure to States Members, after Deputy Jonathan Renouf asked for an update on the publicly-owned developer’s plans to create around 140 apartments on the site of the former Planning offices.
Deputy Millar noted that she had recently signed a ministerial decision to allow JDC to enter into a JCT design and build contract for the development.
She continued: “They have also secured a new revolving credit facility, which enables them to complete more than one or to commence more than one development at a time, so they are able to proceed with Westward in addition to all the other work.
“A third-party assurance review has been completed and hasn’t identified any matter which raises risks that can’t be mitigated or addressed.
“That approval is required for JDC to progress its strategic objectives of delivering new homes and is aligned to its strategic business plan.”
The Treasury Minister also stated that “at the end of last week, they have achieved pre-sales of a little over £10 million, which is I think about 15 apartments”.
Addressing questions from Deputy Curtis about the new funding arrangements, she added that: “JDC does not borrow unless it is able and satisfied that borrowing will be able to be repaid as developments are completed in due course.”
