Like several other State-own organisations, the Housing Development Corporation (HDC) will undergo restructuring. However, Minister of Housing and Urban Development Camille Robinson-Regis says there are no plans to retrench employees.
At an HDC key distribution ceremony at Carlton Place in San Fernando today, Robsinson-Regis announced that the Ministry of Housing and Urban Development would supervise the transformation of the HDC as a holding company, which will oversee three subsidiaries.
The proposed subsidiaries are HDC Construction Co Ltd, HDC Facilities Estate Management Co Ltd, and HDC Asset Management Co Ltd. Robinson-Regis explained that HDC Construction Co Ltd would manage property development. It includes land acquisition, urban planning, and project and construction management. It will also provide financing solutions for projects.
The HDC Facilities Estate Management Co Ltd will handle property management, including the maintenance of rental units and provide administration for the management company portfolio. It will also partner with regional corporations and external entities for the upkeep of communities.
The HDC Asset Management Co Ltd will be responsible for completing the sale of the finished housing units and providing administrative support for housing developments under its purview until given to purchasers.
"Every other day, we see a newspaper article or a television story about the HDC. We want to ensure that after this, there is a change in how people perceive the HDC because ours is the mandate to ensure that our clientele is satisfied with what the HDC produces," Robinson-Regis said.
The restructuring is currently before the Cabinet for approval.
Reporter: Kevon Felmine