Dionne Rose, Business Reporter

Ceo Taddeo (right), chairman and chief executive officer of New Era Homes, hosts Helena Guergis, Canadian secretary of state, on a tour of the Caribbean Estate Phase Two development in Portmore, St. Catherine, on Monday. At left is Ambassador Denis Kingsley, Canadian High Commissioner to Jamaica. Norman Grindley/Deputy Chief Photographer

New Era Homes 2000 Limited, developer of Angel Estates and, more recently, Caribbean Estates, in St. Catherine, is about to spend another $3 billion on low-income houses - Ardenne Farms - in the same parish. Leo Taddeo, chairman and chief executive officer of the company told Wednesday Business that the houses are to be built on 150 acres close to G.C. Foster College.

The two-bedroom units are expected on the market in two years, at a projected price of $5 million each.

The Caribbean Estate units, now under construction, are priced higher at $8 million up for a middle-income market.

"When we go low income, what we are doing is building the basics. You get a basic regular development so that we can keep the price down," said Taddeo, a Canadian, to visiting Canadian Secretary of State Helena Guergis who toured the Caribbean Estate development Monday.

"We wouldn't be sacrificing efficiency but at the same time, you don't get the same type of fencing, you don't get any upgrades like over there (Caribbean Estates)."

Caribbean Estates is a 980-unit housing project, being done in two phases.

dionne.rose@gleanerjm.com