Rufus, OR, April 26, 2016 (GLOBE NEWSWIRE) -- Auscrete Corporation “ASCK”, builder of Affordable Housing and manufacturer of Energy Efficient building materials has restructured its recently announced agreement to construct 1,500 homes in Jamaica, valued at $135 million over 5-7 years.
Following considerable equity investment interest in the $16 million development, Auscrete sought to take control of the project from PN&N Enterprises by offering PN&N an equity position in Auscrete and a seat on the company’s board. PN&N is a Jamaican development consortium.
As part of the project, Auscrete will acquire approximately 550 acres of land in Northwest Jamaica through PN&N which they will develop into 1,500 building lots, with paved roads and green space, for construction of affordable single family housing. Typically costing around $90K - $100K, there will also be some multiple units housing at around $55K - $70K.
Auscrete will construct a manufacturing plant in Jamaica to produce the specialized insulated concrete based wall and roof panels that enable high quality homes to be built at affordable prices. The plant will take around 6 months to complete and Auscrete will produce housing when the lots are ready, about 6-8 months. When ready, Auscrete expects to achieve immediate revenues and profitability in the first year. When at full capacity, the manufacturing plant will employ up to 100 local personnel and 25 more will be employed for the homes’ site construction and finishing.
Auscrete’s interest in Jamaica was bolstered by the amount of response it received for housing and commercial structures since the project was first reported earlier this month. They received many inquiries from within Jamaica, as well as other Caribbean countries, Mexico and Central America.