Barbados’s second-largest credit union is moving ahead with plans for a new multi-million-dollar housing development in St James, as demand for affordable homeownership continues to rise.
The project, led by City of Bridgetown Financial Services and Insurance Agency, a subsidiary of City of Bridgetown Cooperative Credit Union Limited, is named Deanstown Heights. Located in St Silas, St James, the development sits near premium West Coast communities such as Apes Hill Polo Club and Royal Westmoreland.
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According to Senior Operations Officer Shonelle Smith, interest in the development is already building, with multiple prospective buyers having submitted applications and begun selecting home designs.
Deanstown Heights will feature 34 serviced lots, ranging from approximately 5,500 to over 10,000 square feet. Buyers can choose from six contemporary home designs, starting with compact three-bedroom, two-bathroom layouts at 873 square feet, to larger options exceeding 1,000 square feet with two bedrooms and two bathrooms.
The flagship model is a spacious two-storey home spanning nearly 1,500 square feet, offering three bedrooms, two bathrooms, and well-appointed living spaces including a dining area, entertainment room, kitchen, laundry, porch, walk-in closet, and a rooftop terrace.
House-and-land packages begin at just over $362,000, with estimated monthly mortgage payments starting around $1,850. Lot prices are set at approximately $12 per square foot, allowing buyers flexibility to pair their preferred plot with a chosen home design.
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To make ownership more accessible, COB is offering up to 95% financing for qualified members, alongside a competitive interest rate of 4.25% for the first three years. Mortgage terms extend up to 30 years, and buyers can also benefit from insurance incentives, including up to 15% off property insurance in the first year through COBFSIA.
Smith emphasized that the initiative reflects the credit union’s long-standing goal of expanding housing opportunities and investment options for its members. The project is being positioned as both a residential solution and a strategic partnership with developers to deliver modern, accessible housing.
Construction timelines will depend on the completion of buyer selections and approvals from financial institutions. With applications already underway and documentation being processed, the groundwork for the development is expected to begin once funding approvals are finalized.
Deanstown Heights represents one of two housing developments currently in the pipeline for COB, underscoring its broader commitment to addressing housing demand while offering members a chance to invest in prime Barbados real estate.
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