Get all the answers to the most frequently asked questions (FAQs)
general questions
Penniston Residence is a private housing development designed to provide modern, sustainable housing options in Penniston, St. Vincent and the Grenadines.
The project is being developed by Spachea Development Company Ltd. in collaboration with Hutchinson Construction Company Ltd.
The development is located in Penniston, St. Vincent and the Grenadines.
The project is intended to create new home ownership opportunities, especially for first-time buyers, young professionals, young families, and young entrepreneurs.
No. It is a private housing development, but it is being pursued with support and collaboration from key stakeholders, including the Government of St. Vincent and the Grenadines and the Bank of St. Vincent and the Grenadines.
The project is designed mainly for persons looking for a starter home, including first-time homeowners, young professionals, young families, and self-employed persons.
The development is expected to include townhouses and apartments.
The development is expected to have a structured management arrangement through a Home Owners Association, which will help oversee upkeep and common property matters.
Yes. A Home Owners Association is expected to be established to manage the upkeep of the properties and support the long-term maintenance of the development.
The project supports the expansion of the national housing stock and introduces housing options such as townhouses and apartments to help meet growing housing demand.
Yes. The development is designed to support comfortable living for individuals, couples, and families seeking modern housing in a planned residential setting.
Yes. Some areas of the development may be shared or jointly managed, and the Home Owners Association will help oversee those responsibilities.
The project is targeted at Vincentians locally and in the diaspora, subject to final eligibility and financing requirements.
Spachea specializes in construction and property development
Yes, we manage all permits and ensure compliance with local building codes.
Clients may have the option to choose their preferred finishing (tiles etc) but these may be at an additional cost.
Units And Pricing
The development is expected to include two-bedroom apartments and three-bedroom townhouses.
The townhouses are expected to be approximately 1,600 square feet.
The apartments are expected to be approximately 800 square feet.
The townhouses are expected to include three bedrooms.
The apartments are expected to include two bedrooms.
The available project information indicates that the townhouses are designed with three bathrooms.
The available project information indicates that the apartments are designed with two bathrooms.
The townhouse layout is expected to include bedrooms, bathrooms, living room, kitchen, and dining room.
The apartment layout is expected to include bedrooms, bathrooms, living room, kitchen, and dining room.
The project information indicates that units are expected to be delivered fully equipped with appliances.
The project information references the provision of solar energy systems as an additional feature.
The project information references group peril insurance coverage as part of the proposed development structure.
Final pricing should be confirmed before purchase. The project document references townhouse pricing in the range of EC$450,000 to EC$500,000 in one section, while another section references $575,000 inclusive of land and external works.
Final pricing should be confirmed before purchase. The project document references apartment pricing in the range of EC$260,000 to EC$290,000 in one section, while another section references $300,000 inclusive of land and external works.
The project document states that the listed housing price is inclusive of the cost of the land and external works.
Yes. The project document states that the price is inclusive of external works.
One section of the project document references an estimated monthly mortgage repayment of approximately $3,087 for townhouses. Final repayment amounts will depend on the approved financing terms, loan amount, interest rate, and buyer eligibility.
One section of the project document references an estimated monthly mortgage repayment of approximately $1,611 for apartments. Final repayment amounts will depend on the approved financing terms, loan amount, interest rate, and buyer eligibility.
Based on the project outline, Phase I is expected to provide approximately 27 homes, including apartments and townhouses, depending on the final unit mix.
Phase II is expected to provide approximately 30 additional homes, subject to final planning and development arrangements.
Yes. The project document indicates that some designs are modular, so the actual combination of townhouses and apartments may depend on market demand.
Financing
Yes. The Bank of St. Vincent and the Grenadines is expected to provide a targeted financing package for prospective homeowners.
The project document states that the Bank is willing to provide up to 100% financing, subject to final approval, eligibility, and official launch of the financing package.
The project document references a proposed interest rate of 5% in one section. Final interest rates should be confirmed directly with the financial institution once the mortgage package is officially launched.
The project document references a proposed loan term of up to 30 years. Final loan terms will depend on the approved mortgage product and buyer eligibility.
The financing package is intended to support affordable monthly payments based on current income levels. Each buyer’s final monthly payment will depend on the approved loan amount, interest rate, repayment term, and personal financial assessment.
The Bank of St. Vincent and the Grenadines is identified as a key financing partner. The document also states that the Bank may work with other financial institutions willing to provide financing under the project.
The project document states that the financing package will be officially launched once the project is launched.
Buyers should expect to go through a financing assessment or pre-approval process before finalizing a unit purchase.
Yes. The project specifically references young entrepreneurs and self-employed persons as part of the target group.
Yes. As with any mortgage, buyers should expect their income, repayment capacity, creditworthiness, and supporting documents to be reviewed by the financial institution.
The project document references the intention to work with the insurance sector to provide appropriate insurance coverage, preferably group coverage for the development.
The project document states that the Bank of St. Vincent and the Grenadines may work with other financial institutions willing to provide financing under the project.
Not necessarily. While the document references up to 100% financing, buyers should confirm whether any reservation fee, legal cost, insurance cost, closing cost, or other contribution is required.
This is not clearly stated in the project document. Buyers should confirm legal fees, valuation fees, insurance costs, and other closing costs with the developer and financial institution.
Buying Process
Prospective buyers should complete the contact or application form and indicate the type of unit they are interested in.
A representative should contact you to confirm your interest, provide updated information, and guide you through the next steps.
Yes, subject to availability, pricing, financing approval, and the final unit mix approved for the development.
Unit selection will likely depend on availability, reservation procedures, and approval by the developer.
A reservation process is expected, but buyers should confirm the official reservation requirements, including whether a reservation fee or deposit applies.
Buyers should prepare standard mortgage and purchase documents such as identification, proof of income, job letter or business records, bank statements, and any other documents required by the financial institution.
Yes. The project is specifically intended to support first-time homeowners.
Yes. Young professionals are identified as part of the target group for the development.
Yes. The project specifically references young entrepreneurs and self-employed persons as part of the target group.
Yes. Applications are expected to be reviewed for unit availability, buyer readiness, and financing eligibility.
Qualification will depend on the review process by the developer and the financial institution. Buyers should wait for official confirmation before assuming approval.
Yes. Prospective buyers can express interest or begin the application process before completion, subject to the developer’s official process.
Yes. Once a unit is selected and the necessary approvals are in place, buyers should expect to sign formal purchase documents.
Yes. Buyers should be able to request a site visit or project consultation, subject to scheduling and site access conditions.
The project marketing strategy includes Vincentians locally and in the diaspora, so diaspora buyers may express interest, subject to financing and legal requirements.
The project document states that a dedicated administrative office is planned to handle client relationship matters.
Construction and Delivery
The project document references July/August 2026 as the proposed start period, subject to confirmation of approval by the Physical Planning Department.
The start date is subject to the necessary approvals, including confirmation from the Physical Planning Department.
Timelines vary by scope. However, we aim to have these homes delivered within a 12-to-18-month timeframe. We will also but provide clear schedules and regular updates
Yes, clients receive weekly progress reports and access to our project dashboard.
The project document states that the first set of homes is expected to be ready within 12 months of the start of construction.
We communicate immediately and adjust schedules while minimizing impact.
The project document references July 2027 as the expected period when prospective homeowners may begin collecting keys, subject to the final construction schedule and approvals.
Yes. The document states that work can commence within one month once the requisite approvals are received.
Yes. The project is expected to be delivered in phases.
Phase I is expected to include development on Lot 4 and provide a mix of apartments and townhouses.
Phase II is expected to develop Lot 5 and provide additional homes.
The document states that Phase II is expected to have a similar scope and provide approximately 30 homes.
The project document states that preliminary drawings have been lodged with the Physical Planning Department and that physical planning submission was made for approval.
Spachea Development Company Ltd. and Hutchinson Construction Company Ltd. are identified as the builder/contractor team.
The project information indicates that the units are expected to be delivered with appliances and key external works included. Buyers should confirm the final finishes schedule before signing.
Yes. A Home Owners Association is expected to manage upkeep of the properties after delivery.
The project information references working with the insurance sector to provide suitable insurance coverage, preferably group coverage for the development.
Yes. Delivery dates may change due to approvals, construction progress, weather, supply chain conditions, or other project factors.
Buyers should stay in contact with the developer, complete financing requirements, review purchase documents carefully, and monitor official construction updates.
The planned administrative office and website are expected to support communication with clients. Buyers should confirm how updates will be issued.
Once the unit is completed and all purchase and financing steps are finalized, buyers should be notified about handover, inspection, and key collection.
Yes, we offer warranties on workmanship and materials.
- Sustainability is a core value—we source ethically and use eco-friendly practices.
We follow strict safety protocols and comply with all regulations.
You can reach us via phone, email, or through the project dashboard.
Yes, we remain available for maintenance for a period of time through the HOA.
Site visits are welcome, scheduled with our project manager for safety.