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Bahamas and China sign housing MOU

Wednesday, May 16, 2018

BEIJING, China (CMC) — The Bahamas has signed a Memorandum of Understanding (MOU) with China to establish a framework for mutually beneficial cooperation in the area of modular construction.

The agreement was signed here between Bahamaren Limited managing director Latrae Rahming and Michael B Wei, the international manager of China Construction Modular Housing Company Limited.

Rahming said the MOU will allow for a comprehensive range and participation of industry stakeholders from both countries and is a significant step to address the problem of providing adequate, secure, and affordable housing in the Bahamas.

“The Memorandum of Understanding underscores the importance of a new tailored approach to providing adequate and affordable housing for all Bahamians. We emphasised the need for reducing the housing gaps through a solution that is fuelled by its cost-effective methods and reduce project timelines,” Rahming said.

The MOU will facilitate the collaboration of best practices for the offsite construction of adequate housing that is resistant to climate change, improves energy efficiencies of building through solar energy, and decrease the greenhouse gas emissions.

It aims to assist the signatories' individual efforts to introduce an alternative form of construction that guarantees a transformative improvement all-encompassing the asset lifecycle in time, cost, quality and health and safety.

To achieve the MOU's objectives, the parties agree to facilitate both public and private sector dialogue regarding procedures used to develop and adopt regulations to invest in and then unlock the value of offsite construction. Also, the parties will discuss best practices for greater transparency of offsite supplier capacity and product quality,” according to a statement issued here.

Rahming said that the agreement would result in the construction of homes “quicker, cheaper and better while achieving greater certainty over costs.

“Our company has set out strategic priorities of smart construction and design, sustainable development and improved trade performance,” he added.