In an effort to promote efficiency in the management of state housing, government will split the Housing and Development Corporation into three separate companies, each with its own role and function. 

The announcement was made during Monday’s budget presentation by Finance Minister Colm Imbert.

“We are creating a company that focus on construction of housing units, another company that will focus on maintenance and management of existing and rental units and a third company that will focus on completing the sales of housing units,” Imbert revealed.

“We anticipate that the HDC as reorganized will now have greater financial flexibility, greater efficiency, better focus and the ability to quickly monetize housing assets  which cannot be easily completed in their present form,” he added.