VICTORIA, July 20- Seychelles has launched a new affordable housing model that combines homeowner financing with government investment in supporting infrastructure, as authorities seek to expand access to home ownership while addressing land constraints.
The first project under the shared-cost approach, Mount Josephine Residence 25 in Brilliant, Les Mamelles, was officially inaugurated with six two-bedroom condominium units handed over to beneficiaries. The project was valued at 9.04 million Seychellois rupees (SCR), including construction and infrastructure works.
President Patrick Herminie led the inauguration ceremony, attended by Vice President Sebastien Pillay, government ministers, Secretary of State for Lands, Housing and Infrastructure Joseph Francois, and other officials.
The development marks the first government-designed and government-constructed mid-range condominium project implemented under a shared-cost financing model. Under the arrangement, homeowners finance the cost of their housing units, while the government covers external works and supporting infrastructure.
Through the model, the government provides a subsidy of about 37 percent of the project cost, reducing the financial burden on beneficiaries. Each homeowner will acquire a unit for approximately SCR 900,000, compared with an estimated full cost of around SCR 1.5 million, according to President Herminie.
The project includes a single residential block containing six apartments. Construction accounted for SCR 5.68 million of the total investment, while SCR 3.36 million was allocated for external works and infrastructure development.
Construction was carried out by Reliance Engineering Services Limited, beginning in July 2025 and concluding in June 2026.
President Herminie said the development represented a step in the government’s efforts to provide safe, decent and affordable housing while making more efficient use of Seychelles’ limited land resources.
He said the project demonstrated how careful planning could allow the country to deliver quality housing developments while maintaining environmental considerations.
“The home represents far more than a physical structure; it is the foundation upon which families build their future, children grow in security and communities flourish,” Herminie said.
The Les Mamelles project is part of the government’s wider housing programme aimed at increasing opportunities for citizens to become homeowners through alternative financing arrangements.
Bernard Georges, Member of the National Assembly for Les Mamelles, said the condominium development represented an important investment for the district and the six beneficiary families.
He said the project showed how limited land resources could be used more efficiently while expanding access to affordable housing.
One of the beneficiaries, Tony Esparon, described receiving the keys to his new home as a significant personal milestone.
“Today is a very special day for me and my family. Receiving the keys to our new home is a dream come true, and I am sincerely grateful to the government for making this opportunity possible,” he said.
The government said the shared-cost housing model would support future housing initiatives by combining public investment in infrastructure with private contributions from homeowners, creating a pathway to home ownership while managing the costs of housing development.
