Good afternoon everyone,

Let me begin by warmly acknowledging the chairman of the Bermuda Housing Corporation, MP Chris Famous, the board members of the Bermuda Housing Corporation and their dedicated team, led by General Manager Mr Paul Martin. MP Rene Ming sends her apologies as she is off-island.

It is a pleasure to welcome you here today to the historic Chelsea property in St. George’s, a listed building that dates back to 1874.
This beautiful structure, which has been part of Bermuda’s story for nearly a century and a half, is now part of our ongoing mission to meet the housing needs of Bermudians.

Chelsea is undergoing a major renovation that will see two apartment buildings transformed into two, three-bedroom homes and three, two-bedroom homes.

These will be modern, comfortable spaces… but they will also retain the architectural charm and character that make this building so special.

We are proud to be working with a local contractor, Millwood Construction, to deliver this project.

As you can see, the restoration work here is extensive. The fully restored roof is already complete, and the next steps include installing new electrical systems, plumbing, windows, flooring, kitchens and bathrooms.

The overall refurbishment will cost around $2.3 million and is on track for completion in the second quarter of 2026.
But, as important as Chelsea is, it is just one part of the bigger picture. Across the island, we are working on multiple fronts to increase housing supply, improve living standards, and respond to urgent needs.

• At 18 Battery Road in St. David’s, we are in Phase Three of a project that will deliver 12 new units, including four two-bedrooms, six studios, and two one-bedrooms — by early 2026.
• Harmony Terrace North will add 16 new studios, with construction starting as soon as planning approval is received, targeting completion in late 2026.
• And in Middle Town, Pembroke, construction is about to begin on four two-bedroom units, with completion expected in early 2026.

We are also partnering with the private sector through our Private Sector Refurbishment Program, supporting property owners in revitalizing vacant units, and returning them to the rental market.

This translates to more homes for Bermudians— faster.

At the same time, we are actively developing a National Housing Strategy — a long-term plan to guide how we grow, preserve, and improve Bermuda’s housing stock for decades to come. We are also advancing an emergency modular housing plan to quickly provide safe, quality accommodation for those in immediate need.

Our understanding is clear: Bermuda faces a persistent housing deficit.

The BHC waitlist now stands at over 260 households, with the greatest need in one and two-bedroom units. 

Our aging population is driving demand for accessible, adaptable, and assisted living units.

At the same time, changing demographics mean smaller households, with a large proportion of BHC applicants being single-parent or single-occupant households, increasing the need for studios and one-bedroom units.

We also face many vacancies in derelict, underused, or probate-locked properties.

Recognizing this, our housing strategy is focused on:

• Increasing the amount of new and refurbished homes per year through property recovery programs, and alternative construction methods like modular and prefabricated homes.
• Rebalancing the rental market through incentives to bring idle units back into long-term use.
• Lowering development costs through duty relief, subsidies, and a skilled workforce expansion.
• Modernizing planning rules to enable faster, more flexible deliveries.

Chelsea stands as a symbol of our commitment, a project that connects our past to our future, that respects heritage while delivering urgently needed homes.

And it is just one piece of a comprehensive plan to ensure that every Bermudian has a safe, adequate, and affordable place to call home.

I have said it before, and I will say it again—this Government remains deeply committed to delivering housing solutions that improve the quality of life for all Bermudians.

That means taking bold, innovative action and keeping affordability at the centre of our strategy.

We will do this work transparently, and in partnership with stakeholders across all sectors, and with a sense of urgency that reflects the real needs of our people.

Thank you.