Stack Modular

The numbers regarding Stack Modular are incorrect in the Housing Strategy document.

Stack Modular (our company) has completed a full indicative costing on island for a highest level luxury development. For a Certificate of Occupation for a high luxury finish this is $507 per square foot (psf). That price includes the steel structure for the balcony and Bermuda roof. To understand that cost, the finished module (finished meaning with plumbing, lighting, AC, heating, flooring, wiring i.e. all fittings) costs $320psf, then the balcony and roof $60psf, the rest is on island GC work and shipping.

The Ministry of Housing is only looking for affordable housing so that $320psf cost is reduced to $210psf for our entry level finished module.

So working back from that costing, we could deliver hundreds of units at Marginal Wharf or similarly already concreted areas (where no foundation is needed as 2 storey modules can sit on top of concrete subject to structural engineer sign off) for indicative close to $300psf including shipping for Certificate of Occupation, and, where foundations are needed for indicative under $400 (the MoH is responsible for delivering on island GC and the foundations with our guidance on how to prepare it). Bermuda roof and balcony structure would be extra but they would be extra regarding whatever build technique is used, and, the Stack Modular Bermuda roof and balcony structure solution is likely much cheaper as it is being sourced in China.

As discussed after advanced discussions in December 2025, we would have had all modules on island by end of 2026, with occupants likely to be in these residences in early 2027. This beats the pre cast projection of 18 months from August 2026.

We are importing Chinese prices into Bermuda from our own factories so it is unrealistic to state other build options come close to competing on price. It is as close as possible to get to building at the cheapest cost in the world that meets the required build standards, buying it at leaving factory price, picking it up and placing it in Bermuda immune from Bermuda market forces.

We also source everything needed for modules in China so chances of delays are minimal, and costs are incredibly controlled compared with on island build options.

Stack Modular have an excellent track record having delivered projects to 14 different countries.

In light of the pricing, and delivery times, and other considerations, would you consider at a minimum using Stack Modular for the Dr Cann 2 site? If it goes well (which we are confident it will) then you have a cheaper and quicker option to use henceforth.

Stack Modular won MBI Hotel of the Year, we offer a 60 year guarantee. We are experienced working in challenging climatic conditions

You’ve stated you need $114.75 million for phase 1 to produce 310 units. Stack Modular can produce 310 275 square foot units (the minimum sized one person dwelling allowed in Bermuda) modules for indicative cost of $17,902,500. Calculated by multiplying 310 by 275 per square foot multiplied by $210 per square foot. Add shipping costs and GC work as described earlier in reply.

It is not just the BHC affordable housing solution that Stack Modular can have a profound effect on. In my email sent to multiple persons including the Minister on 3rd March 2026 I explained how these Chinese prices can be passed onto Bermudians and houses (with Certificate of Occupancy) could be purchased for indicative $80,000, or $140,000 (if foundations needed) or approximately $300,000 for family homes. It could be worked that this ends up costing the government nothing, all future liability is that of the buyer and mortgage provider, and, solves all housing issues/ownership issues for normal working Bermudians. And could even be achieved within a few years if suggestions followed (we can build 3,500 modules per year).