Nigeria signs US $10m housing construction deal
Nigeria has signed a US $10m deal with United Kingdom-based Iconic City Limited for the development of a 3.8ha land in Alakia, Ibadan, the Oyo State capital, into a residential housing estate.Group Managing Director and Chief Executive Officer, of Odu’a Investment Company Limited, Mr. Adewale Raji who signed the deal with the UK firm said the agreement aims at curbing housing deficit in the country.
“The housing deficit in the country is over 22 million. Investment in housing remains an important and profitable venture, especially when affordability is considered,”said Mr. Adewale Raji.
“The initiative was hinged on the Federal Government’s Economic Recovery and Growth Plan which had human capital development as one of its cardinal objectives with housing provision as key factor in achieving that goal,” he added.
The proposed residential housing estate dubbed “Westlink Iconic Estate” will be a medium density luxury estate consisting 124 households. The housing products are 60 units of three-bedroom apartments, 42 units of four-bedroom terrace houses, 14 units of five-bedroom semi-detached duplexes, eight units of six-bedroom fully detached duplexes and 36 commercial and business units.
Mr Adewale Raji affirmed that housing types will vary to allow for different market segmentation subscribers. Construction of the project is scheduled for completion in 2years. Mr Adewale Raji also quoted that the partnership was going to give his firm the opportunity to utilize its professional experience ranging from training, working to build a world class mixed luxury residential estate in Ibadan.