The Federal Government has embarked on a Public Private Partnership (PPP) housing development model in some states of Nigeria to reduce the present worrisome housing deficit in the country.
The Ministry of Works and Housing under the leadership of Mr. Babatunde Fashola (SAN) decided to start the housing development project in Ugbolu, in Asaba Delta State.
It is expected that Ugbolu in Asaba Delta State will witness the development of close to 2,000 housing units of various categories whose contract was consummated about six years ago between the Federal Ministry of Works and Housing and ten selected well profiled developers with Pinnacle Step Construction and Properties Ltd (“PINNACLE”) as one of the ten developers.
According to the terms of partnership with the developers, Federal Ministry of Works and Housing has acquired about 100 hectares of land, done the roads and tarred same, provided electricity poles with all the electric wires connected and other infrastructural developments, and will divide the land among the 10 developers for the construction of the houses but unfortunately none of the developers have been able to meet up with their own part of the deal because of lack of development finance.
In order to make the effort of the government to become a reality, the Managing Director, CEO of Pinnacle Step Construction and Properties Limited, Engineer Chizoba Udegbe is partnering with Dr. Meckson Innocent Okoro, the Real Estate Surveyor & Valuer and Consulting guru with whom he has perfected a Real Estate development funding deal.
Dr. Okoro who brokered the signing of the Memorandum of Understanding (MOU) between property subsidiary, Ndili Education Science and Technology (NEST) Limited, represented by Dr. Amaechi Ndili as sole Financier and Development Partner commended the procedure.
NEST is also in-charge of Nigerview Estate in Ugbolu Asaba, Delta State and Pinnacle Step Construction and Properties Limited, the original allottee of the development site by the Federal Government of Nigeria was represented by the MD/CEO, Engr. Chizoba Udegbe.
The Principal Partner/CEO of M.I. Okoro and Associates also signed as sole Marketing Agent of all houses to be developed within the Nigerview Estate, though the renowned valuer is already partnering with Ventolite Marketing International Company Ltd and NEST Ltd to ensure faster sales of the expected built houses in Lagos.
“The main push of the executed MOU is that physical construction at the Ugbolu site where the Nigerview Estate is located too will commence on the 21st January, 2021. He noted that the beauty of the funding arrangement is that, the funding partner does not require bank loan of any type for the construction of these houses, and therefore between January and May 2021, Deltans and other investing public will have a lot of homes to buy from our consortium in Ugbolu, Asaba,” Dr. Okoro said.
Speaking further, Okoro reiterated his believe the project will be a success and it would help the government to solve the housing problem in the country as well as generating internal revenue to cater for the welfare of the people.
Some of the housing types to be developed within the Nigerview Estates includes: 2 Bedroom Flats in block of 12 flats each, 3 Bedroom flats in block of 6 flats each, 3 Bedroom fully detached house plus BQ, 3 Bedroom Terrace Duplex with BQ in 4 per block units, 4 Bedroom fully detached House with BQ and 5 Bedroom fully detached house with BQ.
“Our happiness is that our financier and development partner, Dr. Amaechi Ndili is not just a hospitality investment guru, he is also a major player in the oil industry and offshore operational activities including fleet of ships on the high sea which aid oil operations and lifting.
“Therefore, we are confident that his company will bring their enormous goodwill and financial resources to bear in the arrangement and towards ensuring that finance is never a problem again in the development of these houses.
“Furthermore, our financier and development partner is from Ugbolu Community in Asaba and therefore has emotional attachment for the development of Nigerview Estate which he believed would help the State Government in generating internal revenue, by way of taxation in real estate as well as provide homes for many Deltans of both home and abroad.
“No doubt, Asaba, as a state capital, will benefit a lot from the development of this new Nigerview Estate, especially when the 2nd Niger bridge that has been under construction is completed, the usual traffic jams along Onitsha-Asaba road will drastically reduce by 85%, therefore Asaba town will create home for many Deltans and other Nigerians,” Okoro enthused.
