Benjamin Omoike I Wednesday, May 16, 2018
LAGOS, Nigeria – A total of 14,187 housing units will be delivered within the next two years in Lagos; in a joint venture partnership housing scheme project led by the Lagos state government. The state’s Commissioner for Housing, Prince Gbolahan Lawal, made this disclosure on Wednesday at the annual Ministerial Press Briefing in Alausa, Ikeja, Lagos, Southwest Nigeria.
Gbolahan said the joint venture partnership is under its housing programme tagged: ‘Lagos Affordable Public Housing (LAPH)’, initiative introduced by the government to inject private funds into the provision of houses to enable the state bridge the gap in the housing deficit, which is put at three million.
He said by this initiative, the state intended to provide 20,000 housing units over a period of four years spanning 2017 to 2020.
“This initiative is implemented through a joint venture arrangement between the state and the private investor/joint venture partner. Under this initiative, the state provides land, the documentation in terms of permits, approvals, registration of documents and stamping, as its own contribution to the Joint Venture, while the Joint Venture Partner provides funds and construction expertise as its contribution.
“In line with the investment policy of LASG and for the purpose of creating an investment data base, title to the project site is vested in IBILE Holdings Limited, the investment agency of the state government, which will in turn, grant a deed of sublease of the unexpired residue of its interest to the Special Purpose Vehicle/Project Company to be incorporated for the purpose of execution and management of the project,” he said.
According to him, the Special Purpose Vehicle (SPV)/Project Company is made up of both parties and that the shareholding would be based on the value of the equity contribution of the parties.
Under the joint venture arrangement, Gbolahan said 14,187 housing units would be delivered very soon, adding that the Ikota and Ogmbo scheme would deliver 3,300 housing units, being developed by Multi-Purpose Infrastructure Development Construction Limited, while the Ibeshe and Owutu scheme that would deliver 3,000 housing units was being developed by Affordable Mass Housing Company Limited.
Other joint venture partnership arrangements are the Igbogbo Housing Scheme, being developed by M-Bridge Ltd. To deliver 416 housing units; Ijora-Badiya, being developed by Brains and Hammers Limited, with 771 housing units; Imota, Ayobo and Idale scheme by Echostone Management Corp, with 2,000 housing units being developed; Ilamoye-Isolo and Abijo Scheme, a 2,464 housing units scheme being developed by Baden Moyet Nigeria Limited/Lemine Investment Group and Tolu, while the Abule Ado housing scheme being developed by Tact Urban Infrastructure Development will deliver 2,126 housing units.
However, the Commissioner said on the demand side, government had continued to implement the Rent-To-Own and rental housing policies, which were aimed at making housing more readily affordable and accessible to the citizenry, stressing that the policies were particularly targeted at low and middle income earners in both the formal and informal sectors.
So far, Lawal disclosed that seven estates had been completed, with a combined 720 housing units, which included MKO Garden Housing Scheme, Oko Oba Housing Scheme, Mushin Housing Scheme, Ilupeju Housing Scheme, Omole I & II Housing Scheme, Magodo Isheri Housing Scheme and Sir Michael Otedola Estate, Odoragunshin, Epe.
