Ogun Smart Green City! – Affordable Mass Housing! – Innovative Building Technology!
For the faint-hearted, available statistics on Nigeria’s housing deficit paint a grim picture; while for the incurable optimist, it presents limitless opportunities. Available data (for 2014) from the World Bank
National Bureau of Statistics agree that Nigeria has an estimated housing deficit of over 17 million units. With a population of almost 201 million, according to data from the United Nations, an annual population growth rate of 2.8 per cent (2015) and an annual urban population growth rate of 4.7 per cent, “we need to stop talking and start building” with Nigerians considered to live in substandard housing.
The bane of housing delivery in the country is multifarious, ranging from difficult access to land, insecurity of title, absence of building finance, and non-availability of building materials, coupled growth of the market for housing. Others includes of housing, affordability, designs and typologies, standards and workmanship, and building technology, among others.
Putting all of these together gives a clear indication of the immense business opportunities for the private sector. Government’s role in housing provision should be generally as enabler through progressive policies that will meet the overall objective of standard, environmentally friendliness and affordability.
The promoters/ sponsors of this project-New Housing Project 37/15 Limited, a SPV made up of seasoned experts in Nigeria construction and sustainable development industry, has identified this great business potential and they have obtained necessary government (both at Federal and State levels) support and backing in order to midwife this notable project.
Lagos is the commercial nerve center of Nigeria with an estimated population of over 20 million (raising daily) and a land size of 3,475 Km2 (the least among states in the country). This population to land ratio gives a population density of 5,179 people per square kilometre. By all standards the state is over populated. Hence, the fast rate of housing development in the neighbouring state of Ogun, were the project will be located (Sagamu Interchange, Lagos – Ibadan Express Way) with approval from the Federal Government to build affordable housing units in clusters.
The aim of the promoter is to build an Eco friendly, Smart City, to attract the following structures; facilities and amenities among others:
Independent power generation facility making use Green Technologies for a 100% Clean Energy City.
Commercial centre, which would be led by notable shopping malls
A first-class trauma centre and health facility, offering would class medical treatments and operations.
The ongoing Ibadan-Lagos railway would have a major terminal at the City.
All the housing units would be fitted with solar technology, making the environment eco-friendly.
The Project Sponsor has secured a Corporate Guarantee from the Federal Government for the project, in respect of investors willing to fund the project.
The investment would require Funds for capital expenditure and working capital expenses. Financial experts have projected 31% Internal Rate of Returns (IRR). This IRR is by far on the conservative side as some prime properties within the environs have higher IRR. The promoters are now having high level discussions with potential off takers and already secured some strategic off takers.
The management team has deep industry knowledge, technical expertise and has successfully managed other projects. Notable in Nigeria is the Central Bank of Nigeria corporate headquarters in Abuja.
Efficiency, Health and Safety Concerns:
The promoters and builders are noted for:
1. High level of efficiency,
2. Excellent health policies, and
3. International safety standards
The above have made them a brand name in the construction industry.