• Thursday, March 28, 2024
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Mahfmead, AG Mortgage seal pact with Enugu to provide 1,000 homes

Building code violation: LASG agency on spot as resident alleges compromise

Mahfmead, a joint venture between Alpha Mead Development Company (AMDC) and Mahfas Investment Limited, together with AG Mortgage, has sealed a pact with Enugu State Housing Development Corporation (ESHDC) to provide 1,000 affordable homes in the state.

AMDC, the real estate investment subsidiary of Alpha Mead Group, is Nigeria’s first and only internationally certified real estate developer while Mahfas Investment is one of the best private developers recognized by the Federal Mortgage Bank of Nigeria (FMBN).

The new venture is billed to play a pivotal role in bridging the rising housing deficit in the state while reducing the barrier to home ownership for citizens. The housing deficit in Enugu is said to have increased by 2.9 percent due to rising population and urbanization.

It is expected that the 1,000 housing units to be delivered by this partnership will not take many families out of the housing market, but also, create jobs for the teeming unemployed in the civil service state.

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There is expectation too that the development will deliver a one-stop solution for prospective buyers by guaranteeing end- to- end service in their homeownership quest; from acquisition, development and affordable mortgages at 6 percent interest rate to acquire the housing units conveniently.

“Our teams have done an outstanding job in over 9 months conceptualizing, planning and designing this project to bolster the availability of affordable housing in the state and country at large. With the national housing deficit at an estimated 20million units and our corporate vision of providing quality homes across Africa, we sought likeminded stakeholders with a shared vision to collaborate with on the project.

“We will also like to appreciate the Enugu State Housing Corporation management team on its forward-thinking, people-first approach to addressing the housing needs of the state. We hope that the success of this project will spur more private developers into contributing their quota to the reduction of the gap,” said Damola Akindolire, Managing Director, AMDC.

The homes, which are a mix of one, two and threebedroom bungalows will be located along the EnuguOnitsha Expressway. Contemporary construction techniques that combine state-of-the-art technology and global best practices shall be deployed in the construction of the houses to assure off-takers of both comfort and building longevity.

“We are very pleased to be able to work on a project with such far-reaching impact; having delivered over 5,000 homes in the past for various institutions, our partnership with Alpha Mead will allow us to combine our corporate strength and contribute to the development of the housing sector in Enugu State and Nigeria,” Sule Salau, CEO, Mahfas Investment Limited, assured.

Mahfmead aims to promote the delivery of 10,000 affordable homes nationwide over the next 2-3 years while providing prospective customers with accessible sources of funding to bankroll the project and, as such, partnered with a leading mortgage bank in Nigeria, AG Mortgage Bank Plc, for this purpose.