• Sunday, May 19, 2024
businessday logo

BusinessDay

NatanelFlorens to commit $120m to affordable housing in Nigeria

businessday-icon

NatanelFlorens Nigeria Limited is set to commit a minimum of $120 million annually to affordable housing project in Nigeria.

The company, according to a statement, will operate under Private Property Investors Trust (PPIT) Franchise. The statement notes that NatanelFlorens acquired the franchise from Bishopstrade Limited, a Mauritius-based company, and will operate the franchise across Africa.

By this franchise, NatanelFlorens is to develop residential and commercial properties, targeting minimum of 1,000 housing units annually.

The PPIT is an integrated housing and property development system, combining the effective use of Trust to unlock the equity value of existing properties to create new properties across residential, commercial and industrial space under a flexible and cheaper demand structure of rent to own, the statement further explains.

The core of the PPIT system is effective procurement, design and development software that ensures procurement, design and development standards are automated for right pricing.

The housing development franchise, the statement continued, would allow existing property owners optimise property revenue with an average return of 80 percent over a period of five years and allow prospective home owners acquire homes by payment of rent over a period of 10 years. It is first of its kind in sub-Saharan Africa, it says.

The beauty of this franchise is the development of affordable housing wherein potential buyers will pay same and current rental amount over a period of 10 years to acquire properties under the PPIT scheme.

The first phase of development will commence early 2015, according to the statement.