BusinessDay
NigeriaDecides2023

Housing: Major groundbreaking may stir Garden City real estate climate

Housing is said to be one of the biggest sub-sectors in Port Harcourt, Rivers State, outside oil and gas. This is believed to be due to the high demand for residential and commercial accommodation in the headquarters of the Gulf of Guinea.

This is why any big attempt to build clusters of houses usually stirs the atmosphere. This is more so if the new investment is an estate, meaning many houses at same time.

BusinessDay gathered that a major groundbreaking is in the offing, coming from a man now known as the Mayor of Housing, My-Ace China.

When contacted, the ace real estate investor not only confirmed the upcoming event but gave huge insights into what he described as an exciting prospect.

He said: “We are actually excited. Last year (2021) we came into Port Harcourt (PH) and had our groundbreaking event on April 25 at Reef Court Estate. We treat it just like a launch-pad, a footprint of just 10 units of houses. We bought a small bit of that estate.

“After that, we hosted what we called the Port Harcourt Housing for All Banquet. It was the biggest Real Estate event to have taken place in Port Harcourt. We not only rewarded those that qualified for houses using the Social Funding model, we also gave out two brand new cars to qualifiers. That made a lot of history.”

Immediately after that, he went on, just after three months, he said the houses were sold out. “The demand made us to look for our own land, not to leverage on an existing estate. The demand was so much that we got a parcel of land on Peter Odili Road, a highbrow area. Demand was still high enough for us to get another parcel of land in GRA Phase 8.

“So, during the upcoming groundbreaking that I call the Port Harcourt Housing History Day, we are going to open two estates the same day, simultaneously. Since the history of Port Harcourt, I do not think any real estate company has done that before in this city.”

He said the GRA Phase 8 Smart City Project is the biggest in the South-South and that it would house and host about 100 units of only automated 5-Star eco-friendly terraced apartments with rooftop private swimming pool on each unit. “We are building this on the single largest parcel of land in GRA-8, a very exclusive area of Port Harcourt, just opposite the Harmony Estate and the NAF Estate.”

Read also: Housing deficit: What Nigeria can learn from Ghana

The Mayor of Housing said the area is the safest area because it is sequestered between the two topmost military facilities in Rivers State, between the Bori Camp fence and the NAF Fence. Dividing it are the NAF Barracks, a road, then bothering it on the other side is the wall of the Bori Camp fence. “The NAF centre has a mini-airport that makes that place a no-flight zone. You cannot even do a high-rise there. Security is very much that you cannot even fly a drone across that place. It has a non-flight radar and is a very secured place. We call it a fortress.”

The emerging housing investment and real estate expert revealed how his team started development in Reef Court Estate in 2021 and this year 2022 they have the Reef Court Extension Estate right behind the Golf Estate on Peter Odili Road. “It will host about 30 units of this same eco-friendly fully furnished 5-star goggle-smart rooftop swimming pool and boys quarters (BQ) suite.

“And, because we want it to rhyme with our anniversary, it will be done on the 24th of April 2022 because last year’s was on 25th of April. It is exactly one year after that.

“We are doing that to actually appreciate Port Harcourt and to take over the real estate industry in the Garden City fully and properly.”

Bonus: A historic aspect

China revealed what he called a big bang, a bonus that may sound unbelievable. “There is a massive and historic aspect. This is the first time a real estate company would be launching two estates in one day, and the first time in Africa that a real estate company would be giving out a promo of ‘buy-one and get-one free’ (house). It has never been done before and it may never be done after this.

We are doing this promo for the Reef Court Extension. The houses are supposed to be N150m, but because you are buying ahead (the green solution approach), you buy one at N96m. If you buy before the groundbreaking, you get two houses. If you buy one after the groundbreaking, you get one extra.

“Bigger bonus: In GRA 8, its slightly more expensive, N120m. After the groundbreaking, you buy one, you get one; but before the groundbreaking, you buy one, you get two extra. This is the first time any company is doing this. It is courtesy of the Mayor of Housing.

“I tell people I am the fastest rising most successful real estate success strategist in Africa as well as the Social Funding champion. Because we started organically, that claim might sound like an over-claim (or ambitious one) but as we start organically and deliver these things, people will appreciate the authority and innovation we brought into the housing space.”

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