A new home ownership opportunity has just opened for mid-income home buyers as Alpha Mead Development Company (AMDC) has disrupted the market, offering home buyers 6 percent mortgage at its new development in Lekki corridor.
The development, known as Green Park Homes, is the company’s response to the continued call for affordable and quality housing for the middle-income Nigerians. AMDC is Nigeria’s first real estate development company certified to international standards (ISO 9001:2015).
Green Park Homes is a moderate housing scheme the company is developing in collaboration with IBILE Holdings – the investment arm of Lagos State Government.
The scheme has the support of stakeholders including key players in the mortgage industry such as Trust-bond, AG Homes and the Federal Mortgage Bank of Nigeria (FMBN).
It is a 100- unit estate comprising three semidetached and two-bedroom terrace houses located on the Lekki-epe corridor within 5 minutes drive from Novare Mall at Sangotedo.
The scheme offers home buyers access to the National Housing Fund Mortgage at 6% and a flexible equity contribution payable over 12 months.
“The Green Park Home Scheme addresses three issues for the middle-income class. These issues include the lack of access to housing finance, low quality structures and high mortgage rates,” explained Dalila Akindolire, AMDC’S managing director.
Akindolire who spoke at the scheme’s ground-breaking last week, noted that access to housing finance was one of the biggest challenges of home ownership for the middle-income class in Nigeria.
“With commercial mortgages at 20– 25 percent, home ownership is gradually becoming a tall dream for hard-working middle income Nigerians,” he said.
“So, as a Real Estate company focused on the middle-income class, we went back to the drawing board to think through the entire housing delivery value chain and see what opportunity we could create for our customers. The result of that process is the Green Park Homes, ” he added.
He assured that with the support of their partneribg mortgage banks, subscribers of the projects who are NHF contributors would be able to access up to N15million mortgage loan at 6 percent rate.
He disclosed that they had ensured that the equity contribution for the project was affordable and flexible, adding that the project was structured to help their customers to enjoy the good things of life while on the journey to owning their homes.
“It is as simple as making a deposit of N1.5 million and spreading the outstanding equity over 12 months and enjoying the benefit of mortgage at 6 percent, “he said.
Dada Thomas, Chairman of AMDC, noted that with Nigeria’s housing deficit widening in response to its growing population, Green Park Homes was one of the ways AMDC was catering to the growing middle-income class.
Niyi Akinlusi, managing director, Trustbond Mortgage Bank Plc, and president, Mortgage Banking Association of Nigeria (MBAN), commended AMDC for the initiative, noting that with a significant population of the country still within the middle-income class, it was important to plan for the housing needs of the future with developmental projects like this.
He hoped that the project would enable them to provide home for Nigerians and, on the other hand, generate direct and indirect jobs that would impact the economy of the country positively.
Akinlusi revealed that his confidence in the project stemmed from his years of business relationship with AMDC and impressive track record of the contractor, MAHFAS Investments, and other partners
Ngozi Anyogu, MD, AG Mortgage Bank, shared the view that for Nigerians to bridge the widening housing deficit, it was important that they started thinking beyond the usual development practices and engagements.
“I am excited that a collaborative project like Green Park Homes, with support from all stakeholders, is being embarked upon to provide a viable option for middle income Nigerians to begin their home ownership journey.’’
