Lagos State Governor, Akinwunmi Ambode, has promised to deliver 14,187 housing units before the next two years, across the state.
The governor, who spoke yesterday, through Commissioner for Housing, Prince Gbolahan Lawal, said this would be achieved through a joint venture partnership, under its housing programme tagged: Lagos Affordable Public Housing (LAPH) initiative.
Through the initiative, he said the state also intends to provide 20,000 housing units over a period of four years, spanning 2017 to 2020.
“This initiative is implemented through a joint venture arrangement between the state and the private investor/joint venture partnership (JVP). Under the initiative, the state provides land, the documentation in terms of permits, approvals, registration of documents and stamping as its contribution to the joint venture, while the JVP provides funds and construction expertise as its contribution.
“In line with the investment policy of Lagos and for the purpose of creating an investment data base, title to the project site is vested in IBILE Holdings Limited, the investment agency of the state government, which will, in turn, grant a deed of sublease of the unexpired residue of its interest to the special purpose vehicle (SPV)/project company, to be incorporated for the purpose of execution and management of the project,” he said.
The SPV/project company, he hinted is made up of both parties and the shareholding would be based on the value of the equity contribution of the parties.
Under the joint venture arrangement, Lawal said 14,187 housing units would be delivered very soon, adding that the Ikota and Ogmbo scheme would deliver 3,300 housing units, being developed by Multi-Purpose Infrastructure Development Construction Limited.
The Ibeshe and Owutu scheme, he noted, would deliver 3,000 housing units by Affordable Mass Housing Company Limited.
Other joint venture partnership arrangements are the Igbogbo Housing Scheme, being developed by M-Bridge Ltd, which will deliver 416 housing units; Ijora-Badiya, being developed by Brains and Hammers Limited will deliver 771 housing units; Imota, Ayobo and Idale scheme by Echostone Management Corp will deliver 2,000 housing units.
So far, Lawal disclosed that seven estates have been completed, with a combined 720 housing units, which included MKO Garden Housing Scheme, Oko Oba Housing Scheme, Mushin Housing Scheme, Ilupeju Housing Scheme, Omole I & II Housing Scheme, Magodo Isheri Housing Scheme and Sir Michael Otedola Estate, Odoragunshin, Epe.
Get real time update about this post categories directly on your device, subscribe now.