Sunday Okobi
The Real Estate Developers Association of Nigeria (REDAN), Abuja Chapter, has reiterated its commitment to reducing Nigeria’s housing deficit through increased housing delivery and innovative financing options.
The Vice President of REDAN, Abuja Chapter, Dr Gbadewole Kayode, stated this at the groundbreaking ceremony of The Embassy, a 2,400-unit housing estate in Wasa District, Abuja.
Kayode, who is also the chief executive officer of Crown Allied Global Realty, said the project was part of the company’s efforts to contribute to solving Nigeria’s housing shortage, which he put at 14.98 million units.
“Officially, we have a housing deficit of 14.98 million in Nigeria. We are committed to reducing the housing deficit, especially in the FCT, and that is why we are doing the groundbreaking of The Embassy,” he said.
He explained that the estate would provide energy-efficient homes while increasing the supply of housing units available to residents of the Federal Capital Territory (FCT).
Kayode said the company had also introduced flexible payment arrangements to make home ownership more accessible to low-income earners.
“For low-income earners, they can pay part of the cost and spread the balance over the next six months. That is also one of our efforts to address the housing deficit,” he said.
He added that the company was offering blocks of flats through mortgage arrangements in partnership with the Federal Mortgage Bank of Nigeria and other Primary Mortgage Institutions.
According to him, the project would also contribute significantly to employment generation, with more than 3,000 jobs expected to be created during its development.
“The way we are going to carry out this project, we are expecting to generate more than 3,000 jobs here,” Kayode said.
He explained that the construction of a single duplex required the services of more than 30 workers, stressing that the employment impact would be substantial when multiplied across the 2,400 housing units.
Kayode said ‘The Embassy’ was designed as a smart estate to meet the changing needs of residents and investors.
He noted that homebuyers were increasingly looking for estates located within 15 to 20 minutes of Abuja city centre and equipped with essential infrastructure, including electricity, solar power and electric vehicle charging facilities.
He said the estate would be powered entirely by solar energy and would also feature a commercial district spanning about 20 hectares.
The commercial district, he said, would include hotels and provide opportunities for investors to acquire land, develop shopping malls and other businesses, and generate income through rentals and leases.
Kayode also assured prospective buyers of the authenticity of the property’s documentation, saying the land had a Certificate of Occupancy issued by the Federal Capital Development Authority (FCDA).
The groundbreaking ceremony attracted stakeholders from the real estate sector and marked the formal commencement of the development of the 2,400-unit estate.