Real Estate News Update


NMRC partner Kaduna on Millennium City project

The Kaduna State Government and the Nigeria Mortgage Refinance Company Plc (NMRC) have reached an agreement to deepen mortgage penetration and promote home ownership in the State. The agreement among others includes providing affordable housing for citizens through the government’s planned development – Millennium City Project as well as a commitment to support the provision of single digit mortgages through the creation of a sinking fund for citizens and public servants in the State

The deal is part of the state’s  efforts to institute a strong investment climate for affordable home ownership for its citizens. The agreement was executed at Government House by the Kaduna State through the Deputy Governor, Bala Bantex, on behalf of the  Executive Governor of the State, Mallam Nasir El-Rufai, who was unavoidably absent, and on the part of NMRC by the Managing Director/Chief Executive, Professor Charles Inyangete.Key among the Committee’s immediate mandates will be the realisation of affordable mortgage provision and housing construction in Kaduna State, inclusive of a proposed collaboration with the Central Bank of Nigeria

Culled from the Guardian

IMO NHF contributors to get housing allocation


Government workers in Imo State who have been contributors to the National Housing Fund will soon get their housing allocations according to information from the Federal Mortgage Bank of Nigeria (FMBN). The FMBN financed 100 housing units under the Ministerial Pilot Housing Scheme at Naze, Owerri North Local Council to the tune of N592.3 million and approved NHF’s loans of N5 million, for prospective subscribers.

The estates developed by, Minfa Nigeria Limited, consists of 48 units of three-bedrooms; 40 units of two- bedrooms; and 12 units of one- bedroom terrace. The Minister of State for Power, Works and Housing, Mustapha Baba Shehuri, who commissioned the project, said the housing units have the National Housing Model, taking care of cultural and climatic diversities with the use of local materials. Shehuri reiterated the Federal government’s commitment to providing affordable houses for Nigerians, saying the housing deficit of 16- 17 million units would be surmounted by the government.FMBN Acting Managing Director, Richard Resin, said that over 2,200 housing units had been delivered in the six geo- political zones in the country, while another 2,000 would be completed and handed over in the next 24 months.

Culled from the Guardian

Developer launches Pracht Gardens Estate

As a positive step towards reducing the housing deficit in the country, the launch of Pracht Gardens Estate by a real estate developer in Lagos State will no doubt act as a solution to the housing challenges. Pracht Gardens estate consists of 40 units of four and five bedrooms fully detached duplexes as well as four bedrooms terraces, and sits on 21,000 metres square parcel of land in Ikota, before Victoria Garden City in the Lekki area of Lagos State.

According to the developer, the estate would be ready by April 2017. Speaking further, the developer said the estate is designed with up to date facilities and has been structured to meet the basic requirements of subscribers who have taste for luxury. The estate boasts of a water treatment plant, fully paved road, shopping centre, 24 hours security electrical power transformer, closed-circuit television (CCTV) security technology; ample parking space, power supply and distribution, street lights, recreational centre for children, crèche as well as an lectrical fence.

Culled from Guardian

OPIC builds more Estates to boost urban renewal

The Ogun State Property and Investment Company (OPIC) has finalised plans to launch the multi-zone gated community, MTR Gardens, Isheri. When completed, the estate will boost the urban renewal drive of Ogun State government.The Managing Director, (OPIC) Mr. Babajide Odusolu made this known during an inspection tour of the housing project located at Isheri in Ifo Local Government Area. He stated that the project was billed for commissioning by the third quarter of this year.

Odusola explained that the state government had liberalized housing to provide affordable housing to its growing population. He added that government would ensure adequate supplies of housing stocks as it has taken steps to subsidize the cost of house  through ownership schemes which included mortgages, ‘rent to own’ and the ‘OPIC advantage’.

Culled from Ogtv

Greenland approves Probuild for Australia’s $300M mixed-use project

An Australia-based construction firm Probuild has been awarded a contract by Greenland Australia to deliver its $300M mixed-use project in Sydney, Australia. The development, named Omnia, will feature 135 high-end apartments.The 19-storey building will have two levels of high-end retail and a proposed top-tier restaurant.

It will also feature an hour-glass façade, and communal facilities including a landscaped outdoor BBQ area, community garden and residents’ private wine room and lounge. According to Probuild, the complex’s entire second-storey will be occupied by the Woolworths store, while the third floor will be let out to other specialty retailers.

Culled from worldconstructionnetwork

Kenyan National Library Complex Set for Completion

The $23.1 M ultra-modern National Library Complex in Nairobi is set to be opened in 2017, with 65 percent of the works completed on the 5 storey building. The National Library Complex will offer a comprehensive national reference service to all sectors of the economy and contribute to literacy development and research. With a sitting capacity of 5,000, the library is set to rival the British Library in the UK and the Library of Congress in the US in terms of size. The project began in April 2012 is currently due for completion.

Already, five floors on Wing 1A under phase 1 of the project have been fitted with tiles and ceiling,t runking, air conditioning, electrical fitting and plumbing have also been done. Kenya has 60 libraries across the country, with 36 of them spread across the 47 counties. Users will be able to access full list of books in all libraries and borrow or make reservation on the internet.

Culled from constructionreviewonline

HFF gets funding for Chicago’s residential project

Real estate developers; Holliday Fenoglio Fowler (HFF) has secured joint venture equity and construction funding for a new apartment project in Chicago’s West Loop neighborhood.  HFF is also partnering the developer, Fifield Companies and F & F Realty to secure a joint venture partnership with affiliates of Ares  Management. The firm has also secured a $117.768M in construction funding from the Bank of the Ozarks.

The proposed  46-storey development, designed by FitzGerald Associates, will include 492 residential units, averaging 73 sq m, in a mix of studio to three-bedroom floor plans.The units will incorporate modern finishes such as stainless steel appliances, kitchen islands, custom tile, wood floors, frameless shower doors and in-unit washers and dryers.The property will feature about 929 sq m of retail space and 376 parking spaces including a swimming pool, a hot tub, a fitness centre, a yoga room, a conference room, a residents’ lounge with coffee bar, a movie theatre, a dog park, and a car wash area.


0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *