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Developer urges govt to prioritise housing, unveils Ivy Suite estate

By Victor Gbonegun
05 December 2022   |   4:02 am
The Group General Manager, Ostia Property and Homes, a subsidiary of NIMCO group, Mr. Olumide Banjo, has called on government to prioritise the provision of affordable housing for Nigerians.

Illustration of Ivy suite estate

The Group General Manager, Ostia Property and Homes, a subsidiary of NIMCO group, Mr. Olumide Banjo, has called on government to prioritise the provision of affordable housing for Nigerians.

He also urged government to actively participate in the pricing of building materials by organising summit for stakeholders yearly, analyse activities, as well as develop better synergy on critical issues in the sector.

He said: “Government needs to see the provision of housing for the citizens as a must and look at the cost of building materials, understand that to be able to deliver affordable, we need to build affordable homes. I don’t see why as a developer, you cannot approach cement and reinforcement manufacturers at lower prices. Right now, it does not happen, they will rather push you to distributors who are out to make money. We should have direct dealings with materials manufacturers to take advantage of price difference.”

Banjo said this at the unveiling of ‘The Ivy Suite estate’ in Lagos. The estate is a 22-unit housing, comprising three-bedroom and Boys Quarters (BQ), four units of two bedrooms maisonette with a BQ, located in Ogudu Government Reserved Area.

The estate is built to meet modern living with a functional entryway and sleek interior finishing. Each unit has all room en-suite, exquisite master bedroom, water supply, closed circuit television, gym, swimming pool, biogas sewage treatment, service personnel room, perimeter fencing and recreational area.

He said the estate is secured through a Global Certificate of Occupancy (C-o-O), solely funded by the developer and designed with ample livable spaces and children friendly, putting into consideration the wellness of the family.

Banjo said: “We are working with Lagos State Property Development Corporation (LSPDC), to deliver 130 units of houses, projects with local council to deliver quality and affordable homes. We have developed expertise in building affordable residential and commercial houses to accommodate the need for luxury, comfort, class and functionality.

“With properties strategically located both on the Mainland and Island in neighbourhood, which are fast appreciating, well secured, easily accessible so as to encourage peaceful living.”

On impact of inflation and rising interest rate, he explained that the firm had adapted to changes in the cost of materials, deployed new methodology to reduce losses and ensure that subscribers get value on their investments.

The Head, Business Development of the firm, Mr. Ayomide Olomiye, said the estate on 5,007 square metres land was completed in one-year, adding that the project has a payment plan spread across three months, while there is also window for outright payment.

Olomiye said: “The housing units are not completely sold out. We have now introduced mortgage, whereby people can talk to mortgage banks and agree on number of years it will cover. Government needs to reduce taxes on imported building materials for developers to build at affordable rate.

“The Federal Mortgage Bank of Nigeria should also work with the people to have access to homes.”

The price for Ivy suites starts from N90 million.