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Firm targets 500 affordable homes in 2022

By Bertram Nwannekanma
21 February 2022   |   4:01 am
To reduce the nation's housing deficit, a real estate development firm, Tobykemsworth investment Limited has rolled out creative services, which will produce 500 affordable homes in 2022.

To reduce the nation’s housing deficit, a real estate development firm, Tobykemsworth investment Limited has rolled out creative services, which will produce 500 affordable homes in 2022.

To achieve this, the firm has also opened an investment opportunity for Nigerians of all cadres, where they can invest and get 20 per cent returns on their investment yearly.

The firm in partnership with the Federal Mortgage Bank of Nigeria (FMBN) through the National Housing Fund (NHF), would be making millionaires and giving away to clients a minimum of N100 million plus their returns on investment to the tune of 20 per cent yearly.

The Managing Director of the firm, Dr. Adekunle Raphael-Monehin, noted the challenges posed by lack of affordable housing in the country. He stressed the need for collaborative efforts with government to tackle the menace.

He said the firm has introduced some innovations such as Total Estate Solution Multi Purpose Housing Cooperative Society (TES), the Teachers’ housing project and the proposed Broadcasters’ Villa project, which provides homes for journalists in Agbowa, Ketu area of Lagos.

He said the challenges of funding and the high interest rates from the commercial banks are affecting affordability of homes. The firm is targeting funds from individual investors to achieve its dreams of providing affordable homes for majority of Nigerians.

This, Raphael-Monehin said comes by pulling funds from the public in a form of crowd funding, in which both the investors and developer reap high returns.

He listed the firm’s new affordable housing projects to include, Honeywells Garden, Ijegun mini Estate, the project, which goes for N13.5 million for two bedroom and N15.5 million for three bedroom bungalow.

The project, he said, is crafted towards enabling subscribers owning their dream home.

There were also Honeywells Gardens projects in Uyo, Akwa Ibom State, Magboro and Agbara in Ogun State as well as Maryland, Agbowa, Ketu and Lekki areas of Lagos, where subscribers could pay five years install mentally with an initial deposits of 30 per cent as well as enjoy a 15 years mortgage plan at 30 per cent equity.

The company legal adviser, Ufikairom Uzono, said the company boosts of vast space of landed property and housing projects across the country, which are bankable.

According to him, these projects have verifiable titles because extra judicial steps were taken to ensure that the company do not buy fallacies as landed property.