TUC, Rock of Ages in 100,000-unit workers’ estates
The project, coming as a partnership with the Trade Union Congress (TUC), according to TUC President, Comrade Bala Kaigama became important to provide affordable housing for members.
The first phase of the housing units, which will be built on 100 hectares of land out of the 443 hectares allocation, is expected to be completed in 12 months.
The proposed housing units include two and three bedroom apartment, three and four bedroom terrace duplex as well as four-bedroom semi detached duplex and five bedroom fully detached duplex.
Kaigama who spoke during the inspection tour of the first cluster of 5,000 housing units of the project in Rock City Estate, Lugbe yesterday in Abuja, said the Federal Mortgage Bank of Nigeria (FMBN) would support the project.
He explained that members of the public who subscribed to the National Housing Fund (NHF) could also benefit from the scheme. “We have taken up the challenge of providing affordable houses for our members.
We are witnessing the ground breaking ceremony of the first phase, which is going to cover 5000 houses until we move to other phases.
It was a promise during my electioneering campaign for leadership of the TUC,” he said. According to the Executive Director, Rock of Ages Properties Limited, Mr. Adike Chux, the housing scheme is designed to erase the traditional method of saving up millions of Naira before buying a house.
“With your equity contribution of between 20-30 per cent depending on the house type and price, you can move into your house and the balance paid over 30 years via mortgage.”
However, he stated that private business owners who did not subscribe to the NHF could contribute 30-40 per cent equity and enjoy repayment between one to three years.
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