As part of efforts to reduce the huge housing deficit in the country, the Federal Government, through the Federal Ministry of Works and Housing, under the leadership of Mr Babatunde Fashola, has concluded plans to start the housing development project at Ugbolu in Asaba Delta State.
When the project commences fully, it is expected that Ugbolu in Asaba Delta State will witness the development of close to 2,000 housing units of various categories.
The contract for the project was consummated about six years ago between the Federal Ministry of Works and Housing; and ten selected developers, one of which is Pinnacle Step Construction and Properties Ltd (PINNACLE).
According to the terms of partnership, the ministry has acquired about 100 hectares of land, constructed the roads, put the electricity system (poles and wiring) in place and provided other infrastructure.
The vast expanse of land is to be divided among 10 developers for the construction of the housing units, but unfortunately none of the developers has been able to meet up with his own part of the deal because of lack of development finance.
However, to ensure that the efforts of the government become a reality, the Managing Director of Pinnacle Step Construction and Properties Limited, Chizoba Udegbe, an engineer, is partnering an estate surveyor and valuer, Dr Meckson Innocent Okoro, to perfect the project›s development funding deal.
Okoro, who brokered the signing of the Memorandum of Understanding (MoU) with property subsidiary, Ndili Education Science and Technology (NEST) Limited, commended the procedure.
Ndili Education Science and Technology (NEST) Limited was represented by Dr Amaechi Ndili, as the sole financier and development partner.
He pointed out that NEST is also in-charge of Nigerview Estate in Ugbolu Asaba, Delta State.
The Pinnacle Step Construction and Properties Limited, the original allottee of the development site by the Federal Government of Nigeria was represented by its Chief Executive Officer.
The Principal Partner of M.I. Okoro and Associates also signed as sole marketing agent of all houses to be developed within the Nigerview Estate. The renowned valuer is already partnering with Ventolite Marketing International Company Ltd and NEST Ltd to ensure faster sales of the houses expected to be built in Lagos.
Speaking, Okoro said “The main push of the executed MoU is that physical construction at the Ugbolu site where the Nigerview Estate is located will commence on January 21, 2021.
“The beauty of the funding arrangement is that, the funding partner does not require bank loan of any type for the construction of these houses and therefore between January and May 2021, Deltans and other investing public will have a lot of homes to buy from our consortium in Ugbolu, Asaba.”
Okoro believes the project will be a success and it would help the government to solve the housing problem in the country as well as generating internal revenue to cater for the welfare of the people.
Some of the housing types to be developed within the Nigerview Estates includes: two bedroom in block of 12 flats each, three bedroom in block of six flats each, three bedroom fully detached house plus boys›quarter (BQ), three bedroom terrace duplex with BQ in four per block units, four bedroom fully detached house with BQ and five bedroom fully detached house with BQ.
“Our happiness is that our financier and development partner, Dr Amaechi Ndili is not just a hospitality investment guru, he is also a major player in the oil industry and offshore operational activities including fleet of ships in the high sea that aid oil operations and lifting.
“Therefore, we are confident that his company will bring their enormous goodwill and financial resources to bear in the arrangement and towards ensuring that finance is never a problem again in the development of these houses.
“Furthermore, our financier and development partner is from Ugbolu Community in Asaba and therefore has emotional attachment for the development of Nigerview Estate which he believed would help the state government in generating internal revenue, by way of taxation in real estate as well as provide homes for many Deltans of both home and abroad,» he said.
Asaba as a state capital, he said would benefit a lot from the development of the new Nigerview Estate, especially when the second Niger bridge that is under construction is completed, adding that the usual traffic jams along Onitsha-Asaba road would drastically reduce by 85 per cent.
Therefore Asaba town will create home for many Deltans and other Nigerians.» Okoro said.
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