A primary mortgage institution (PMI),Trans Atlantic Mortgages Limited, has secured an agreement with Shelter Afrique to construct a N3.6 billion housing estate in Yenegoa, the Bayelsa State capital.
Managing Director of the PMI, Mr Preye Ogriki, noted in an interview with the News Agency of Nigeria (NAN), in Yenagoa, that the move is to help ameliorate the housingÂ problems in the Niger Delta state.
Ogriki, who is also the mortgage consultant to the Bayelsa government, said that already 14.4 hectares of land has been acquired for the project, christened: Trans Atlantic Garden Estate, at the Opolo suburb of the state capital.
He said the estate would consist of 90 blocks of six units of three-bedroom flats as well as 40 terrace units of three-bedroom flats.
The PMI boss said that when completed, the estate would boast of facilities such asÂ ultra modern shopping centre and other services, including a model nursery and primary school.
He said the housing project is targeted at the middle class because each three-bedroom flat in the 90-block estate would cost N12 million, while the terrace units would cost N16 million each.
Ogriki also said that when completed, the estate would compete with other estates in places such as Lagos and Abuja.
The one-time commissioner for finance and budget in Bayelsa said the mortgage firm would help source for mortgage loans for the buyers if they could pay the required 30 per cent of the cost.
By the arrangement, Shelter Afrique is expected to contribute 60 percent of the total amount required for the project, while Trans Atlantic Mortgages will provide 40 per cent.
Shelter Afrique was established in 1982 by African governments, ADB, Africa-Reinsurance and CDC with the mandate of mobilizing resources for housing development in Africa.
It commenced operations in 1985 and since then has developed a robust portfolio of projects and activities, acquired substantial operational experience and established itself as a credible housing finance institution.