Ogun State government has signed a Memorandum of Understanding (MoU) with an estate development firm, CMB Building Maintenance and Investment Company Limited, for the redevelopment of Ibara Government Residential Area (GRA), Abeokuta.
At the signing ceremony in Abeokuta, which was performed by the State Commissioner for Housing, Mrs. Jokotade Odebunmi, and Managing Director of CMB, Mr. Kelechukwu Mbagwu, on behalf of the two parties, Odebunmi disclosed that the project is a collaboration between the state government and four private companies aimed at renewing Ibara area of the state capital.
She added that the project had been split into four phases and would be managed by different companies with allotted number of houses to be executed by each of the developers.
â€œThis is a public private partnership to develop the Ibara Housing Estate. This project will be handled by four different companies while CMB Building Maintenance and Investment is expected to deliver 24 houses by the end of the year. We have the mandate to complete the project by the end of this year because 2011 will be very busy due to the preparation for the electioneering campaign,â€ she stated.
The commissioner stated that besides CMB, the other estate developers would construct 32, 30 and 28 housing units respectively, while expressing optimism that the project would not only transform the area but also generate income for the state government, and also generate employment opportunities.
In his remark, Mbagwu pledged the readiness of his company to deliver well_built and affordable houses. â€œWe are extremely proud to be partners with the Ogun State government. Affordable housing has always been our philosophy. The sincerity of government to execute the project attracted us to this state. In every step of the way, there is complete transparency,â€ he stated.
He said his company had devised several financing schemes that will enhance payment by the prospective beneficiaries of the project when completed.