By Kingsley Adegboye

First World Communities Limited, a Lagos-based real estate firm that champions the delivery of affordable homes to low and medium-income groups in the country has reiterated its commitment to its primary mandate of delivering affordable homes to Nigerians.

To this end, the company, through its innovative Lease-to-Own (LtO) Scheme which is being driven through an incorporated partnership with the Lagos state government, is expected to provide 10, 000 housing units in the state.

The company’s chairman, Brigadier-General Tunde Reis (rtd) who made this disclosure at the company’s Board of Directors meeting held last week in Badore, Lekki-Peninsula, Lagos said the company is uniquely positioned to increase access to affordable homes in Lagos state.

Enumerating the benefits of LtO, General Reis who is a former boss of the Federal Housing Authority FHA, hinted that the scheme is targeted at households who do not qualify for mortgage loans. It has the advantage of low deposit and flexible elongated re-payment period, which makes it more affordable for low and medium income households.

Reis who also headed the Post-Army Housing Scheme in the country, explained that the Lagos State Governor, Mr. Babatunde Fashola recently commissioned two of the estates developed by First World Communities under the Lagos Co-operative Home Ownership Incentive Scheme (Lagos CHOIS). The commissioned estates comprised 802 completed mixed housing types with associated infrastructure.

He said CHOIS Garden at Abijo GRA, Off Lekki–Epe Expressway, has 342 completed homes while CHOIS City at Agbowa in Ikosi Ejirin LCDA comprised 460 completed homes, adding that the estates are already occupied by some of the beneficiaries.

Disclosing that the company has also commenced development of Oasis Garden Estate located in Abijo GRA, comprising 272 mixed housing units with the first phase projected for completion by December 2015, Reis stated that his company

is a private limited liability company focused on delivery of affordable homes to households on low to medium income in Nigeria, with plans for expansion to other African cities.