October 31, 2016

Firm to deliver 2,000 housing units across Nigeria by 2017

By Kingsley Adegboye

A LAGOS-based real estate development firm, Ifitech and Associates Limited, says it has all it takes to reduce Nigeria’s housing gap.

The company which was incorporated in 2008 with the objective of providing affordable and low-cost housing to low-income earning Nigerians, has unveiled its plan to deliver over 2,000 housing units in different parts of the country before the end of 2017.

Chief Executive Officer of the firm, Mr. Ifeanyi Isaac who disclosed this at a media parley in Lagos at the weekend, said “To achieve this objective, over the last eight years, we have dedicated ourselves to acquiring land in three states in Nigeria, namely Lagos, Enugu and Imo states”.

According to Isaac, “In Lagos, we currently have six housing schemes in Ibeju-lekki axis. In Imo state, we have two schemes and in Enugu state, we have just one scheme. All these schemes come under the name Westpoint Gardens and Solid Base Gardens.

“Since we target prospective landlords in the lowest end of the property market or those that are considered to be low-income earners, prices of plots in our estates start from as low as N250,000. Our most expensive estates are the ones in Ibeju-Lekki axis near the Dangote Refinery, Free Trade Zone and other upcoming landmark projects in Lagos and the price of plots in these estates range from between N1million and N2.5million”, he said.

He further noted that in order to achieve the objective of the firm, payment for plots in all their estates has been structured to run over a period of six to twelve months. “Buyers who pay out-rightly will be able to buy at cheaper prices, while those that want to spread payment over twelve months will only have to pay a little higher than those that are paying at once.

“We currently have over 2,000 subscribers and they have all started to build their own houses in addition to the ones the firm is building and selling to those who may not want to go through the rigours of starting from land ownership. We hope that by the end of 2017, we would have been able to deliver a minimum of 2000 housing units, and by 2020, we would have been able to deliver over 10,000 housing units. We are determined and we already have more than 200 personnel helping to push this ambition. We understand the challenges in the economy but with determination, we will surely get there”, Ifitech boss assured.

He explained that despite the fact that his firm has embarked on these housing projects to target low-income earners, he said the company will also ensure that residents of the estates and property owners have access to top-notch infrastructure.

According to him, “All our estates currently have perimeter fencing with road networks, drainage systems, water, security, play areas for families and shopping centres. We are hoping to create estates that will function with a communal lifestyle, where people will live in peace and harmony irrespective of religion or ethnicity”.

On the challenge of reducing Nigeria’s housing deficit, Isaac says the government should start to partner with competent real estate developers like Ifitech and Associates Limited.