Mahfmead, a joint venture between Nigeria’s first and only internationally certified Real Estate developer, Alpha Mead Development Company (AMDC) and Mahfas Investment Limited has announced a partnership with Enugu Housing Development Corporation (ESHDC) and AG Mortgage to provide 1,000 quality affordable housing units in Enugu State. The new venture is billed to play a pivotal role in bridging the burgeoning housing deficit in the state while reducing the barrier to homeownership for citizens.
The development delivers a one-stop solution for prospective customers, by guaranteeing end-to-end service in their homeownership quest; from acquisition, development and affordable mortgagesat 6% interest rate to acquire the housing units conveniently.
“Our teams have done an outstanding job in over 9 months conceptualizing, planning and designing this project to bolster the availability of affordable in the state and country at large. With the national housing deficit at an estimated 17million and our corporate vision of providing quality homes across Africa, we sought like-minded stakeholders with a shared vision to collaborate with on the project.
We will also like to appreciate the Enugu State Housing Corporation management team on its forward-thinking people-first approach to addressing the housing needs of the state. It is our hope that the success of this project will spur more private developers into contributing their quota to the reduction of the gap,” said Damola Akindolire, Managing Director, AMDC.
The homes, which are a mix of one, two and three-bed bungalows will be located along the Enugu-Onitsha Expressway. Contemporary construction techniques that combine state-of-the-art technology and global best practices shall be deployed in the construction of the houses to assure uptakers of both comfort and building longevity.
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“We are very pleased to be able to work on a project with such far-reaching impact, having delivered over 5,000 homes in the past for various institutions our partnership with Alpha Mead will afford us the opportunity to combine our corporate strength and contribute to the development of the housing sector in Enugu State and Nigeria,” remarked Engr. SuleSalau, CEO, Mahfas Investment Limited.
Mahfmead aims to promote the delivery of 10,000 affordable homes nationwide over the next 2-3 years while providing prospective customers with accessible sources of funding to bankroll the project and as such partnered with a leading mortgage bank in Nigeria, AG Mortgage Bank Plc, to this end.
“This exciting project aligns with our vision to smoothen the process to homeownership for Nigerians and to be the preferred Primary Mortgage Institution of choice nationwide. Interested prospects will not only be granted unrestricted access to long-term loans but will get it at a below-market interest rate to revalidate our commitment to connecting Nigerians to quality housing loans,” observed Ngozi Anyogu, Managing Director, AG Mortgage Plc.
ESHDC, saddled with the responsibility of providing and managing quality and affordable accommodation for residents of the state, has in the past six years brought innovations to bear on the rapid development of low, medium and high-density housing estates.
ChukwuemelieAgu, General Manager, ESHDC commended the partners on the development and restated the commitment of the state government to support such forward-thinking projects. He also encouraged more private entities to enter developmental partnerships with government.
Mahfmead was incorporated to improve the lives of Nigerians by providing them with homes with flexible payment terms while supplying the necessary infrastructure and correct documentation to engender it.