The Managing Director of UACN Property Development Company Plc, Mr. Hakeem Ogunniran, has called on the Federal Government to make access to land one of its priorities to reduce the problems of housing in Nigeria.
According to him, such measures will assist developers in making housing affordable for the masses at a moderate cost.
He spoke exclusively with our correspondent during the official inauguration of the N3.5bn Emerald Court in Apo area of the Federal Capital Territory, Abuja
He said, "For me, access to land is the greatest problem of housing in Nigeria. So the government has to create the right framework for land to be accessible and affordable; the government should also provide the right infrastructure. When that is done, they put developers in a position to massively develop affordable houses for the people.
"The overall cost of the project is N3.5bn including the cost of land. Affordability is relative; there are different classes of people in the society. We have our new project somewhere and we have houses of lower cost in that particular estate. But this one (Emerald Court) was targeted for a particular market. Out of 44 units, we have almost sold everything, remaining only three units for sale here and it means that we have chosen our target market correctly."
Ogunniran, said Emerald Court Estate which was completed in January this year, had 44 units, 22 terraces and 14 semi-detached flats in all.
Also speaking, the chairman of UPDC Plc, Mr. Larry Ettah, represented by the Chief Finance Officer of UACN Plc, Mr. Abdul Bello, said the company's investment in real estate development in Abuja began several years ago with the development of a multi-storey commercial complex in the Central Business District.
He said, "We are pleased to inform you that we recently embarked on UPDC Metrocity in Apo Dutse – a 228 unit housing estates comprising of detached houses, terraces, flats and bungalows. We also recently secured the kind approval of the Development Control unit of the FCT to develop a 28 unit block of apartments in Maitama District and construction will soon commence."
According to him, the UPDC has promised to continue complementing government's efforts to brighten the infrastructural landscape of the country by embarking on real estate projects, which conform to international standards.
In his remarks, the FCT Minister, Senator Bala Mohammed, represented by the Permanent Secretary, Mr. Anthony Uzodinobi, called on investors to help address the housing deficits in the country.
He said, "Nigeria has a large population of over 160 million people while Abuja currently has over 2.5 million inhabitants, thus a large housing deficit exists and investors can take advantage of it. The problems and challenges posed by the rapid rate of uncontrolled and unplanned urban growth and development are immense as Nigerian towns are growing without adequate planning.
"Hence millions of Nigerians live in substandard and sub-human environment plagued by slums, squalor and grossly inadequate social amenities. These issues are however being addressed in the planning and development of Abuja as the new capital of Nigeria, but controlled implementation of plans has been a major challenge in building the new capital city of Nigeria."
