A prestigious N2 billion (US$12.3m) 65-unit luxurious residential housing estate will be constructed in Abuja, Nigeria. The project is a partnership between Brains & Hammers, an Abuja-based real estate developer and Nigerian Liquefied Natural Gas (NLNG). According to the Executive Director of Brains & Hammers, Ifeoma Okoye, the estate is being built on a 2.5ha land.
NLNG’s Ahmed Alfa said the partnership was informed by the need to avoid falling into victim of Abuja land speculators and therefore needed someone who could deliver within budget and with state-of-the-art amenities.
Adeoba Ademoyega, solicitor to the partnership said it is a development located within a fantastic community spirit and a burgeoning choice of modern infrastructure and amenities, making it investors’ delight.
Speaking during the ground breaking ceremony at the Life Camp site Okoye said the estate will consist of five-bedroom duplexes, four-bedroom townhouses and three-bedroom flats with an estimated completion period of 18 months adding that the development represents a new beginning in real estate sector growth of the Federal Capital Territory (FCT).
Brains & Hammers has already built three high quality estates in Abuja.
Good housing is a key economic indicator and an enabler for a more productive society. However, decent housing continues to be a challenge in the continent with majority of its population living in sub-standard housing conditions.
Nigeria sits on a growing housing deficit estimated at 17 million housing units with most Nigerians living in either substandard or sub-human accommodations.
The Nigerian government plans to build one million housing units annually in a bid to achieve the housing target in the Vision 2020, The Federal Mortgage Bank of Nigeria notes that the country will need a whooping US$371.1 billion to provide the housing needs of its citizenry.
