Mr. Oluwaseun Olatunji, the founder and CEO of Brookfield Group Holdings, has unveiled an ambitious plan to alleviate Nigeria’s housing shortage by delivering one million multi-family homes in the capital city of Abuja. This visionary endeavor aims to address the pressing issue of the housing deficit in Nigeria.
Olatunji emphasized Brookfield Group’s long-standing commitment to supporting The President’s vision for Nigeria’s real estate sector. Additionally, he expressed a strong intent to collaborate with the Federal Capital Development Authority. This would expedite the transformation of the original Abuja master plan into a cutting-edge urban model city. It would also, simultaneously address the housing shortfall in the country.
Financing Of The Brookfield Group Holdings Project To Build One Million Homes.
Brookfield Group Holdings announced an estimated cost of approximately $16.2 billion, secured through international bridge finance. The first phase of this monumental project will accommodate 450,000 multi-family residential apartment units. Olatunji emphasized the urgency of the housing crisis in Nigeria, which had reached alarming proportions. With an estimated deficit of 28 million housing units at the beginning of the year.
He stressed the critical importance of addressing this situation promptly. He noted that nearly half of the country’s population either lacks proper housing or struggles to find affordable living spaces. Brookfield Group Holdings is a real estate development and civil construction company. It is committed to creating value in the industry by optimizing residential units for potential occupants and minimizing construction costs. This approach aims to make affordable housing accessible to first-time buyers, low-income individuals, and average earners. The company plans to achieve this through innovative private equity financing methods and by offering mortgage loans with terms of up to 50 years.
Furthermore, Olatunji announced that Brookfield Group is now exclusively focusing on the development of multi-family residential properties, not only within Nigeria but also across Africa. This strategic shift underscores their dedication to addressing the acute housing needs on the continent.
In conclusion, Mr. Olatunji voiced optimism, saying, “Commencing a business in Nigeria today is an act of heroism. However, in the very near future, the industry will recognize our services and the Brookfield Group brand as the epitome of excellence.” He emphasized that Brookfield Group Holdings’ initiative aims to make a substantial impact on Nigeria’s housing crisis while setting new benchmarks for the real estate and construction industries in the region.