Shelter Afrique, has inked a Memorandum of Understanding (MOU) with Juba-based real estate firm, Triangle Real Estate for the implementation of a military housing project in South Sudan.
Under the agreement, Triangle Real Estate will act as the developer and contractor of the project in conjunction with various consultants while Shelter Afrique, on the other hand, will provide catalytic funding as well as act as the lead arranger to assist in raising additional financing through the syndication of other Developmental Financial Institutions as applicable.
Scope of the project
The military housing project in South Sudan, the cost of which is estimated to be around US$ 1.5bn, will particularly involve the construction of a total of 26,000 housing units, divided into 148 housing blocks of 160 housing units each. This will be constructed at New Site, Qiada Junubiya, J-3 Presidential Guards Apartments, and at New Bonga.
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Arop Deng Kuol, the Triangle Real Estate Chief Executive Officer described the signing of the MOU as a very critical step towards addressing the housing crisis in South Sudan, which has been made worse by many years of conflicts.
“The housing crisis in South Sudan is terrible. We are literally starting the implementation of this project from the scratch, which is why this memorandum of understanding we’ve signed with Shelter Afrique is very important for us. It is also proof that provision of affordable housing is central to the agenda of the government of the South Sudan, not just for the Defense Forces but for the entire population in general,” explained the Triangle Real Estate Chief Executive Officer.
Shelter Afrique CEO Andrew Chimphondah on the other hand expressed his deep pleasure for being a part of this partnership and anticipation of being the pre-eminent provider of financial, advisory, and research solutions geared towards solving the housing crisis in South Sudan which has a shortage of 4 million units.
