The Abuja Property Development Company and the Ministry of Housing and Urban Development are considering collaborating to handle the sales of homes that will be built as part of the recently introduced Renewed Hope Cities and Estates program.
The Times reported that after the APDC delegation, headed by Acting Managing Director Akeem Aderogba, paid the Minister’s office a visit, Housing Minister Ahmed Dangiwa announced the partnership’s aim. The ministry’s website has a statement that revealed this development.
The minister emphasized the value of sharing information with APDC, especially with regard to the sale of the ministry’s sizable inventory of homes.
He expressed a keen interest in learning from APDC’s experiences, especially their strategies for selling houses and understanding market demand for various types of homes in the Federal Capital Territory.
Furthermore, the minister emphasized that drawing on APDC’s expertise was crucial and necessary, given the ministry’s first foray into selling a large volume of housing units.
He acknowledged that APDC’s well-established marketing department has successfully managed the sale of the company’s constructed houses to the public, presenting a valuable model for the ministry to consider.
Minister Dangiwa praised APDC for their robust and efficient management of facilities nationwide, acknowledging that APDC Homes are well-maintained. He requested that the company share their expertise in facility management with his staff to enhance their capabilities in this area.
Regarding the Renewed Hope Estates and Cities, Minister Dangiwa elaborated that the estates part of the programme is designed with a focus on catering to the housing needs of low and middle-income groups, many of whom belong to organized labour and unions.
He pointed out that the residential units being constructed within these Renewed Estates primarily include one to three-bedroom bungalows, strategically located across the six geo-political zones of the country.
The minister further detailed that the initiative of Renewed Hope Cities and Estates is targeted at mitigating social inequality by offering a wide spectrum of affordable housing options for both cities and estates. He emphasized that purchasing these homes could be facilitated through various means, including single-digit loans and mortgage facilities provided by the Federal Mortgage Bank of Nigeria, with the stipulation that prospective buyers must be contributors to the National Housing Fund.
Additionally, Minister Dangiwa highlighted other acquisition methods available to Nigerians, such as Rent-to-Own, outright purchase, and instalment plans, aside from the mortgage options.
Minister Dangiwa went on to explain that “the Renewed Hope Estates and Cities program’s estates component is geared at meeting the housing requirements of low- and middle-class individuals, many of whom are members of unions and organized labour.
“He made the observation that the majority of the residential buildings being built inside these Renewed Estates are one- to three-bedroom bungalows that are positioned thoughtfully among the nation’s six geopolitical zones.
“The minister went on to explain that the goal of the Renewed Hope Cities and Estates project is to reduce social inequality by providing a variety of reasonably priced housing alternatives for both cities and estates. He stressed that there were a number of ways to make buying these houses easier, such as single-digit loans and mortgage facilities offered by the National Housing Fund of which prospective buyers must be contributors.”
Apart from financing choices, Minister Dangiwa also outlined additional ways that Nigerians might acquire a property: rent-to-own, outright buy, and installment plans.
