Homes & Property

September 24, 2019

NIOB signs MOU with Australian counterpart on building construction methodology

By Kingsley Adegboye

In its quest to address the call for affordable and quality housing for the middle-income Nigerians, Alpha Mead Development Company AMDC, Nigeria’s first real estate development company certified to international standards (ISO 9001:2015) has launched a unique and novel housing scheme called Green Park Homes.

Vanguard Live

The official logo for Vanguard Live

The project, in collaboration with IBILE Holdings, the investment arm of Lagos State Government,  and has the support of key stakeholders including key players in the mortgage industry such as Trust-Bond, AG Homes and the Federal Mortgage Bank of Nigeria FMBN.

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The project which comprises a 100 unit of three semi-detached and two-bedroom terrace houses is located on the fast-growing Lekki-Epe corridor within five minutes drive from the popular Novare Mall at Sangotedo.

The scheme offers customers access to the National Housing Fund Mortgage at six percent and a flexible equity contribution payable over 12 months.

According to the Managing Director, AMDC Mr. Damola Akindolire, the Green Park Homes scheme addresses three issues for the middle-income class which include lack of access to housing finance, low quality structures and high mortgage rates”.

Speaking during the ground-breaking of the scheme last week, Akindolire said: “access to housing finance is one of the biggest challenges of home ownership for the middle-income class in Nigeria today.  Nigerians.

“With the support of our partner mortgage banks, subscribers of the projects who are NHF contributors will be able to access up to N15 million mortgage loan at an unbeatable six percent rate. In addition to this, we have ensured that the equity contribution for this project is affordable and flexible.

“The project has been structured to help our customers enjoy the good things of life while on the journey to owning their homes. It is as simple as making a deposit of N1.5 million and spread the outstanding equity over the next 12 months and enjoy the benefit of mortgage at six percent”, AMDC boss said.

In his remarks, Dada Thomas, Chairman of AMDC, commented: “with Nigeria’s housing deficit widening in response to its growing population, Green Park Homes is one of the ways AMDC is catering to the growing middle-income class. With this scheme, we want to deliver quality and affordable housing fast”.

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Also speaking during the event, Niyi Akinlusi, Managing Director, Trust Bond Mortgage Bank Plc and  President, Mortgage Banking Association of Nigeria, commended AMDC for the initiative.

According to Akinlusi, “With a significant population of the country still within the middle-income class, it is important to plan for the housing needs of the future with developmental projects like this, which enables us to provide home for Nigerians and on the other hand, generate direct and indirect jobs that will impact the economy of the country positively”

Akinlusi noted further that his confidence in the project stems from his years of business relationship with AMDC and impressive track record of the contractor, MAHFAS Investments and other partners