There are reports of Ogun State Government entry into a partnership agreement with a Chinese developer and construction company, Citic Construction, to develop over 2,000 housing units in the state.
According to a statement, the project, which has the International Finance Corporation and the Sovereign Wealth Fund Investment Authority as major players, will further expand the scope of the government’s affordable housing and urban renewal programme.
The Country Manager, IFC, Mr. Solomon Adegbie-Quaynor, was quoted as saying that the partnership was to “develop houses for the masses from social housing, middle income housing and slightly higher than middle income housing,” adding, “Ogun is our first port of call where the feasibility will be done.”
He noted that the construction company in charge of the project had the ability to build large units of houses, which could be purchased through mortgages “after assessing the demand and the ability of the buyer to pay”.
The Investment Manager, Citic Construction, Mr. Robert Xu, gave an assurance that the houses would be cost effective, saying, “We are leveraging on the infrastructure available in this state in terms of roads, water and power.”