Nigeria’s leading real estate development company certified to international standards (UKAS ISO 9001:2015), Alpha Mead Development Company (“AMDC”), has entered a collaborative partnership with leading financial institution, Union Bank to provide affordable homes for middle-income Nigerians.
The partnership is designed to give prospective homeowners access to competitively priced loans of up to ₦150 million payable over 15 years, to purchase housing units at AMDC’s Lekki Pearl Estate. (“The Estate”).
The Estate is the only indigenous green residential estate certified to the World Bank’s EDGE Advanced standards post-construction. Therefore the partnership will enable more middle-income Nigerians own energy-efficient and functional homes, with the cost of living in the homes reduced by up to 41%.
According to the Head of Marketing and Corporate Communications of Alpha Mead Group, the parent company of AMDC, Sesan Ogunyooye: “Our focus since inception has been to get more middle-income Nigerians on the homeownership journey, and partnering with a reputable institution such as Union Bank propels us closer to that goal. This partnership is in alignment with our core vision of providing safe and comfortable homes for our customers. The collaboration and our smart approach to homeownership is something we are proud of and believe that the public will equally benefit from it.”
While commenting on the partnership, Okechukwu Ugoji, Head, Retail Lending at Union Bank also said: “Union Bank’s efforts to provide mortgages at below-market rates enable more individuals own homes – either to live in, or to put back on the rental market. This ensures more affordable housing, thereby plugging the housing gap and enhancing the economy. The collaboration with Alpha Mead Development Company will further strengthen our impact in this area as we work together to provide the average Nigerian with affordable housing.”
Lekki Pearl Estate is a technology-driven, full-residential estate consisting of over 112 units of different house types in Lagos. Earlier this year, the estate bagged its EDGE Advanced certification for saving customers over 40 percent and 30 percent of their energy and water consumption costs respectively, therefore, putting money back in their pockets.