In its quest to address the continued 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.
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). The project is a 100 unit of three semi-detached – and two-bedroom terrace houses located on the fast-growing Lekki-Epe corridor within 5 mins from the popular Novare Mall at Sangotedo. The scheme offers customers access to the National Housing Fund Mortgage at 6% and a flexible equity contribution payable over 12 months.
According to the Managing Director, AMDC Mr. Damola Akindolire, The Green Park Home Scheme addresses three issues for the middle-income class. These issues include the 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. With commercial mortgages at 20% – 25%, home ownership is gradually becoming a tall dream for hard-working middle-income Nigerians”.
“So, as a Real Estate company focused on the middle-income class, we went back to the drawing board to think through the entire housing delivery value chain and see what opportunity we can create for our customers. The result of that process is the Green Park Homes”
“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-naira mortgage loan at an unbeatable 6% 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 naira and spread the outstanding equity over the next 12 months and enjoy the benefit of mortgage at 6%”.
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”.
Also speaking during the event, Niyi Akinlusi, Managing Director, Trust Bond Mortgage Bank Plc & President Mortgage Banking Association of Nigeria, commended AMDC for the initiative. He said: 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 furthered 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
Also speaking during the ceremony, Ngozi Anyogu, MD AG Mortgage Bank congratulated the team on the launch. He said ‘’For us to bridge the widening housing deficit, it is important that we think beyond usual development practices and engagements, and I am excited that a collaborative project like Green Park Homes, with support from all stakeholders is being embarked upon, to provide a viable option for middle income Nigerians to kickstart their home ownership journey.’’