Business News of Tuesday, 8 August 2017
Appolonia City, Accra’s new city development, in partnership with Ghana Home Loans, the country’s leading mortgage provider have announced the construction of 100 affordable homes.
The multi-million dollar project will be built on six acres of land at Appolonia City and with construction commencing in the third quarter of 2017, with all 100 homes due for completion within 18 months.
The project represents the first phase of a strategic partnership that aims to address the housing deficit in Ghana.
The project will benefit from Appolonia City’s high-quality infrastructure, including tarred roads, ICT networking and integrated safety and security systems, as well as social infrastructure, such as schools, clinics, open green space and shops– all at an affordable price, starting from US$45,000.
The partnership brings together Ghana Home Loans, which is backed by Abraaj Group, International Finance Corporation and the Overseas Private Investment Corporation, and Rendeavour, the developer of Appolonia City, which is a partnership between the Chiefs, elders and community of the Appolonia stool in Ghana.
Speaking at the signing ceremony in Accra, Stephen Jennings, Founder and CEO of Rendeavour, Africa’s largest urban land developer said: “Our collaboration with Ghana Home Loans affirms Rendeavour’s commitment to build inclusive new city developments for all income levels.”
According to Dominic Adu, CEO of Ghana Home Loans the move is part of the company’s vision of making home-ownership a reality regardless of what income level one may be.
“Our partnership with Appolonia City and Rendeavour is designed to bring a high volume of quality affordable homes to the mortgage market, and we look forward to scaling our efforts once the first phase is complete.”
The launch of the event was held at the U.S. Embassy in Accra.
“I’m proud that, with the backing of American investors, Rendeavour and Ghana Home Loans will offer affordable residential opportunities that will make home ownership a reality for more Ghanaians,” said Robert Jackson, U.S. Ambassador to Ghana.
Deputy Minister for Works and Housing, Freda Prempeh, urged the developers to employ local products in the construction so as to drive down the cost of building and ultimately the cost of the uniits.
Appolonia City recently launched a 10-year mortgage plan on serviced plots with Ghana Home Loans and has rolled out other home financing packages to facilitate home ownership in the country.