Business News of Tuesday, 14 November 2017
Source: Appolonia City
His Excellency President Nana Akufo-Addo led the ceremonial ground-breaking of the first phase of a 2,000-unit affordable housing project financed by Ghana Home Loans at Appolonia City, Accra’s new city development.
The multi-million dollar pilot project on six acres of land at Appolonia City will hold a community of 100 semi-detacheds, detached and terraced units.
Due for completion within 18 months, the development is a partnership between Ghana Home Loans, the country’s leading mortgage finance provider, and Appolonia City, Greater Accra’s new city.
“Appolonia City is a laudable initiative and I want to encourage others to emulate. I’m happy to note that the Appolonia community is a shareholder in the project.” said President Akufo-Addo. “The Government I lead is a national cheer leader of the private sector and we should do all we can to provide an enabling environment.”
The partnership brings together Ghana Home Loans, which is backed by the Abraaj Group, local promoters, with the International Finance Corporation (IFC) and, the Overseas Private Investment Corporation (OPIC), and Rendeavour, the developer of Appolonia City, which is a unique partnership between the Chiefs, elders and community of the Appolonia stool.
“Appolonia City has a vision to provide superior urban infrastructure, housing and places of work for the people of Ghana,” said Stephen Jennings, Founder and CEO of Rendeavour. “This housing project is a major part of fulfilling that vision.”
The housing 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.
Ghana Home Loans will provide flexible financing solutions to enable Ghanaians to acquire their dream homes.
Commenting at the ceremony, Mr. Dominic Adu, CEO of Ghana Home Loans said, “Today’s ground breaking is the beginning of a new era in the real estate industry as well as the evolution of the Ghana Home Loans business model. Our business is committed to fostering the right partnership to help people achieve their life-long goal of home ownership and this is why we are proud to be backing this project.’’
The event was attended by dignitaries from government, the diplomatic corps and key stakeholders from the Ghanaian private sector.
“I want to congratulate Rendeavour for its dedication in making the Appolonia City development a reality,” said U.S. Ambassador to Ghana Robert Jackson, speaking at the event. “As Ambassador, one of my priorities is to deepen our commercial engagement in ways that benefit both Ghanaians and Americans. This project does just that. It is an investment in Ghana’s future.”
About Ghana Home Loans (www.ghanahomeloans.com)
Ghana Home Loans is a home finance institution which operates under Bank of Ghana supervision as a non-bank financial institution.
Ghana Home Loans is a home finance institution operating under Bank of Ghana supervision as a non-bank financial institution.
Ghana Home Loans is majority owned by the Abraaj Group, a global private equity institution with over $10 billion of assets under management.
International financial institutions such as Shelter Afrique, Ghana International Bank, EBID, FMO, DEG, Proparco, IFC, and the U.S. government’s Overseas Private Investment Corporation have provided financing to Ghana Home Loans.
Since its inception, Ghana Home Loans has disbursed loans in excess of $150 million through its housing products including Home Purchase Mortgages, Home Equity Mortgages, Home Completion Mortgages and Home Construction Mortgages.
Ghana Home Loans has received all the requisite approvals from Bank of Ghana to become a universal bank and will be known as GHL Bank. The Bank will commence operations in December 2017.
About Appolonia City (www.appolonia.com.gh)
Appolonia City is a 2,325-acre (941-hectare) mixed-use and mixed-income urban development just
20km from the centre of Accra.
The project includes a variety of social infrastructure underpinned by world-class construction and estate management services. Residential sales with a range of financing options are available by purchasing a plot to build your own house in Nova Ridge or an existing home at the Oxford development.
Appolonia Business Park offers 70 acres (30 hectares) of modern commercial areas. The park is designed to accommodate a range of uses including manufacturing, processing, storage, logistics and service companies.