The founder and CEO of Brookfield Group Holdings, Mr. Oluwaseun Olatunji, has announced plans to construct one million multi-family homes in Abuja, a significant endeavour aimed at addressing the housing deficit in Nigeria.
In a statement made available to newsmen in Abuja, Olatunji highlighted the long-awaited vision of Brookfield Group to support President Bola Ahmed Tinubu’s renewed hope agenda in Nigeria’s real estate sector.
He said, the project, which would be executed in partnership with the Federal Capital Development Authority (FCTA) under the leadership of its Minister, Nyesom Wike, would fast track the implementation process of developing the original Abuja master plan into an urban model city, would cost the sum of $16.2 billion.
Olatunji noted: “It is a well known fact that the housing crisis in the country now stands at 28 million deficit as of January-February this year. Meaning that if three or four people are to be living in a unit apartment, that means almost half of the country’s population is either homeless or struggling to have a roof over their heads.
“So as a real estate development and civil construction company, we have come to realise the importance of creating value in the industry through maximising residential units for potential occupancy and minimising costs of construction expenses in other to create affordable avenues for first, low and average income home buyers through private equity financing methods, while we make available up to 50 years mortgage loan.”
Olatunji stressed that as a corporate organisation, the company has resolved to invest and direct its operations to fully specialise in developing multi-family residential properties in Nigeria and Africa at large.
According to him, The first phase of the project will accommodate 450,000 multi-family residential apartment units, costing an average sum of about $16.2 billion through international bridge finance.
