PROPERTY Cowries Alliance commences N15bn housing project in Abuja

Cowries Alliance Nigeria Limited, a real estate development company, in collaboration with a developer, Unique Gold Alliance Limited, has begun construction of 1000 housing units in Abuja.

The project, which is situated in Gosa, along Nnamdi Azikiwe International Airport Expressway in Sabon Lugbe, is part of housing projects aimed at reducing the problem of accommodation in the Federal Capital Territory (FCT).

The Managing Director of the Cowries Alliance, Malam Sanusi Muhammad Inuwa, said in the partnership, Unique Gold Alliance is providing 35 hectares of land while Cowries Alliance is to fund the project. He added that Cowries Alliance recently entered into technical partnership with a European firm that provides technical support for mass housing construction.

He said, “Out of the 35 hectares, 15 hectares has been cleared while foundation for two blocks of 6 units has been completed.’’

Inuwa said the project, which is valued at N15 billion ($48m), has off-takers from the Federal Ministry of Finance, Civil Defence Corps, Agric Allied Workers Union and National Assembly Cooperatives which bided and issued an award letter of 250 units.

On his part, the Managing Director of the Unique Gold Alliance Ltd, Mr. Benjamin Esikalam, said the partnership would provide jobs for over 10,000 FCT residents and decent houses to the end users.

On the process of payment, he said the off-takers will pay 20 percent equity while the Federal Mortgage Bank of Nigeria will pay the 80 percent balance.

Esikalam explained that the project is expected to be completed in 30 months with infrastructure and that it is a mixed housing design.