Shelter Afrique to Spend N3.3 billion on CMB’s Pearl Nuga Court Estate
Real estate developers are increasingly looking at getting off-shore funds for their projects, considering the unsteady financing environment in the country presently. Besides, these funds are cheaper and available. This is a reason CMB Building Maintenan
Real estate developers are increasingly looking at getting off-shore funds for their projects, considering the unsteady financing environment in the country presently.
Shelter Afrique will provide N3.3 billion for the development of an exquisite property, Pearl Nuga Court Estate, promoted by CMB Building Maintenance & Investment Company Limited, a frontline Real Estate Development Company in the country with over 12 years’ experience in real estate development.
Shelter Afrique (SAf), also known as Company for Habitat and Housing in Africa, is a pan-African finance institution created to exclusively support the development of the African real estate and housing sector.
Through its strategic partnerships, Shelter Afrique offers products and related services, which support the efficient delivery of commercial real estate and affordable housing.
Shelter Afrique has been in operation for over 30 years and is in partnership with 44 African Governments, the African Development Bank (AfDB) and the Africa Reinsurance Company.
According to the Managing Director/CEO of CMB, Mr. Kelechukwu Mbagwu, the recent strategic partnership between his company and Shelter Afrique was a huge step in the right direction because it keys directly into the vision of providing affordable housing for people in Nigeria. CMB’s partnership with Shelter Afrique, he said would ensure the speedy delivery of Pearl Nuga Court Estate as well as provide mortgage facilities for prospective home buyers.
Mbagwu said CMB has taken the lead in the argument for private sector participation in governmental plans and policies, because he believes the private sector has a most strategic role to play in ensuring the housing deficit was reduced to its barest minimum.
He said, “The fundamentals of the real estate sector remains strong and healthy despite the economic troubles of last year,” and also sought “the Federal Government’s backing in creating and enforcing policies and laws that ensure the private sector development thrives through financial capitalisations and easily accessible construction finance.”
Recently, the Minister of Power, Works and Housing, Babatunde Raji Fasola (SAN) stated that “the Federal Government will lead the aggressive intervention to increase housing supply, by undertaking construction of public housing and formulating policies that will invariably lead to private sector participation and ownership in order to reduce our housing deficit.”
He also recently revealed that there would be change in the policy direction of the Federal Government in the real estate sector.
The 2016 budget, he said would make provision for the Federal Government to spend N10 billion on low income housing in each of the states of the federation and in the Federal Capital Territory.