Rivers’ N26b Golf estate gets July delivery date
One of Africa’s leading property development firms – TAF Nigeria Homes Limited has announced plans to end its mixed use development in Rivers State in July.
The scheme known as Golf Estate is located on 38 hectares of land provided by the government of Rivers State and situated at Peter Odili Road, Trans Amadi, Port Harcourt, Rivers State, will at least house a total number of 720 families.
Already about 200 families are occupying houses in the estate built with prefabricated fully-fitted steel, which construction cost soared from N12.1 billion to N26 billion recently.
Coming under a joint ven ture between Government of River state and Taf Nigeria Homes, the project christened The developer signed a joint agreement with the Rivers State Government in December 2012. Works started on site in March 2013.
On completion, the estate will boost of 200 two bedroom apartments, 408 three bedroom apartment, 30 three bedroom town/ Terrace House, 32 four Bedroom Town/ Terrace House, 10 four Bedroom Villa/Duplex, 21 five Bedroom Villa/ Duplex.
Senior officials of the company disclosed that work on the retail and shopping mall, and nine hole Golf course will commence in earnest. Construction work on the recreational facilities and four and five bedroom luxury villas are on-going.
Among the amenities in the estate are central water sewage and power supply. The estate will also have 24-hour electricity and water supply, round the clock security (gated community), Garbage collection and maintenance of streets and public areas.
Chief Executive Officer of the firm, Mr. Mustapha Njie also explained that the joint venture agreement gives government a stake in the project, adding that the decision to venture into the Nigeria market was motivated by the huge housing gap in the country.
Speaking recently in Port Harcourt, he disclosed that all the houses are sold out and the company would complete all the units in July. “Then, we will have 800 units ready.”
He said: “What we have done is to instill confidence on the investors. Periodically or every end of the month, we invite our clients to come and see the level of construction. This started when we cleared the site.
“We thank our clients because they built a lot of confidence on us. Today, we are seeing 25 per cent to 30 per cent capital appreciation in the prices in about one year. We started our two bedroom apartments being sold at about N12 million, today, its N20 million. The three bedroom was sold at N19 million, now it’s N30million. Town houses was sold at N35 million, the market price is now N65 million. Villas are being resold at N85 million, from N65 million.”
The Gambian expressed confidence on the pedigree of indigenous contractors who are assisting him to achieve his desired technology and system.
“I have eight of them, we decided to eliminate all the loopholes. We give them advance payments. Now, I have about 25 local contractors, all Nigerians on the site. None of them have ever taken away my one Kobo. Today, what we have paid cumulatively is N5 billion to the contractors on the first phase. We have not had any issue at all.
“We on the stage that Africa will be taking the lead in the construction sector. Our type of construction is home grown. When I called them in, I took 40 contractors to Gambia and schooled them on the right technology for the project. They came back very confident. We have been able to change their attitude, developed their technical, managerial capacity and in terms of equipment and materials. We bought them mixers, which them paid up in four months. It is very key in a project like this.
“It’s very rough staying in Nigeria. It is about leaving a legacy, which we have done now. We have raised the bar for anybody doing real estate here. I pray that when we exit, the contractors will continue with the technology in Nigeria.”
He called on other state governments to emulate the model of public – private partnership nurtured between both parties. “We have only the Bureau for Public Procurement as our channel of communication. No government official interferes with what we are doing.”
Njie advised the Federal Government to adopt the prefab steel technology in its proposed 10,000 houses as it will easy accommodation problems in the country. “ It is the way forward for housing development in Africa.”
He explained that the foundation for the villas and golf course in Phase III will start in two weeks time. Njie added that variation in the cost of construction was as a result of the market realities and inflation in the building materials market, especially custom duty on imported materials. “We expected a concession from the Federal government, we were not given any concession.
No Comments yet