Schemelink Properties Limited

affordable housing

A developer supports the Lagos government’s idea for affordable housing.

A private developer, has endorsed the Lagos State Government’s plans to expand the provision of affordable housing by constructing six new man-made islands for residential purposes.

The company, which is a subsidiary of Aimart International Nigeria Limited, is accelerating efforts to close a gap in the state’s affordable housing market. According to the administration, the new vision is aimed at relieving housing issues as well as eliminating housing deficits.

Affordability continues to be a major limiting factor to home ownership at the bottom of the income pyramid in Nigeria. The Federal Mortgage Bank of Nigeria (FMBN) is the most affordable housing finance window in the country. The pandemic has significantly affected the supply of housing as the construction sector was not considered an essential one during the lockdown. The Central Bank of Nigeria has since intervened through the creation of a fund that targets developers in support of housing construction. Various State Governments are undertaking rent to own schemes to provide housing for local citizens. 

The Nigerian Mortgage Refinance Company (NMRC) has been advocating for the adoption of the Model Mortgage Foreclosure Law by State Governments to support the regulatory environment. There are several opportunities to support the growth of Nigeria’s affordable housing sector. This includes continued partnerships by private and public stakeholders in the sector to drive and advance the affordable housing agenda.  In addition as part of the ESP, there is significant scope to support the local manufacturing and building materials industry to stimulate housing delivery and job opportunities for local artisans and built environment professionals.

Aimart intends to launch a new project dubbed “Affordable Homes Scheme” to complement the state government’s various housing schemes aimed at resolving the state’s seemingly intractable housing problems.

The schemes proposed are located across the state. They include Intercontinental Park (Ibeju-Lekki); Diamond Park (Agbara); Palms Park (Badagry) and Sunshine Park (Ikorodu)

This was disclosed by the company’s Managing Director, Mrs. Bukola Iluyomade, when she addressed new interns in her office. The interns are fresh graduates being groomed by the company to work in the real estate industry.

According to Iluyomade, investors must understand the Lagos State Government’s vision for providing affordable housing. She stated that the company had created a people-focused and solution-oriented program that ensures residents have the opportunity to own homes through mortgage financing that is both affordable and in line with current comfort and style trends.

She explained that Aimart Affordable Homes Scheme is targeted at low and medium-income earners and ensuring that dreams of home ownership is not considered out of reach. “These homes are developed to meet modern designs, provide proper neighbourhood planning with up-to-date facilities and proper management to ensure homes and facilities are maintained, serve purposes of shelter, comfort, security and societal bearing.

“These homes are designed to meet modern architectural standards both in quality and style, have an appeal that cuts across all classes and demography. The housing type includes blocks of flats, ranging from one-bedroom to three-bedroom flats and terrace bungalows.

Subscribers are part of a community that shares the same dreams of home ownership, according to the company. Each home is constructed using Aimart boards, which are locally re-enforced materials with environmentally friendly features.

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