Business News

Housing Ministry, APDC partner for upcoming sales in Renewed Hope Cities and Estates project

The Ministry of Housing and Urban Development is exploring a partnership with the Abuja Property Development Company (APDC) to manage the sale of houses that will be constructed under the recently launched Renewed Hope Cities and Estates programme.

This intention for partnership was unveiled by the Housing Minister, Ahmed Dangiwa, following a visit from the APDC’s delegation, led by Acting Managing Director Akeem Aderogba, to the Minister’s office. This development was disclosed in a statement found on the ministry’s website.

The minister highlighted the importance of exchanging knowledge with APDC, particularly in the context of selling the ministry’s substantial inventory of houses.

He expressed a keen interest in learning from APDC’s experiences, especially their strategies for selling houses and understanding market demand for various types of homes in the Federal Capital Territory (FCT).

Furthermore, the minister emphasized that drawing on APDC’s expertise was crucial and necessary, given the ministry’s first foray into selling a large volume of housing units.

He acknowledged that APDC’s well-established marketing department has successfully managed the sale of the company’s constructed houses to the public, presenting a valuable model for the ministry to consider.

Minister Dangiwa praised APDC for their robust and efficient management of facilities nationwide, acknowledging that APDC Homes are well-maintained. He requested that the company share their expertise in facility management with his staff to enhance their capabilities in this area.

Regarding the Renewed Hope Estates and Cities, Minister Dangiwa elaborated that the estates part of the programme is designed with a focus on catering to the housing needs of low and middle-income groups, many of whom belong to organized labour and unions.

He pointed out that the residential units being constructed within these Renewed Estates primarily include one to three-bedroom bungalows, strategically located across the six geo-political zones of the country.

The minister further detailed that the initiative of Renewed Hope Cities and Estates is targeted at mitigating social inequality by offering a wide spectrum of affordable housing options for both cities and estates. He emphasized that purchasing these homes could be facilitated through various means, including single-digit loans and mortgage facilities provided by the Federal Mortgage Bank of Nigeria, with the stipulation that prospective buyers must be contributors to the National Housing Fund (NHF).

Additionally, Minister Dangiwa highlighted other acquisition methods available to Nigerians, such as Rent-to-Own, outright purchase, and instalment plans, aside from the mortgage options.