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Union Homes acquires Odonla Estate for NHF contributors
By Steve Omolale
Head,
Property and Environment,
Lagos
Contributors to the
National Housing Fund (NHF), who are using the Union Homes Savings and Loans
Limited, a subsidiary of Union Bank of Nigeria Plc., have a new set of flats to
choose from, courtesy of the primary mortgage institution (PMI).
Union Homes has acquired
about 372 flats at the Odonla Estate, Ikorodu, Lagos, for contributors to the fund, as a way of
making it easier for them to own homes of their choice. The estate was
developed and completed by the Lagos State Development and Property Corporation
(LSDPC) last year.
The decision, according
to sources, was in continuation of the programmes of Union Homes not only to
grant loans to NHF contributors, but also to make it easier for them to buy
into government and privately developed estates. Union Homes is one of the PMI
where NHF contributors can access mortgage loans. The repayment of such loans
can be stretched over a period of 30 years, depending on the length of service
of the beneficiary. The maximum loan obtainable under the scheme is N5 million,
while interest rate is fixed at six per cent per annum.
Odonla Estate is one of the estates where the
firm has so far acquired flats for its customers. It was acquired at N456
million. Others where it has acquired some units of homes and the amounts it
spent are: Park View Estate, Ikoyi, N135 million in 2002; Victoria Island, N295
million; and Central Lagos, N297 million.
The Odonla flats
comprise of 132 two-bedroom and 240 three-bedroom.
They are in blocks of
two-storey buildings with facilities such as tarred roads, water from the Lagos
State Water Corporation (LSWC) mini-water works, boundary fencing, green areas
and 24-hour security service.
The estate was built on
a virgin land on the outskirts of Ikorodu and was one of the multi-million
naira projects executed by the LSDPC last year.
While our source said
the price for two-bedroom flat is N2.3 million each, the three-bedroom flat
costs N2.8 million each.
The source explained
that the flats were acquired for the low and medium income contributors to the
NHF. Others in Park View and other estates on the Island were bought for the
high-income group.
It added that the PMI
would continue to satisfy all categories of NHF contributors, as it also gives
loans to intending homeowners on commercial basis.
Saying Union Homes and
Savings Limited is the largest provider of funds to both the home developers
and intending owners, the source added that the firm “will continue to
provide funds for the development of the real estate sector of the economy, as
this is the only way many Nigerians can own their own homes.”
It also spoke of the
intention of Union Homes and Savings Limited to go into direct building of
houses very soon, away from the current situation where it has and is still
financing several estate projects.
Among the projects are: LSDPC Owutu, and Palmview Estates in
Ikorodu and Oko-Oba, Lagos, respectively; Oniru Private Estate, Victoria
Island, Lagos; Snecou Prince and Princess Estate, Abuja; Efab City Estate,
Mbora District, Abuja; Abia State Housing Estate, Umuahia; and Nnamdi
Azikwe/Alli Balogun Shopping Complex, Lagos Island.
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