TUC, developer to build 100,000 housing units
The Trade Union Congress, in partnership with a private developer, Rock of Ages Properties Limited, has unveiled plans to develop 100,000 housing units for members of the union across the country.
The President, TUC, Mr. Bala Kaigama, said the initiative was motivated by the need to provide affordable houses for the members.
A statement made available by Rock of Ages stated that Kaigama spoke during the inspection of the first cluster of 5,000 houses in the Rock City Estate, Lugbe, Abuja.
Kaigama was quoted as saying that the project would be supported by the Federal Mortgage Bank of Nigeria and that members of the public who subscribed to the National Housing Fund could also benefit.
“We have taken up the challenge of providing affordable houses for our members. We are witnessing the ground-breaking of the first phase, which is going to cover 5,000 houses until we move to other phases. It was a promise during my campaign for the leadership of the TUC,” he said.
According to the statement, the proposed housing units include two and three-bedroom apartments, three and four-bedroom terrace duplexes as well as four-bedroom semi-detached duplexes and five-bedroom fully detached duplexes.
The Executive Director, Rock of Ages Properties Limited, Mr. Adike Chux, noted that the housing scheme was designed to bypass the traditional method of saving up millions of naira before one could buy a house.
“With your equity contribution of between 20 and 30 per cent, depending on the house type and price, you can move into your house and the balance paid over 30 years via mortgage,” he was quoted as saying.
Chux added that private business owners who did not subscribe to the NHF could also contribute between 30 per cent and 40 per cent equity and pay the balance in one to three years.
According to the statement, the first phase of the project, which will cover 100 hectares of land out of the 443 hectares allocated for the purpose, is expected to be completed in the next 12 months.
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