SuCasa Properties, a leading real estate company in Ghana, has commissioned the first phase of its O’Grantson Communities located at East Legon Hills in Accra as part of efforts to reduce Ghana’s housing deficit.

Christened No. 1 O’Grantson Communities, the luxury housing settlement is the first of four similar projects that are being constructed by SuCasa and its partners.

The No. 1 O’Grantson Communities has 17 modern townhouses comprising three four-bedroom houses and 14 three-bedroom houses. A three-bedroom house at the project retails at GHS560,000 while a four-bedroom house goes for GHS840,000.

Commissioning

Housing Minister Commission’s Sucasa’s

O’Grantson Communities

Speaking at the commissioning ceremony today, SuCasa’s Chief Executive Officer, Michael O’Grantson-Agyapong, described the No. 1 O’Grantson Communities as a symbol of affordable luxury at its price point.

Mr O’Grantson-Agyapong further disclosed that a total of four similar communities are expected to be completed by his outfit this year as part of efforts to reduce Ghana’s housing deficit.

He said the second phase of the project christened No. 2 O’Grantson Communities (55 units) was on schedule to be commissioned in April while the No. 3 O’Grantson Communities (816 units including malls and cinemas) and the No. 4 O’Grantson Communities located at Ayi Mensah would be completed later in the year.

“We have four of the O’Grantson Communities but there are going to be more of them to follow and most of them are going to be much bigger than this,” Mr O’Grantson-Agyapong said.

“A lot of people when they hear the price points expect to see something sub-standard but you come here and you will see what we have. It’s luxury and affordable at the same time and its all quoted in cedis,” he said in an interview.

Commendation

In an address, the Executive Secretary of the Ghana Real Estate Developers Association (GREDA), Samuel Amegayibor, commended SuCasa for contributing significantly to the national housing stock and completing the project amid the ongoing national economic challenges.

He also commended the government for passing laws to boost the real estate sector by passing laws such as the Land Act, the Real Estate Agency Act and the revised Anti-Money-laundering act.

However, Mr Amegayibor urged the Minister of Works and Housing, Francis Asenso-Boakye to work towards the passage of the Condominium Bill and the establishment of the National Housing Authority to regulate the practice of real estate developers.

He said the presence of a single regulator would root out charlatans operating in the sector.

Partnership

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The Minister of Works and Housing, Francis Asenso-Boakye said the launch of the project was confirmation that “the desired environment is being created by Government to attract private sector investments into the housing sector”.

He said in order to close the existing housing deficit of 1.8 million housing units and deliver efficient public infrastructure and services to the good people of Ghana, it was the policy of the government to adopt Public-Private Partnerships (PPPs) as a means of leveraging private sector resources, experiences and expertise to achieve our desired objectives.

“Government recognizes the importance of investing in this industry, as it holds the key to the sustainable development of our dear country. Indeed, the industry contributes to our country’s socio-economic development by providing significant employment opportunities for both skilled and non-skilled workers.

He urged all private-sector developers to study the SuCasa model which takes into consideration a comprehensive planning concept that provides for a self-sustainable community that provides relevant social amenities, including a police post, healthcare facilities, shopping and recreational centres, amongst others.

“I am particularly happy to learn that the company endeavours to transact business also in the Ghana Cedi, which has enormous benefits for our local economy and also ensures compliance with regulations of the Bank of Ghana”.

Laws to address housing issues

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Mr Asenso-Boakye said in line with the transformation agenda of President, Nana Addo Dankwa Akufo-Addo for infrastructure development in the country, the Ministry of Works and Housing, had initiated the process to establish the Ghana Housing Authority, which will have the mandate to regulate, plan and manage housing developments in Ghana, in collaboration with private sector developers.

He added that the Rent Act, 1963 (Act 220) which was passed by Parliament 60 years ago had outlived its relevance and was currently undergoing an extensive review to reflect modern trends and dynamics in the housing sector.

“The reform of the existing legislation will, among others, remove inherent constraints and bottlenecks on housing supply, maintain the protection it offers low-income and vulnerable tenants from abuse and arbitrary actions, especially from homeowners, and offer incentives which will stimulate private sector investment.

The Minister mentioned that as part of efforts to address the affordability and accessibility challenges of the rental housing market, the government after a series of broad stakeholder engagements launched the National Rental Assistance Scheme (NRAS) last month.

He said the implementation of the Scheme was in response to wide public outcry against the payment of years of rent advance, which had become a challenge confronting citizens.

“Apart from the above mechanisms, which are meant to streamline the activities of industry players, whilst at the same time ensuring professionalism, the Ministry is in constant engagements with indigenous, as well as foreign partners and developers, including SUCASA, on possible collaborations to reduce the national housing deficit”.