Headlines for Property Express News
Government finalises negotiations with a private developer for redevelopment of Saglemi Housing Project
Ministry of Works and Housing to explore selling the incomplete Saglemi project to a private entity to finish and sell the units without further government investment
UK planning reform to get developers to build more houses
The stalled Saglemi Housing Project is on the brink of revival, as the government finalises negotiations with a private developer for its redevelopment.
This was disclosed by the Minister for Works and Housing, Kojo Oppong Nkrumah, during a press briefing in Accra on Monday, September 30, 2024.
The project is expected to be handed over within the next 14 days.
This development follows President Akufo-Addo’s approval of a negotiation framework with the successful bidder(s) after a request submitted by Minister Oppong Nkrumah last month.
The Saglemi Housing Project, initially aimed at delivering 5,000 affordable housing units, saw around $200 million of government funding but was halted after only 1,506 units were partially completed.
The unfinished development was deemed uninhabitable due to the absence of key infrastructure such as water, electricity, and sanitation.
A valuation by the Ghana Institute of Surveyors indicated that an additional $100 million would be required to complete the project—funding the government could not provide.
Minister Oppong Nkrumah explained that cabinet has instructed the Ministry of Works and Housing to explore selling the incomplete project to a private entity to finish and sell the units without further government investment.Negotiations are expected to conclude in the next 14 days.
Under the approved framework, the current value of work done on the Saglemi project will be treated as government equity, while the private developer’s cost to complete the units will represent their equity in a Special Purpose Vehicle (SPV) to be established.
Proceeds from the sale of the completed houses will be divided between the government and the private partner based on their equity stakes.
Two companies have been shortlisted for the final phase of negotiations: Quarm-LMI Consortium and Broll Ghana Ltd.
Mr Oppong Nkrumah’s statement comes as Ghana’s housing deficit stands at 1.8 million units, down from 2.8 million in 2010.
Isaac Dwimoh-Opoku, Managing Director of Orient Property Consulting, has called on graduate professionals entering the built environment to equip themselves with the skills needed for success in both corporate roles and service to their countries.
Speaking at the Real Estate Career Launch Pad 2024, organized in collaboration with the Royal Institution of Chartered Surveyors (RICS),
Dwimoh-Opoku emphasized the event’s aim to introduce young professionals to industry best practices, diverse career opportunities, and essential problem-solving skills.
The virtual event, attended by graduates from 17 universities in Ghana, is designed to prepare participants for fulfilling careers in the real estate sector.
For the past decade Wiltshire council has hit central government-imposed housing targets and built about 2,000 homes a year.
Now this rural region of south-west England is bracing itself for a housing revolution. Prime Minister Sir Keir Starmer has pledged to bust through the UK’s sclerotic planning system to “get Britain building again”, including by imposing tougher house building targets on local councils.
The ambition is bold, but in Wiltshire officials, councillors and builders say their new target of 3,476 homes a year — an increase of 81 per cent — is unrealistic without more far-reaching reforms than Labour has so far outlined.
Source : Joycelyn Marigold -African Property Magazine
