Frontline real estate development company – CMB Building Maintenance and Investment Company Limited has sealed a N3.3billion deal with the pan-African finance institution, Shelter Afrique (SAF) to ensure the speedy delivery of Pearl Nuga Court Estate as well as provide mortgage facilities for the off takers.
The firm with over 12 years experience in the field of real estate development secured the strategic partnership as part of SAF’s support to the development of the African real estate and housing sector.
Through its strategic partnerships, the continental organisation offers products and related services, which support the efficient delivery of commercial real estate and affordable housing.
Shelter Afrique has been in operation for over 30 years and is in partnership with 44 African Governments, the African Development Bank (AFDB) and the Africa Reinsurance Company.
The Minister of Power, Works and Housing, Babatunde Raji Fasola (in his inaugural ministerial press briefing stated that “the Federal Government will lead the aggressive intervention to increase housing supply, by undertaking construction of public housing and formulating policies that will invariably lead to private sector participation and ownership in order to reduce our housing deficit”.
He also recently revealed that there would be change in the policy direction of the Buhari’s administration in the real estate sector. He mentioned that the 2016 budget would make provision for the Federal Government to spend N10 billion on low income housing in each of the state of the federation and the Federal Capital Territory.
According to senior officials of CMB Building Maintenance and Investment Company Limited, the partnership with Shelter Afrique is a huge step in the right direction as it keys directly into the vision of providing affordable housing for the Nigerian populace.
The Managing Director / CEO of CMB, Mr. Kelechukwu Mbagwu, said, CMB has taken the mantle in this drive for private sector participation in governmental plans and policies.
He believes that the private sector has the most strategic role to play in ensuring the housing deficit is reduced to its barest minimum.
Mbagwu noted that the fundamentals of the real estate sector remains strong and healthy despite the economic troubles of last year and also seeks the Federal Government’s backing in creating and enforcing policies and laws that ensure the private sector development thrives through financial capitalizations and easily accessible construction finance.
