*Signs new $7.6m MoU for Onitsha GRA Extension Housing estate
In its drive to achieve mass affordable housing for her citizens, the Anambra State Government has signed Memorandum of Understanding (MoU) with another estate development and management company, Lake Petroleum for the building of an international housing estate in the Onitsha GRA Extension.
The MoU, according to a release by Kingsley Ezekwelu, has a total investment portfolio of Seven million, six hundred thousand dollars (US$7.6m) and would see the State government contribute the sum of $0.75 million while the investor is expected to bring $6.83 million.
The estate, named Divine Mercy International Housing Estate, covering about six (6) hectares of land will be built on a ‘sites and services’ structure and will include reclamation works, bridges, roads and drainages, portable water, service buildings amongst others.
While signing the MoU on behalf of the state, Gov Willie Obiano pointed out that the project is targeted through its Smart City compliments, to provide the commercial city of Onitsha with a desirable model for housing development.
He revealed that out of the eight (8) investments deals that his government has attracted so far in the area of real estate development, four are now fully on ground while others are at various stages of commencement.
He charged the investors to mobilize to site at once, assuring that his administration will meet its own side of the understanding.
The state chairman of Anambra State Investment Promotion and Protection Agency (ANSIPPA), Chief Joe-Billy Ekwunife said an outstanding benefit of the project is the reclamation of lands at the 3-3 area of the city already being threatened by erosion.
He revealed that the investor has submitted verifiable evidence of funds availability to undertake the project.
Disclosing their readiness to immediately commence work on the site, an Executive Director of the company, Barr Valentine Mbaji commended Gov Obiano’s general security model which according to him, has been attracting investors into the state on a steady basis.
He acknowledged that the creation of ANSIPPA has made investment processes in the less cumbersome.
The state Commissioner for Housing and Urban Development, Engr. Frank Offor noted that every MoU signed so far presents a unique landmark, noting that the project will provide the much-needed urban renewal for Onitsha.
Formal signing of the MoU documents by the Governor and the Investor, Chief Cletus Mbaji formed the highpoint of the event.
From Chuks Collins, Awka