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Society, German firm partner on affordable housing technology

Society, German firm partner on affordable housing technology

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Maureen Ihua-Maduenyi

The Perfection Real Estate Investors Cooperative Society is collaborating with a German firm, Ferrostaal Equipment Solutions Company, to bring a technology for fast building construction into Nigeria.

The President of the cooperative society, Mr. Niyi Adeleye, said the plan was to make homeownership and participation in the real estate industry more accessible to Nigerians.

“Our core purpose is to empower people and to provide solutions to the real human problems in the real estate sector of our economy, while our ultimate goal is financial freedom for each and every member through real estate wealth,” he stated.

Adeleye said in a bid to fulfil its mandate of homeownership for its members, the society met and partnered Betoniq Limited to provide affordable yet high quality housing based on a German precast concrete technology.

He explained that the partnership would also make it possible for members of the PREICS and their children to benefit from various trainings in building technology, Information Technology and agriculture.

The Managing Director, Perfection Betoniq Partnership, Dr. Eke Njoku, said both parties decided to come together and find a way of resolving housing problems for members.

He stated, “What we are trying to do is to use technology to solve housing problems. It is a brick concrete technology that is fast and durable. It is pre-fabricated and makes building construction fast and easy.

“The plan is to build a factory in Lagos; a small factory can help to construct over 5,000 houses yearly. Betoniq already has this technology and we are happy to be working with the cooperative society.”

The Head, Export Finance, Ferrostaal, Mr. Manuel Probst, said the technology was what the country needed to build fast and reduce its housing deficit.

Probst added that the German government was also supporting the funding of the initiative through subsidies.

“The machinery from Germany will enable you to build by yourself and will bring the cost of construction down. We hope to build not just one factory, but many factories to tackle the housing problem in the country,” he stated.

Adeleye added that a special purpose vehicle for delivering the mass housing scheme, known as Perfection Betoniq International Development Company Limited, had been fully incorporated.

He noted that arrangements were also ongoing for the funding and procurement of the equipment for the establishment of the factory.

According to him, the cooperative society’s partnership with its mortgage bankers and fund managers, Imperials Homes and Mortgages Limited, formerly known as GTHomes, has been concluded with a single digit interest rate of nine per cent on mortgage loans for members.

He said, “Our rent-to-own scheme will take effect immediately after our apartments are delivered in our housing estate locations in Ibeju Lekki, Festac Phase 2, Ikorodu and various other future locations.

“We are on a rescue mission to make homeownership more accessible. In view of the housing deficit, th|e government alone cannot provide housing, which is why all the initiatives seem like a drop of water in the ocean. We cannot keep expecting; we must take our destinies in our hands.”

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