The Lagos State Government has signed a Memorandum of Understanding with Brains and Hammers Limited to develop 618 housing units worth N10bn in the Iganmu area of Lagos.
The government explained that as part of the terms of the MoU, it would provide 14 hectares of land for the project, while the firm would provide the needed finance and expertise to develop the estate, christened ‘Jubilee Estate.’
The Commissioner for Housing, Prince Gbolahan Lawal, at the signing of the MoU in Alausa, Ikeja, said the state was poised for the delivery of housing units through private estate developers.
According to him, the housing deficit in Lagos stood at three million and to bridge the gap, about 200,000 housing units would be delivered annually in the next five years.
He explained that government alone could not deliver the required housing units.
He said, “Jubilee Estate will be developed on 14 hectares of land in the Iganmu area and will encompass a total of 618 housing units, made up of 96 two-bedroomed flats, 414 three-bedroomed flats and 108 four-bedroomed terraced houses. The development will also have commercial spaces, recreational areas and sporting facilities, water sewage treatment plant, power generation plant and landscaped areas.”
Lawal disclosed that the project would create 3,590 direct jobs and 7,000 indirect jobs for Lagosians in the informal sector, adding that the investors was committing over N10bn to the project.
Chief Operating Officer, Brains and Hammers Limited, Ibrahim Wushishi, said the 618 housing units would be delivered in three phases, adding that the challenge in the area was its waterlog and swampy terrain.
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