The Chairman, Sparklight Property Development Company, Chief Olutoyin Adeyinka, has said the government can transform the country by partnering developers in real estate to reduce housing deficit and create employment.
Adeyinka said this at the inauguration of Sparklight Grace Court Estate, Ikota, Lagos.
He said the firm had been creating employment through its housing development by sourcing building materials from local partners as well as its sister company.
“This will further provide enormous employment for the teeming youths of this nation. We are committed in using all within our disposal to develop more of better affordable housing for all categories of the working class of our nation,” he said.
He said the firm had been targeting the younger generation by providing affordable houses of one-bedroom apartments with flexible and convenient payment plans using mortgage.
Adeyinka said the Federal Mortgage Bank of Nigeria had been supporting Sparklight , adding that “the government needs to do more to partner with serious estate developers using articulated methods.”
He said this model would further create employment opportunities for Nigerians and further push down the housing stock.
He said the inauguration of the estate was strategically important to Sparklight as it was a total deviation from the traditional affordable housing project.
Adeyinka said Grace Court Estate had been designed with modern facilities including a central sewage system, paved roads, electricity with renewable energy options and water treatment plant among others.
The unveiling of the 100 units of two and three-bedroom apartments and four-bedroom duplexes was done by the Chairman, FMBN, Dr. Adewale Adeeyo, who was represented by the Zonal Director, Lagos, and Ogun, Mr. Simeon Agada.
Adeeyo described Sparklight as a worthy partner, adding, “We look forward to the viable partnerships with other developers to make affordable and decent housing where our people can live and be proud. We already have a housing deficit of about 17 million; so we are open to business.
“Nigerians need affordable houses with flexible payment plans; our doors are open for any serious developer that meets our requirement.
“Our interest rate is the lowest in Nigeria at six percent. Affordable housing is affected by inflation just like every other item. So, it is important that developers should have an alternative source of materials to lessen the cost of building these apartments.”
He stated that using local content would further push down the end cost of houses.