The Lagos State Government on Wednesday said its joint venture partnership in housing development across the state will deliver 14,187 housing units in the next two years. Commissioner for Housing, Prince Gbolahan Lawal who disclosed this at a ministerial press conference in Alausa, Lagos, said the joint venture partnership is under its housing programme tagged: Lagos Affordable Public Housing (LAPH) initiative introduced by the government to inject private funds into the provision of houses to enable the state bridge the gap in the housing deficit, which is put at three million.
He said by this initiative, the state intended to provide 20,000 housing units over a period of four years spanning 2017-2020.
“This initiative is implemented through a Joint Venture arrangement between the State and the private investor/Joint Venture Partner. Under this initiative, the State provides land, the documentation in terms of permits, approvals, registration of documents and stamping as its own contribution to the Joint Venture while the Joint Venture Partner provides funds and construction expertise as its contribution.
“In line with the investment policy of LASG and for the purpose of creating an investment data base, title to the project site is vested in IBILE Holdings Limited, the investment agency of the state government which will in turn grant a deed of sublease of the unexpired residue of its interest to the Special Purpose Vehicle/Project Company to be incorporated for the purpose of execution and management of the project,” he said.
According to him, the Special Purpose Vehicle (SPV)/Project Company is made up of both parties and that the shareholding would be based on the value of the equity contribution of the parties.
Under the joint venture arrangement, Gbolahan said 14,187 housing units would be delivered very soon, adding that the Ikota and Ogmbo scheme would deliver 3,300 housing units, being developed by Multi-Purpose Infrastructure Development Construction Limited, while the Ibeshe and Owutu scheme that would deliver 3,000 housing units was being developed by Affordable Mass Housing Company Limited.”