Business News of 2014-06-25

Saglemi affordable housing project progressing

Work on the 5,000 housing units under the government’s affordable housing project at Saglemi in the Ningo District is progressing steadily.

The first batch of 200 housing units is scheduled to be ready by the end of this year.

Under phase one of the project, 1,500 housing units are scheduled to be completed by March 2016.

It costs $200 million and comprises single, double and three bedroom apartments measuring between 60 and 90 square metres.

The project is part of the government’s intervention at addressing the current 1.7 million housing deficit.

The Parliamentary Select committees on Finance and Works and Housing visited the construction site at Saglemi to inspect the progress of work on Monday.

The Deputy Minister of Water Resources, Works and Housing, Mr Samson Ahi told the Daily Graphic after the inspection tour that Parliament approved a loan of $200 million for the project in 2012.

According to him, upon completion, the houses would be made available for mortgaging.

“Thirty thousand Ghanaians, including the under middle-income class are to benefit from the Saglemi affordable housing project to be completed in phases,” he added.

Affordability Assured

Mr Ahi said the project, which was at the foundation stage, upon completion would be sold to the Ghana Home Loans Company for onward sale to the target group.

He, however, gave an assurance that the government was putting in place measures to ensure that the houses were affordable as promised.

“Affordability is relative but we will ensure that measures are taken to ensure that those below the middle-income class are given the opportunity to buy through a flexibly monitored mortgaging scheme over a long and reasonable period of time,” he added.

According to him, based on the laws of Ghana, not more than 30 per cent of a worker’s salary could be used to pay for a loan on a monthly basis.

The Project Manager, Valdii Pary Acatauassu, said the other phases of the project would begin immediately after the completion of phase one.

Source: graphic.com.gh
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