Business News of 2014-08-01

Work on affordable housing progresses

The Social Security and National Insurance Trust (SSNIT) says it is hopeful that ongoing works on government’s affordable housing project at Borteyman will take at least 18 months to complete.

The project, made up of 1,536 apartments at various stages of completion, was handed over to SSNIT by government after it was abandoned due to financial difficulties.

Located off the Tema Motorway, the development consists of 104 blocks and has 744 single bedroom apartments and 792 two-bedroom apartments.

Upon completion, the houses will be made available to the public for outright purchase or acquisition through mortgage financing, Evangeline Amegashie, Corporate Affairs Manager of SSNIT, said as she conducted journalists around the project site in Accra.

The Borteyman project is part of some 4,700 uncompleted housing units located nationwide handed over to SSNIT in March for completion.

According to Ms. Amegashie, the price of the housing units is yet to be determined, although she maintained that it will not be over-the-top in order not to defeat the principle of providing affordable accommodation to workers.

The SSNIT board has already approved GH¢195 million for the completion of the Borteyman project.

Thirty-seven contractors are currently working on the Borteyman site, and Ms. Amegashie said another 20 contracts are to be awarded to hasten the progress of the project.

When the team of journalists got to the site, workers were busy putting finishing touches to some of the buildings -- which come in four storeys.

The Project Engineer at Borteyman, Joseph Allotey Kofi, said roads, drains, water, electricity, a central sewage system and other social amenities will be provided.

The affordable housing project was government’s response the yawning housing deficit estimated to be close to two million units.

Source: B&FT
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