Mr. Richard Uwagie, MD, Kingdom Realties
By Crusoe Osagie
Kingdom Realties Limited has offered to develop estates owned by employee cooperative societies across the country interest-free.
The company said it took the decision in order to help reduce the housing deficit in the country and also gave assurances that beneficiaries of the unique opportunity would be able to move into their properties within just three months of project commencement.
Disclosing this in Lagos, the Chief Executive Officer of the company, Mr. Richard Uwagie, said after meeting with cooperative heads across the country at various fora on creative ways to providing affordable homes for co-operative members, the company decided to proffer the unique strategic solution to the challenge of housing faced by most junior staff of establishments across the country.
“Most co-operatives have acquired landed properties which have been allocated to their members, what members need now is not another land but a decent home on the property, unfortunately most members cannot afford the lump sum to build on their allotted lands,” he said.
He explained that these members who are now land-owners cannot afford borrowing because banks would not lend them all the funds needed or the interest payable is usually too heavy for their salaries to carry.
He also pointed out that the few who would have loved to go for loan facility against all odds are endlessly awaiting the proper land documentations which are usually a slow process, hence may not get the requested facility because banks will request for complete land documentation.
According to him, “employees’ cooperative members will welcome any structure put in place that will provide a roof over their heads now and repay from their salaries conveniently for as long as their salaries can carry.
“To this end, Kingdom Realities Ltd has put a structure in place that will help every member own a home they can move into within three months of contract approval. And the home owners can pay interest-free over a period of up to 15years .Where every member will contribute between 25-45 per cent equity and even nothing and pay instalment over 15 years of as low as N12, 950k/month.”
Uwagie stated that the company, in line with the Federal Government’s Transformation agenda, has the vision to provide two million functional homes/ housing units for two million families and over 10 million people by 2022.
“Our strategy is to construct the houses on the cooperatives members’ allotted plots to an 85 per cent completion stage. The 85 per cent stage will be a bungalow on their plot of land that will be immediately habitable,” he said.
He explained that the 85 per cent will include lay and complete foundation for a three-bedroom bungalow, with the master bedroom, a large living room, a dinning, a kitchen and a second bed room, roofed, finished and furnished with electrical and plumbing fixtures, and the keys handed over to the owner, while the remaining part of the foundation will bear one other room (en suite).
He said since the foundation was already constructed, owners would need just little fund to erect the wall and roof of the extra one room for the expansion.
“The two-bedroom bungalow can now be expanded later by owners at their convenience and time to a full large three-bedroom all en suite bungalow. This strategy affords members the opportunity to own their own two bedroom bungalow fully completed and painted at an affordable cost,” he said.
He said that this strategy affords them to also own their homes that will keep appreciating in value even while still paying for it; in this option the home owner commits nothing in the ownership except the land.