Sterling Bank Finances Medium Income Housing in Lagos

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Sterling Bank is providing financial partnership to a residential housing project being developed by the Lagos State Government in collaboration with a private developer. Bennett Oghifo reports

The housing project, known as Sterling Court Development, is a Pubic Private Partnership development with Lagos State Government under Agboyi-Ketu Local Council Development Area. The housing project, being built in financial partnership with Sterling Bank Plc, is designed to address the acute housing shortage being experienced in the nation, particularly in Lagos State with a population that grows geometrically, said officials of the bank.

According to the Group Head, non-interest banking, Sterling Bank Plc, Dr. Bashir Oshodi, “the bank’s involvement as the first client and financiers of the development is therefore borne out of Sterling Bank’s culture of community engagement and promotion of a sustainable society by enriching lives.”

Sterling Court, conceptualised by the concessionaires in 2009, is a residential development with site location at Ajelogo Housing Scheme, Alapere, Lagos. It consists of contemporary designed apartment building, modern terraces and duplexes, aimed at meeting accommodation needs of medium income families.

Sterling Bank Plc is the project’s financial partner and also its first client, he said, “Sterling Bank is a full service national commercial bank and high quality financial service provider committed to enhancing stakeholders’ value.”

Oshodi, a specialist in development economics, banking and finance and integral research methodologies, said; “apart from my personal goal, which is to use integral development approach to drive poverty reduction strategies especially in developing countries, Sterling Bank has strong passion for excellence and no doubt, the project will be of immense benefit to medium income families with satisfactory facilities provided at very moderate cost.”
The project’s scope includes construction of 40 blocks of 320 units, starting with 26 blocks of 116 units as first phase in the year 2017. The construction methodology involves both mechanical and traditional approach where different foundation types would be employed to ensure structural stability of the superstructure. These are; cellular raft foundation, conventional raft and pad foundation, according to the company’s officials.

The Estate has been designed to provide energy for self-sustainability, adequate parking spaces, 24hrs security, excellent road network, and good central sewage disposal system.

The Developer, OKB & Associates Limited is a progressive real estate development company, which vision is driven by an energetic team with sole aim of providing one-stop construction solution to its clientele across the world with Nigeria as the foundation, said the Chief Executive Officer, OKB & Associates, Mr. Owolabi Kola-Balogun.

He said Sterling Court intends to create a world adaptable to urban commercialisation, where clients live life in style and learn to embrace life’s true pleasures within their budget range. “Population growth in metropolitan Lagos,” Kola-Balogun said, “has assumed a geometrical proportion while the provision of urban infrastructure and housing to meet this demand is not at commensurate level.”

This, according to him, has resulted in acute shortage of housing to the teeming population with Lagos alone, according to statistics available, accounting for about 5 million deficit, which represents 31% of the estimated national housing deficit of 18 million. “This figure is growing at an exponential rate and therefore, the urgent need to provide affordable mass housing to help cushion the effect on the demand for housing.”

The Project Manager, Arc. Taiwo Adeleke of Triarch Projects and Services Limited; a household name in property development and management consultancy, stated that his team and financiers of the development; Sterling Bank Plc, share a strong desire, which is to transform the landscape with effective presence in Nigeria, Africa and internationally by transmuting concepts and ideas into substantial realities.

The design of the first phase consists of three prototype buildings to enrich proposed home-owners with variety of options. These prototypes are; 8 blocks of apartment building with a total of 64 flats. Each apartments provides accommodations of three bedrooms en-suite with spacious living room, fitted kitchen and maids room to service every flat; 8 blocks of terrace buildings with a total of 32 apartments, each apartments provides accommodations of three bedrooms en-suite with spacious living room , fitted kitchen, family lounge and maids room; and 10 Blocks of duplexes with a total of 20 apartments; each apartments provides accommodations of 3 bedrooms en-suite with spacious living room, fitted kitchen, family lounge maids room and a dedicated compound.