Ghanaian owned company Modello Properties Limited and US based Dagbo Limited Incorporated have announced a partnership to bridge Ghana’s housing deficit which some reports put at 2 million.
At the April 24 event at Mövenpick Ambassador Hotel in Accra, Modello Properties Ltd. CEO; Mr. Semanu Attah explained as a wholly owned Ghanaian company, Modello was into the business of property management, sales, marketing and project development.
He said: “We are partnering Dagbo Limited to build 20,000 housing units in a decade,” adding “there is a plan to create a Modello City and already we have acquired rights to acres of land at Oyarifa, Prampram and Amasaman.”
The luxury wing of the Modello City homes will have prestige apartments, recreational centres, club house, pre-schools, 24-hour security, ultra-modern sewer and water systems, hospitals as well as a sports and school complex.
Given that affordability is a relative term, Mr. Attah noted the homes are affordable to the target group explaining there will be homes for the low, middle and high earners.
It emerged various payment terms will be at the disposal of those desirous of owning a piece of the Modello City homes but can’t pay outright.
Dagbo Limited CEO; Mr. Thomas Dagbo mentioned the mortgage payment can be structured to allow the client pay in installments for 15 years while residing in the home.
For the first phase of construction which is scheduled to be ready in 2 years, there will be 2-bedroom, 4-bedroom and 5-bedroom apartments.
A 2-bedroom home will cost US$70,000 (GH¢362950.00), a Premium Standard home goes for US$150,000 (GH¢777750.00) while the 4-bedroom Grace home sells for US$180,000 (GH¢933300.00) with Mr. Dagbo revealing investment for the project cost stands at US$8 million.
It emerged in Ghana, cost of a plot of land which can cost GH¢50,000, cost of building materials (some imported) and labour cost all inflate the costing for a building. But thanks the economies of scale, the partners reckon as the years go by cost of acquiring a home from them will slide with Mr. Attah observing some home owners acquired their property from other realtors for as much as US$300,000 (GH¢1555500.00) making Modello’s rates reasonable.
The first phase of the Modello City project will commence in August and get completed in 2 years with 760 homes scheduled to emerge to accommodate clients.
According to Mr. Semanu Attah, after the first phase homes, the next phase will see erection of 2 and 3 apartments for occupation with plans to expand to Kumasi, Takoradi and Ho.