1. Nigerian Mortgage Refinancing Company
President Goodluck Jonathan launched of the newly established Nigerian Mortgage Refinancing Company Plc (NMRC) that will help reduce funding cost of residential mortgages in the country.
NMRC is a public private sector led initiative, which is set to address the key issue of finance in developing affordable housing for Nigerians. The company is taking off with a $37.6 million capital but will float bonds to raise additional finance for its operations later in the year.
The NMRC is expected to reduce the lending rates for housing from the current spread of 20 to 23 percent to the low double digits or at least to a single digit by the end of 2014.
According to the finance minister, the company is being set up to help lower the funding cost of mortgages and promote the affordability as well as availability of good housing for working class Nigerians by providing Mortgage lending banks increased access to liquidity and longer term funds in the market.
The project would also benefit from a $300 million pledge by the World Bank to extend soft loans the federal government through International development Association. The National Pension Commission has also indicated that about $250 million of the pension funds would be invested in the housing sector with the full commencement of the NMRC.
2. Eko Atlantic City project
Eko Atlantic City, which is being built on the reclaimed land from the Atlantic Ocean, is already receiving investors’ interest and many people expect the city ‘s infrastructure will reach appreciable levels in 2014. Sitting on nine million square metres of reclaimed land from the Atlantic Ocean, the city is a joint venture project between South Energyx Limited and Lagos State Government, It is anticipated that the city will be the largest economic hub in West Africa and a new gateway to Africa.
It is designed to protect Lagos natural coastline from erosion and also relieve pressure on the over-stretched resources of the state, generating space and opportunity. About 250,000 people will find home in the city working in its offices, shops, retail development and services. About 150,000 others will be commuting to the city daily.
Each of the seven districts planned for the city will have mixed use plots, making it a lively, vibrant place by day.
3. Heritage Place
One of the real estate innovation expected to come on board this year, is the 14-storey office development in Ikoyi, Lagos tagged Heritage Place This new development, which is coming in a bid to fill the gap for the demand of office space,is being promoted by Actis, a private equity real estate firm, and Primrose Development Company Limited. Heritage Place is a world class development situated in Lagos’s commercial and retail area, and just a few minutes’ walk from the most important venues in the city.
It is going to be ready for delivery in 2015 but people expect major construction in 2014. Actis has previuosly developed about 10 institutional quality assets in five countries in sub-Saharan Africa, including the Ikeja City Mall in Lagos, the Nairobi Business Park in Nairobi, Kenya, and the Accra Mall in Accra, Ghana. The Primrose family of development companies has completed over $150 million in developments and has present and future real estate development projects both in Nigeria and Ghana exceeding $218 million.
4. Abuja World Trade Center
Abuja World Trade Centre is a 37-storey trade center project located on a 6.2 hectares of land in the Central Business District of Abuja, the Federal capital city of Nigeria. It is a Public Private Partnership between the Nigerian government and the Churchgate group.
The project is estimated to cost about $1 billion. Six other towers will surround the 37-storey tower, of 22-storey each. Three of the six 22-storey towers will be for commercial purposes while the other three will be residential. The World Trade Center, Abuja is poised to be the best of its kind in Africa. The building is presently on its 22nd floor. It along Constitution Avenue, opposite Churchgate towers in Central business district, Abuja.
