Lagos State government is planning to invest N200 billion in Ilubirin Foreshore Housing Estate in the next five years, New Telegraph has learnt
According to Commissioner for Housing in the state, Mr. Gbolahan Lawal, the money will be injected into the project in phases to fast-track its development into mixed used development.
He stated that the government had signed a Public- Private Partnership (PPP) agreement with First Investment Development Company (FIDC) to transform the scheme into a live, work and play environment.
He said: “We are working with the private sector and the investor that has come up.
Government is investing $500 million on redesigning and completion of housing units at Ilubirin and Ijora-Badia.”
Debunking insinuation that government has abandoned the multi-billion naira project sitting on a 28-hectare, Lawal said the private firm had resumed and work was ongoing on Ilubirin site.
He said: “We want to scale it up and the idea is to make this place a live, play and work environment and so we are projecting 500 housing units instead of 1,260 that the scheme was formerly designed for.
“There is need to redesign and expand the mass housing units at Ilubirin and Ijora Badia to allow for efficient utiisation of resources and for better quality delivery. According to the commissioner, ventures with the private sector would create 10,000 direct jobs.
The commissioner disclosed that all phases of the scheme were expected to span between five to seven years, but that there would be a lot of improvement on the project before May 2019.
The estate is planned with amenities such as shopping centre, water works, fire station, clinic, sewage treatment plant and an Independent Power Plant (IPP) when completed.
It would be recalled that preparation for Ilubirin Housing project actually started under the administration of former Governor Bola Ahmed Tinubu with sand filling, while his successor, Babatunde Fashola, continued with the project.
According to Housing Needs Assessment Survey prepared by TNS RMS Nigeria Limited, Lagos has 2.5 million housing deficit and currently needs at least 187,500 new homes over the next five years.
Meanwhile, the state government has also disclosed plans to invest fresh N20 billion in the provision of affordable houses to residents under the Rent-to-Own policy.
Handing over keys to another 200 set of allottees under the policy, Commissioner for Housing, Mr. Gbolahan Lawal, hinted that 10 private real estate developers had been engaged on Public Private Partnership (PPP) basis in order to increase housing stock in the state. According to him, inauguration of PPP in housing provision in the state will hold this month (May) to signal the seriousness of government in combating accommodation challenges in the state.