Nkonkonsa Celebrity Gossip From Africa
Negotiations to restart the Saglemi Housing Units project are almost completed, and the government will transfer the project to a private developer for redevelopment within the next two weeks.
Kojo Oppong Nkrumah, the Minister for Works and Housing, presented this important update during a press conference in Accra on Monday, September 30, 2024.
A valuation done by the Ghana Institute of Surveyors found that an extra $100 million would be needed to finish the incomplete units, an amount that the government was unable to supply.
“Cabinet has directed the Ministry of Works and Housing to explore the possibility of selling the partially completed Saglemi Housing Project to a private sector entity to complete and sell the units without further government investment, and negotiations will be finalized within the next 14 days,” he stated.
He clarified that with the authorized structure, the present value of work accomplished at Saglemi will be seen as government ownership in the project, while the finishing cost will be considered as the partner’s equity in the project’s completion SPV.
The government and the private partner will divide the earnings from the houses’ sale based on their investment in the SPV.
The Minister verified that five companies made offers, with two chosen for final discussions: Quarm-LMI Consortium and Broll Ghana Ltd.
NKONKONSA.com
