Abuja: G-text Holdings, a global real estate development company, has announced that the private sector is responsible for more than 50% of the reduction in the housing deficit in the Federal Capital Territory (FCT). Mr. Njoku Michael, the Executive Director of G-text, made this statement during the launch and physical allocation of plots at the company’s Phase 1 Sapphire Estate in Gwagwalada.
According to News Agency of Nigeria, Michael highlighted the inadequacy of government efforts in meeting the rising demand for shelter and affordable homes in the FCT. He emphasized the substantial role played by private developers in this sector, stating that they have been instrumental in providing affordable, accessible, and verified lands for residents.
“The private sector has contributed over 50 percent of the efforts in closing the housing gap in the FCT,” Michael stated. He further elaborated on how investments, innovations, and continuous engagement with regulatory authorities by private developers have expedited the delivery of credible and affordable housing options to residents. He noted that government resources alone are insufficient in addressing the housing deficit, thus necessitating the involvement of private developers in land acquisition, infrastructure development, and housing delivery.
Michael also mentioned that G-text Holdings acquires lands through government allocations, ensuring full verification with the FCT administration to protect investors. He disclosed that the Sapphire Estate is designed to cater to low-income earners, students, and civil servants, with plans to accommodate between 800 and 1,000 housing units once fully developed.
Mr. Olufemi Shola, the Branch Manager of G-text Holdings, added that the estate’s strategic location near the University of Abuja Teaching Hospital and other key institutions enhances its value as an investment. He projected that the flat and accessible land is ideal for immediate construction and is likely to appreciate significantly over the next decade.
Mrs. Adeye Mofola-Shadi, an investor, urged the public to acquire properties from verifiable and registered developers within the FCT to avoid issues related to land speculation, which the FCT minister is currently addressing.