The Federal Capital Territory Administration (FCTA) has reaffirmed the desire to partner with private sector entities to help address the nation’s capital’s housing shortage.
Dr. Ramatu Tijjani Aliyu, FCT Minister of State, stated this at the formal launch of the Oak Homes brand and the groundbreaking ceremony for the first phase of The Oak Villas and Victor’s Court in Abuja.
The Minister, represented by Tpl. Mubdiyu Mustapha, Special Assistant on Technical Matters, identified high costs of land registration and irregularities in land titles, policy implementation snafus, licencing issues, and insufficient funding as some of the housing sub-challenges. sector’s
Aliyu, however, assured that the FCT Administration was working assiduously to address some of these challenges so that private sector entities could feel encouraged to invest more in affordable housing provision
She. said, “In this wise, the Administration is willing to engage in Public-Private-Partnerships that can guarantee accelerated delivery through the provision of land and on-site infrastructure.
“With these costs borne by the Administration, it is expected that developers such as Oak Homes are able to bring cheap funds to the table for the construction of the houses, thereby guaranteeing unit selling prices that are affordable to the target market segment. We shall therefore continue to work with the private sector and development partners to ensure that continuous progress is made in this direction,” she said.
While pledging the dedication and commitment to national development and sustainable provision of housing as mandated by President Muhammadu Buhari, she however acknowledged that housing provision was a fundamental socioeconomic right and a key pillar upon which the effort to lift millions out of multidimensional poverty, shall be judged.
Earlier, the Chief Executive Officer of Oak Holdings, Mr. Olukayode Olusanya, said that the project was designed to echo architectural magnificence in luxury buildings and finesse in real estate engineering, stressing that the Oak villas would also redefine the concept of luxury living in Abuja.
Olusanya, however, described the Oak villas as private developments of expansive living areas with careful attention to details and ignition of affluence.
According to him, “The Oak villas perfectly embodies the technical ingenuity and extreme inequality of the 21st century. A heady confluence of engineering prowess, architectural phenomenon and an unparalleled concentration of personal wealth.”
He expressed the hope that Abuja would be receptive to what the company has to offer, promising to change the narrative by building castles that befit a smart modern city.