[ 2014-07-19 ]

UT Properties comes to the rescue of Ghana's housing deficit
Ghana's 1.7 million housing deficit is set to
reduce when UT Properties begins a 200 to 600-unit
housing project to cater for the affordable
housing needs of the country.

Set off begin later this year, the project will be
situated at Amasaman, a town in the Ga West
Municipal Assembly of the Greater Accra Region.

These were revealed by Kojo Kwakye Owusu, Managing
Director of UT Properties Limited last week.

"We are entering into partnerships with
contractors and landowners...to offer houses that
will be between GH¢100, 000 and GH¢150,000', he
revealed.

Under the agreement, UT Properties will ensure
construction of the houses meet the best standards
while at the same time facilitate the sales and
marketing of the project.

He said materials used for the construction would
be of high quality, however, finishes and
furnishes will not be optimal in order to reduce
costs.

Accroding to Kojo Kwakye Owusu, if the project
becomes successful, it will be replicated in other
parts of the country,

Mr Owusu further revealed there are plans by UT
Properties to also put in place high end
properties as part of an urban development
project.

'This is to fulfill the high end needs of the
spectrum of people who also need properties.These
will not be affordable houses..', he said.

UT Properties Limited, a subsidiary of UT Holdings
Limited, specalises in real estate development and
management. The firm is also into property
valuation, property management, property
development, property investment and consulting.

'Over the past three years, we have been able to
develop Ubuntu Courts which is 118-unit housing
estate of two and three bedroom houses set in a
gated community at Oyarifa, which is very
successful', he told journalists in Accra.

He said the project has a reliable and sustainable
water supply system with tarred roads and drains,
social and commercial centre, 24-hour security,
professional management services among other
facilities. The project ended last year.

The firm has also started a 300-unit housing unit
at Oyafifa, the UT Properties MD revealed. 'The
price range is from GH₵240,000 to about
GH₵350,000 for the dethatched houses. So it
falls within what we call the middle income
group', he said.

On a sustainable way of reducing the country's
housing deficit, Mr Owusu said he supports calls
on government to assist in home acquisition
through mortgages, but adds that there is a need
to support estate developers too, with ways of
purchasing building materials at affordable
prices.

Admitting that the cost of building material has
shot up with the cedi depreciation, he adviced
estate developers in the country to be innovative
with their business approach, adding that a sure
way of mitigating the spiraling cost of building
materials is buy in bulk when prices are low.

Source - MyjoyOnline

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