3rd from left: Mr. Zhoa Yu, Mr. Francis Asenso Boakye and Edward Emil Eminsang, Executive Director (Eminsang Group Ltd)
THE EMINSANG Group, working with its partners, has reached a co-operation with the Ministry of Works and Housing, on behalf of the Government of Ghana, to construct up to 20,000 affordable houses comprising of one, two and three-bedroom units.
The housing units, to be made available to government and other salaried workers in the private sector, will have units on offer starting from $15,000.
The Eminsang Group led project, is in line with the Government of Ghana’s affordable housing initiative.
Working with the China Railway 20 Bureau Group Corporation (CR20G), the joint venture will develop different housing models aimed at first time home owners, middle income earners and staff of institutions whose salaries are processed by the Controller and Accountant General’s Department.
China Railway 20 Bureau Group Corporation (CR20G) is an international construction company and a wholly owned subsidiary to China Railway Construction Corporation, a world top 500 company and a top 225 International Contractor. It has accumulated rich experience completing many overseas large construction projects in railway, highway, airport, Real Estates developments, water conservancy, subway, urban rail and municipal works.
CR20G has an annual construction capacity of about $10 billion.
With funding support from the Bank of China, the first phase of two thousand five hundred (2,500) units is expected to be completed sixteen months from the commissioning of works at the identified sites.
The Eminsang Group in affiliation with its partners is establishing a Mortgage and Real Estate Finance Fund and Trust Services that will provide long-term financing for the units backed by the issuance of bonds and direct buyer services, mortgage servicing as well as collaborating with licensed financial institutions within Ghana and internationally, to support tens of thousands of mortgages.
The Ghana Real Estate Developers Association (GREDA) has projected that the total housing shortage in the country will hit some 5.7 million by the end of year 2022.
Figures from the Ghana Statistical Service indicate a deficit of 1.7 million housing units, which was projected to hit about two million even before 2020.
It is obvious that housing remains a prominent issue for both the populace and governments.
In a meeting held between the officials on April 12, 2021 with the Ministry of Works and Housing, the sector minister Francis Asenso Boakye assured the delegation of government’s support through the provision of lands and other tax incentives, to enable the consortium develop the housing units at affordable prices.
He was optimistic that the new housing developments would fall within the reach of all public servants and Ghanaians in general.
General Manager for CR20G in charge of its Western African operations, Zhoa Yu, reiterated the company’s commitment to providing the financial backing and the requisite technologies to make the project a success.
Leader of the delegation, Edward Emil Eminsang, thanked government and the minister for their efforts in helping to continue the co-operation.