15 December 2012

Nigeria: Aso Savings Targets 5,000 Houses in Cross River

Lagos — ASO Savings & Loans is targeting the construction of 5,000 housing units in Cross Rivers State, its Managing Director Hassan Musa Usman has said.

Speaking at the commissioning of 200 units of blocks of tow and three-bedroom flats constructed by the subsidiary of the company, ASO Investment and Development Company (AIDC) in Akpabuyo Local GovernmentArea, Calabar, Usman said the housing scheme is targeted at low income earners with affordable opportunity for repayment.

"This housing scheme is part of Governor Liyel Imoke's transformation agenda to provide affordable housing for the workers of Cross River State. The government provided the land, title and the necessary infrastructure required for the project. His Excellency was physically involved, supervising the progress of the work on weekly basis", Usman said

The housing scheme, known as CROSPIL Estate, is targeted at civil and public servants in the state. The 200 units of semi-detached bungalows is the first phase of the project. The development of the second phase, comprises of 410 housing units, will commence in next month and completed within the year.

At the end of the 1st and the 2nd phases, 610 housing units of 136 units of one bedroom terrace bungalow, 246 units of two bedroom semi detached bungalow, 67 units of two bedroom detached bungalow, 96 units of three bedroom semi detached and 65 units three bedroom detached bungalow would have been built . The estate is complimented with quality infrastructure, clinic, recreational parks, support retail outlets and civil facilities.

The Managing Director of ASO Investment and Development Company, Isoken Omo said the beneficiaries of the scheme would enjoy mortgages from the ASO Savings & Loans Plc which will be secured from the Federal Mortgage Bank of Nigeria (FMBN) at six per cent to qualifying contributors to the National Housing Fund and the Co-operative Housing Scheme of the FMBN. For individuals outside both schemes, an equity contribution of an agreed percentage would be required while the balance can be made up through a commercial mortgage facility from the ASO Savings & Loans Plc.

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