Rendeavour announces affordable housing partnership in Ghana
Appolonia City, Accra's new city development, will build 100 affordable homes as part of a partnership with the country's leading mortgage provider, Ghana Home Loans.
The multi-million dollar project on six acres of land at Appolonia City will commence construction in the third quarter of 2017, with all 100 homes due for completion within 18 months. The project represents the first phase of a strategic partnership that aims to address the housing deficit in Ghana.
The project will benefit from Appolonia City's high-quality infrastructure, including tarred roads, ICT networking and integrated safety and security systems, as well as social infrastructure, such as schools, clinics, open green space and shops - all at an affordable price, starting from $45,000.
The partnership brings together Ghana Home Loans, which is backed by Abraaj Group, International Finance Corporation and the Overseas Private Investment Corporation, and Rendeavour, the developer of Appolonia City, which is a unique partnership between the Chiefs, elders and community of the Appolonia stool in Ghana.
"Our collaboration with Ghana Home Loans affirms Rendeavour's commitment to build inclusive new city developments for all income levels," said Stephen Jennings, Founder and CEO of Rendeavour, Africa's largest urban land developer.
Dominic Adu, CEO of Ghana Home Loans, welcomed the agreement. "Our partnership with Appolonia City and Rendeavour is designed to bring a high volume of quality affordable homes to the mortgage market, and we look forward to scaling our efforts once the first phase is complete."
The launch event was held at the U.S. Embassy in Accra. "I'm proud that, with the backing of American investors, Rendeavour and Ghana Home Loans will offer affordable residential opportunities that will make home ownership a reality for more Ghanaians," said Robert Jackson, U.S. Ambassador to Ghana.
Appolonia City recently launched a 10-year mortgage plan on serviced plots with Ghana Home Loans and has rolled out other home financing packages to facilitate home ownership in the country.