A real estate developer, Mac-Ace China, has said he will invest in the sector in at least 10 cities in Nigeria as part of his contribution to reducing the 28 million housing deficit.
Mr China, who is the Chief Executive Officer (CEO) of Mayor of Housing, said he has concluded plans to launch a smart estate of 1,500 houses in Port Harcourt before the end of the year.
He disclosed this in Abuja at the weekend when he emerged as the 2023 Real Estate Personality of the Year at an event held at the Radio House.
He said his next destination would be Abuja and Lagos before moving to other locations.
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He said, “Now, Port Harcourt is the first place we are launching our own project of about 1,500 units. It is going to be the first green sustainable smart city in Nigeria and we are putting a lot into it.
“As soon as that is launched by the first quarter of next year, we intend to also launch in Abuja and Lagos. After that, we have a programme that we are going to launch in the top 10 cities of Nigeria including Jos, Ibadan, Kaduna and others.”
“Those top 10 cities are going to have our presence by the third quarter of next year. So, all you need to do is watch out for the brand – the Mayor of Housing – because we will be coming with some very innovative value-adding products that are not just about houses but making those houses accessible to people to own.”
But he decried the challenges in the sector, which he said have hampered its growth. He particularly said funding was a big challenge as banks were not always willing to lend to developers.
He also said developers who are impatient and deliver substandard housing products, have created mistrust in the sector.
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