Oyo State Governor Seyi Makinde, on Wednesday, flagged off the construction of 360 Housing Units at the Ajoda New Town Estate, located on the New Ibadan-Ife Expressway.
The estate, which is estimated to cost about Two Billion, Five Hundred Million Naira (N2.5 billion), according to the governor, will enhance affordable housing to all and sundry in the state.
A statement by the Chief Press Secretary to Governor Makinde, Mr. Taiwo Adisa, quoted the governor as saying that the strategic location of the new estate will ensure that the investors make quick returns on their investments.
He said that the New Ajoda Housing Project is jointly sponsored by the Oyo State Government and Remax Realtors Limited, saying that, while the state provided thirteen (13) hectares of land for the scheme, the developer is expected to solely finance the project.
The governor, who stated that the flagging off of the Ajoda Housing Estate is a fulfilment of one of his campaign promises, said the project will consist of 2-bedroom semi-detached houses; 3-bedroom semi-detached houses and 3-bedroom detached houses.
This was just as the governor said that the project will be replicated in other parts of the state so that many residents of the state can benefit from such projects.
He added that investors have begun to repose confidence in the state and are willing to do business in Oyo State because of the way the government is now being run by the present administration.
He said: “We are here today to flag off a project, which is in fulfilment of one of my campaign promises. Those who have taken time to study our Roadmap for Accelerated Development in Oyo State, 2019-2023, would have come across our promise to facilitate private sector-driven housing delivery through variants of public-private partnership (PPP) initiatives.
“And so today, we are flagging off the construction of three hundred and sixty (360) housing units here in Egbeda Local Government Area, Ibadan Zone.
“As I said earlier, this is a PPP initiative. We are working with Remax Realtors Limited. To make this project a reality, the Oyo State Government through the Oyo State Housing Corporation is providing thirteen (13) hectares of land for the scheme, while the developer will solely finance the entire project.
“The project will cost N2.5 Billion, and upon completion, the developers will recoup their finances when the houses are sold. We have seen the wisdom of getting contractors or developers to commit to projects by using their own monies to carry them out.”
