- Mayor of Housing says two-bedroom, one-bedroom, self-contained apartments coming with as low as few hundreds of thousands of naira
- Reveals why public housing schemes fail
- And how 70% of Nigerians can own houses with ease in cities
By Ignatius Chukwu
The rich seem to be falling over themselves trying to capture houses worth N150m with mere between N2m and N16m gradual payment or N85m outright payment. This seems to provoke the common people who have cried out for their turn. Now, the man behind the magic, Mayor of Housing, has revealed that a package is underway.
He revealed this at a seminar held on the sandy grounds of Lifestyle Hub’s section of ReefCourt Estate near Golf Estate in Port Harcourt. The houses are acquired through a system he called Social Funding, which he said is not crowd funding, is not ponzi, is not anything untoward.
He said it is about paying a fraction of real cost and recommending three others to do so. The rest is for Mayor of Housing to sort out, within specified period. The magic he said is that the system is money-back guaranteed if one failed to get his three or for whatever reason wants to pull out.
The workplace professional people milled around at the seminar, ate good suya, small chops and healthy drinks while listening to the orator, moderator, speaker, marketer turned billionaire, My Ace China, hwo is more known as Mayor of Housing. The man behind the ‘Office of The Mayor of Housing’ and is now a real estate success strategist said he ran into fortune while doing master of ceremony work, and took advantage.
Now, he is about to sell knowledge that may make many low income earners to move into apartments with ease.
About 70 per cent of Nigerians can own houses in the cities with ease if innovative strategies available to some experts are accepted and adopted by state governments and federal government.
According to a group lifestyle Hub pushing mass housing with cheap funds headed by a an expert who goes by the business name, the Mayor of Housing (real name, My-Ace China or Alloy Emeka China), social funding strategy can deliver top houses cheaply to over 70 per cent of Nigerians.
Speaking at a seminar in Port Harcourt Sunday afternoon, China public private partnership (PPP) arrangement where the housing scheme is driven by the private expert will do the trick. He said state governments can participate in the solution lifestyle Hub has discovered by giving civil servants the N2m minimum contribution required per contributor to access the scheme.
Talking at ReefCourt Estate where the first 10 houses of 4-bedroom duplex with swimming pool on top would spring up the coming months, China said: “This between the Rivers State Government and ReefCourt Estate. Government can be dynamic in how they execute public housing schemes.
“Why housing projects fail is because Governments handle it themselves because it is not profit and value-driven. Our people have how they handle Government projects, but when it is privately and value-driven, the people will drive it more. So, instead of Government to do it, they should look out for companies that have proved themselves and give them the execution to handle.
“Instead of the people paying the N2m on their own, Government can give all the civil servants in Rivers State a loan of N2m and they pay back gradually through their salaries and each person would end up owning luxury apartments in the city. Government should be more proactive and more diligent and choose companies that deliver value like ours.”
The Mayor of Housing who said his own houses in the scheme are worth N1Bn explained the concept of social funding as different from crowd funding; “Social funding is something am excited about because that is the first time in the history of the world that people can play in the playground of the rich. You can own a duplex in a highbrow debt free and mortgage free in a city centre. You can own N150m worth of building in a city centre. This system is designed for workplace professionals because we notice that people work for over 15 years without owning a land or house. Mortgage penetration in Nigeria is just 0.5 per cent against 82 per cent in South Africa and some other places.
“We are doing this just to make sure that people can access real estate. With social funding, 70 per cent of Nigerians can access home ownership. I usually say that any solution that is not affordable is no solution.”
On why the company seemed to focus on highbrow centres, he said: “This is because this is our premium package of 4-bedroom smart apartment targeted at the professional working class. Later in the year, we launch our low-cost package of two-bedroom, one bedroom, and even self-contained apartments in lower residential areas. We will be the first company in Nigeria to sell such. They would be located in some other areas to represent such perspectives.”
China went on: “We are very different and unique in multiple ways. First, we are not selling houses but solution. The plan is to give you a house worth N150m at N85m at first instance and make savings of N55m. Then, we have strategies to sell same house at different amounts of entry points such as N2m, N4m, or N16m. But, we are not selling house or land but education, selling collaboration and cooperation, which was Nigeria’s early practice.
“We are bringing dreams to Nigerians so they can play in the real estate sector. I had a dream and I started with a mere N1.5m three years back. With hard work, I am worth N1Bn from eight houses. We are turning your rent into a home, or the money you would use to buy land outside the city to now own a duplex in the city centre with same amount.
“Our houses are very unique because we came up with two innovations plus value. We are the first company in Nigeria to render commercial buildings with rooftop swimming pool. We are the first to build inter-terrace linkage. Others are not linked and you would need to go around to access your backyard. It comes with fully automatic goggle smart system, full fire and burglary insurance. It comes tastefully finished as never before.”
Urging Nigeria to return to the practice f cooperative business that built the nation, he said: “Everybody deserves a home and Nigerians are smarter than we are made to believe. The prosperity of Nigeria came on the back of cooperative system. The biggest house in Nigeria then (Cocoa House in Ibadan) was built by Cooperative. The groundnut pyramid was the sweat of cooperatives. If we look within, we can do it again. Collaboration is the new competition and we have that spirit. Sprits don’t die. They only get dormant. We can activate it again, and with social funding, many problems in Nigeria would be solved.”