Government has selected Quarm-LMI as the preferred developer to complete the long-stalled Saglemi Housing Project.
According to a press release from the Ministry of Works and Housing dated Friday, October 18, 2024, this decision follows an extensive negotiation process led by a government team.
It included representatives from the Ministry of Finance, the Office of the Attorney General and Ministry of Justice, and Deloitte, with technical evaluation support from the Ghana Institute of Surveyors.
It said the redevelopment will be structured through a Special Purpose Vehicle (SPV), with the government’s current investment in the project being treated as equity.
This ensures that both the government and the developer will recover their investments once the project is completed.
"As part of the redevelopment, the government and the developer will both recover their investments when the project is completed," the statement added.
Originally designed to deliver 5,000 affordable housing units, the Saglemi Housing Project received approximately $200 million in government financing.
However, by the time the project was halted, only 1,506 units had been partially completed, with the development deemed uninhabitable due to the absence of essential infrastructure such as water, electricity, and sanitation.
A subsequent valuation conducted by the Ghana Institute of Surveyors estimated that an additional $100 million would be required to complete the 1,506 unfinished units; financing which the government could not provide.
The completion of the Saglemi Housing Project is anticipated to have a significant impact on Ghana’s housing landscape, helping reduce the country’s housing deficit which stands at 1.8 million.
Latest Stories
-
2024/25 GPL: Visions FC eye home triumph in clash with Bechem United
3 mins -
NDC all talk, no strategy or tactics – Ayikoi Otoo
24 mins -
Ahkan rebrands as Kwaysi; features Fameye on ‘Never Broke Again’ remix
26 mins -
Galamsey fight: Deal with the ‘big people’ at the top of the chain – Arthur Kennedy
28 mins -
Galamsey fight: ‘Shoot-to-kill approach’ could affect innocent people – Dr Mensa-Bonsu
44 mins -
Galamsey fight: Dominic Ayine backs shoot-to-kill approach
1 hour -
National Service Authority will train personnel in employable skills – Board chair
1 hour -
GPL 2024/25: Young Apostles aiming to end losing run against Accra Lions
1 hour -
2024/25 GPL match preview: Vision FC hosts Bechem United
2 hours -
2024/25 GPL match preview: Medeama seeks redemption against Nations FC
2 hours -
Livestream: Newsfile discusses galamsey fight, Speaker vs SC ruling on MPs seats, others
2 hours -
Can the Supreme Court’s Ruling to stay The Speaker of Parliament’s ruling be Disregarded?
3 hours -
WACCE marks 10 years of championing peace and security across West Africa
3 hours -
Absa Bank partners with BEN Africa to promote ethical business practices
4 hours -
Bright Simons: The bloody adventures of Ghana’s 4G pioneers
4 hours