Uche Usim, Abuja
Wisdom Kwati City, an estate developing firm, at the weekend said it had secured materials worth N6 billion for the construction of 100 units of mixed apartments in Abuja and bungalows in Adamawa State.
The Abuja apartments will gulp N4 billion, while the bungalows in Adamawa will cost N2 billion.
The disclosures were made in a statement by the Chief Executive Officer (CEO) of the company, Mr. Wisdom Kwati.
According to him, construction will commence the rains cease in September.
His said: “We are taking off with Adamawa and Abuja simultaneously. We have secured materials worth N4billion for about 100 units of mixed apartments in Abuja. We have also secured about N2billion materials for bungalows in Adamawa State.”
He added that the company has global partnerships with five firms and has already secured a full corporate offer of about $9billion for the projects.
He noted that the company already has $500million available for disbursement for commencement of works in the sites.
Besides, the CEO noted that the company has accessed other corporate entities locally that have invested the about N2 billion in the projects.
According to him, Wisdom Kwati City has secured lands valued over N10 billion in Lagos, Abuja, Adamawa, Akwa-Ibom, and Kaduna.
In his highlights of the smart city estates, he said that Abuja estate is about 15,000 housing units in about 105 hectares in Lugbe 1 Extension, just beside River Park and behind Dunamis church. He also explained that the Adamawa State project is located on a 15 hectares at Namtari, Numan Road, just after welcome to Yola.
He said that: “Currently, for Wisdom Kwati City, we are having partnership with about five global firms. We have secured the full corporate offer for the project about $9billion for the project.
“Already, we have about $500 million ready to be disbursed directly to begin work on sites. We have been able to access other corporate entities locally that have invested the tune of N2 billion so far.
“Apart from that, we have spent N10 billion in securing our land in Lagos, Abuja, Adamawa, Akwa-Ibom, Calabar and Kaduna. We have most of our engineering drawings on ground also. Most of them are ready for approval in some of the states, where we have secured the land. But currently we are beginning from Abuja and Adamawa State simultaneously. These are pilot projects for the two states. “In Abuja, we are like at about 15,000 housing units. We have about 105 hectares in Lugbe 1 Extension, just beside River Park and behind Dunamis church. It is just two minutes drive from the airport road. In Adamawa State, we have our land on 50 hectares at Namtari, Numan Road just after welcome to Yola.”
The chairman also noted that owing to the firm’s determination to address the nation’s housing challenges in a holistic manner, it has decided to build the estates in the 36 states of the federation and the Federal Capital Territory (FCT).
Kwati said that the company is granting the public its housing scheme with a soft mortgage plan.
According to him, while other firms allow a payment period of three years, the Wisdom Kwati City provides a 15-year payment model, which is also interest free to its subscribers.
This, he said, is because his company gets its interest rate from its investment platform and not from off-takers. The CEO noted that “we also get very close to no interest loans from our foreign partners. We have also engineered our investment palms to relieve the buyers of paying interest on there smart houses.”
He emphasized that whereas the Federal Mortgage Bank allows 5 percent interest rate charge, and some Primary Mortgage Institutions charge as much as 20 to 30 percent, Wisdom Kwati’s is free -of -charge.
Continuing, the CEO said that “we have also engineered our investment palms to relieve the buyers of paying interest on their smart houses.
“The smart houses we are building and selling will be fully furnished houses and they are very affordable and easy to pay as a one bedroom apartment will only cost N1,200 per day or N36,200 a month for payment and each individual buyer has the right to choose either daily, monthly or annual payment plan depending on his or her capacity.
“The Wisdom Kwati City, smart city project will also create over three million direct jobs nationwide as we will be sub contracting supplies and construction jobs to qualified companies.
“All major building materials will be sourced locally their by boosting the economy of the nation.
“The smart cities also will be 24-hour powered by both solar power farms and the national power grid. The city will have 24 hr security surveillance, free WiFi, and security sensors. we intend to give free life insurance to our off takers/buyers in partnership with local based insurance companies. We intend to build 3.7 million affordable smart houses across Nigeria by year 2025.”