Home Feature REDAN solicits funds for N500m headquarters

REDAN solicits funds for N500m headquarters


Real Estate Developers Association of Nigeria (REDAN) on Tuesday launched a N500 million appeal fund for construction of its headquarters in Abuja.

Guests, especially members of the association were encouraged to donate for the project as a commemorative plaque will be cut for them.

Donors were categorized into six: Bronze Plaque (N1million to N5million), Silver Plaque (N5million to N10million), Gold Plaque (N10million to N15million), Platinum Plaque (N15million to N20million), Ruby Plaque (N20million to N25million) and Diamond Plaque (N25million and above).

REDAN President Mr Ugochukukwu Chime who made a pledge for the Diamond Plaque said the fund to the building will be contributed by REDAN members, partners and well-wishers. Donations in form of building materials are also welcome.

Renowned architect Gabriel Aduku provided architectural services while former president of the Nigerian Institute of Quantity Surveyors (NIQS) Mrs Mercy Torkwase Iortyer and Mr Bunmi Johnson did the costing work.

“And as the current president of REDAN, I must lead by example.

“I therefore, take the first slot of Diamond Donor for the REDAN House Building,” Chime said, wishing that members would donate generously.

REDAN, umbrella body of the organized real estate developers in Nigeria was established in 2002, yet it has since been operating in rented places.

Groundbreaking for the headquarters building was done on Monday. The building sited on a plot of land in APDC Capital Estate, Kaba District, Abuja is to be completed in two years.

Speaking at the launch, the Chief Executive Officer of Family Homes Funds (FHF), Mr Femi Adewole disclosed that the federal government is targeting a budget of N800 million to provide affordable mass housing for Nigerians.

He said some of the locations for the housing project are Kaduna, Kano, Lagos and Delta States.

He said the federal government is giving FHF N100 billion yearly for the next five years with anticipation that it is going to leverage N1trillion of private resources.

The money, he explained, is essentially to help build social and affordable housing for Nigerians so that a person earning N30, 000 will be able to buy a house under FHF.

Adewole said before the end of this year, over 200 houses will have been completed.

“We have to raise about N800 million to provide mass housing at the rate of N1.5 to N2 million.

“We’re talking to a lot of development partners like the World Bank, African Development Bank (AFDB) to house over 500,000 Nigerians,” he said.


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