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D400m SSHFC Housing Project Soon

Jun 24, 2009, 7:33 AM | Article By: Bakary Samateh

Social Security and Housing Finance Corporation (SSHFC) last Thursday announced plans for a new housing scheme, Lamin/Makumbaya Housing Project, consisting about 3000 serviced plots.

Speaking at the press briefing Mr. Tumbul K. Danso, the Managing Director of SSHFC, revealed that the project, which comprises 216 hectares, is a JV partnership between SSHFC and renowned Gambian entrepreneur.

Mr. Danso pointed out that "in this private partnership project, the private entity surrenders its land to SSHFC for development after which a negotiated substantial portion of the land is owned by SSHFC and the balance by the private entity".

He added that the entity may opt to sell its portion of the land to the SSHFC, at a negotiated price.

He indicated that the site is a prime parcel of land adjacent to the Banjul International Airport, noting that the total investment is estimated in the sum of D400 million. He said its implementation period is 24 months.

"The project will enable SSHFC discharge its social and public mandate in providing affordable shelter to the Gambians and concomitantly enable government fulfil a key aspect of its social contract with the general population," he stated.

"The project has huge tangible and intangible benefits with an anticipated profit of over D15 million," he disclosed.

He added that "the project also enables SSHFC access this prime piece of land for residential development which however, is currently in private ownership".

"It will also enable SSHFC achieve its dream of transforming the airport area into a modern metropolis in keeping with the current status of new Gambia," he remarked.

According to Mr. Danso, the project mainly targets middle and low-income renters or those living in very crowded multi-shared family homes.

He added that "the airport area requires urgent sprucing up to bring it in par with the more highly developed built capes of some African airports such as Johannesburg, Accra and Nairobi, to name but a few".

"As the first port of call for most visitors to the country, the need to enhance the aesthetics of the airport area cannot be over-emphasised," he added.

He disclosed that applications would soon be invited from interested Gambians living at home or in the Diaspora for the various facilities under the project.