Our Projects
Nigeria
The River Park Project in Abuja Nigeria – Project Status
In Nigeria, HFA has signed a 10-year Land Development Agreement in terms of which HFA is to build a 7,000 unit middle class housing estate on a 500 Ha piece of land situated on the airport road 20kms from the centre of Abuja. With Abuja currently experiencing a significant boom through the relocation of numerous businesses away from the congestion of Lagos together with the increase in the federal civil service, Abuja is suffering from a shortage of housing units.
Nigeria itself is expected to see a growth in middle-income households of approximately 100,000 per year, centered primarily around Lagos, Abuja and Port Harcourt. A comparison of the rental costs (where rentals have to be paid two years in advance) against bond finance rates indicates that there is scope for people to switch from renting housing to owned housing. The market-surveys undertaken by HFA indicates that quality homes are in short supply and that, as long as the River Park provides quality houses in a secure environment, there will be significant interest in the product.
The Apo Project – Project Status
HFA has also acquired the development rights to develop a 9.7 Ha estate within 4 kms of Abuja city centre (The Apo site) The site has access to bulk services and will be developed in the short run. It will allow HFA to get on-site by early 2009. HFA has begun concept designs and, given the land’s location, plans to develop a mid-market security estate.