How to solve Port Harcourt’s 3m housing deficit

A professional builder of about 40 years standing, Ugo Ohuabunwa, of the siblings in the Ohuabunwa family line, says Port Harcourt has a three million housing deficit.

He has however unveiled plans to help solve it. He has launched the PH-AirportCity which aims to deliver 2000 houses from one-bedroom affair to five bedrooms with world class amenities.

In an exclusive interview, Ohuabunwa, managing director of Master Services Limited and Masta-Rivers Development Company Nigeria Limited said what he set out to achieve is solve the deficit by creating a new city in the city. “Port Harcourt was becoming a little bit nor livable. So, there was need to modernize it, to create a ‘live-work-and-play’ environment, not only to address the comfort of the people to cure housing crisis in Port Harcourt.

“Right now, PH has a 3m housing deficit. Even we are to build 100,000 houses every month, it will take over 10 years in the city. Remember that every other day, new people are qualifying to have their own houses. So, it is a crisis.

“This project is one to create a new city, and two to address the housing challenge in Rivers State and the state capital.”

He showed his unique style thus: “This is the only part of the globe where you build house by starting from the scratch (land) to moving in, from land ownership to construction.

“So, we went into PPP with the Rivers State government to form the Joint Venture called Masta-Rivers Development Company Limited. The idea is to get land from the Govt and Master Services goes to source funds and other things. This will help to subsidize the cost of land and reduce cost of a house.

“The next is that we have gone into partnership with the Federal Mortgage Bank of Nigeria (FMBN) to generate mortgage for income earners who are contributors to the housing fund. We also have partnership with the IBTC Bank who are ready to provide long term loans of up to 15 years on mortgage. So, we are poised to provide what is called ‘affordable luxury’, not cheap housing. What we mean is that we are going to give you luxury but you will pay over time.”

He warned that building a house does not solve housing problem. “It is first about accessibility by the people that need it. So, solving housing crisis is providing housing and creating accessibility to those who need it in terms of funding and earning capacity.”

He made it clear he is into build and sell. “We are building a city that is sustainable. We do not want people to come and build whatever they wanted. We want to build and put in place sustainability mechanism. We build and control everything. We also help those who wat mortgage funding, etc.”

On the explosion of real estate companies and agents advertising every day, Ohuabunwa said it is a two-edged sword. “Whatever that can help provide housing is welcome. More people are needed in the sector. But, from my experience, Nigerians just jump into anything where they see others. There is urgent need for regulation.

“What people call real estate is not real estate. Most of the people you see parading as real estate people are mere land-grabbers. In Port Harcourt, real estate practice is still at very low level of professionalism. It is evolving. We are here setting the pace. We are addressing housing deficit and accessibility and guarantee the title. It is good to have more people but it has to be regulated, else, you expose people to frauds.”