The government has selected Quarm-LMI as the developer to complete the long-stalled Saglemi Housing Project.
This was revealed through a press statement issued by the Ministry of Works and Housing dated Friday, October 18, 2024.
The decision to settle on the Quarm-LMI, according to the Ministry, followed an extensive negotiation process led by a government team that included representatives from the Ministry of Finance, the Office of the Attorney General, the Ministry of Justice, and Deloitte, with technical evaluation support from the Ghana Institute of Surveyors.
According to the statement, the redevelopment will be structured through a Special Purpose Vehicle (SPV), with the government’s current investment in the project being treated as equity.
Per the agreement, the government and the developer will recover their investments once the project is completed.
“As part of the redevelopment, the government and the developer will both recover their investments when the project is completed,” the statement added.
The project was originally designed to construct 5,000 affordable housing units at a cost of $200 million in government financing.
But only 1,506 units were partially completed, with the development deemed uninhabitable due to the absence of essential infrastructure such as water, electricity, and sanitation.
The government ordered for a valuation to be conducted by the Ghana Institute of Surveyors, which estimated that an additional $100 million would be required to complete the 1,506 unfinished units, financing which the government could not provide.
By: Rainbowradioonline.com/Ghana
