Saglemi Housing Project Gets Financier
The Saglemi Housing Project, has finally found a new developer to complete the 1,506 housing units. Quarm-LMI Consortium has been selected as the preferred developer, following a rigorous negotiation process involving the Ministry of Works and Housing, Office of the Attorney General & Ministry of Justice, Ministry of Finance, and Deloitte.
This development marks a significant milestone in the project’s history, which has been plagued by controversy and delays since its inception in 2012.
Initially envisioned to deliver 5,000 affordable housing units, the project was scaled down to 1,506 units before being abandoned due to legal issues.
The partially built structures suffered from vandalism and theft, adding to the project’s woes.
The Ministry of Works and Housing has clarified that the Saglemi project has not been sold to the private developer.
Instead, Quarm-LMI Consortium has been selected to finance and complete the project, with both the government and the developer set to recover their investments upon completion.
Kojo Oppong Nkrumah, Minister for Works and Housing, expressed confidence in the project’s revival, stating, “This marks a major step forward in reviving the Saglemi Housing Project. We are confident that the completion of the project will serve the people and help address Ghana’s housing deficit”.
Quarm-LMI Consortium brings together LMI’s expertise in industrial park development and real estate, and QUARM’s logistics, utilities, and finance capabilities.
Broll Ghana Limited, a joint venture between Social Security and National Insurance Trust (SSNIT), SIC Insurance PLC, and Broll Property Group (BPG), was also shortlisted for negotiations but lost out in the process.
The project’s completion is expected to provide affordable housing units to salaried employees and workers unions.