Lake Side Estate to provide affordable housing

With the current state of acute affordable housing in the country, an emerging market player in the real estate industry, Lake Side Estate (LSE), is poised to provide affordable housing for employees of both the informal and formal sectors of the Ghanaian economy.

The real estate company is aimed at providing 50 housing units of two (20%) and three (80%) bedroom semi-detached houses by the end of the year.

However, prospective buyers can purchase housing units through a mortgage policy, from financial institutions such as Eco Bank, Fidelity Bank and Ghana Home Loans, by providing GH¢ 5,000 or 50 Million old Ghana cedis (15% to 25%) for the period of seven to 15 years.

Speaking at the official launch of its townhome project, the President of the Ghana Real Estate Developers Association (GREDA), Dr. Alex Tweneboah, observed that the operation of both public and private sectors of residential landmark has been largely ineffective in the country.

Dr. Tweneboah said the cumbersome conveyance of title registration procedures have combined with conspiratorial criminality to frustrate the smooth access to residential land, and functioning of the landmark generally.

“Other industry unfriendly features of the residential landmark are the absence of serviced land, bureaucratic inefficiency, and ineffective development controls, resulting in a virtual breakdown of basic services such as water, electricity, drains, and toilets,” he added.

Dr. Tweneboah cited that major cities like Accra and Kumasi were victims of unplanned sprawl development, adding, “Contraction of houses precedes in these cities rather than following the provision of roads, drain, water, electricity, etc., which has resulted in slums, flooding and improper waste disposal.”

According to Dr. Tweneboah, there was a perpetual deficit situation of a gross under-supply syndrome, described as “one of natural development crises”.

“Current date suggests that the housing deficit is in excess of 500,000 units, and counting. Estimation of the construction industry's ability to supply new housing units varies between 25,000 and 40,000 units per annum,” he added.

Dr. Tweneboah said the required measure in stopping the housing deficit from worsening, was the production of not less than 130,000 housing units annually.

The Managing Director of LSE, Col. Timothy Barnes (Rtd), said the company was committed to solving the acute non-availability of housing in the country.

Col Barnes (Rtd) said, “The provision of these affordable houses is for the young executive, who can pick up a mortgage application, which is very flexible for payments.”

The MD of LSE assured prospective applicants of the housing unites of a first class road network for their comfort in an environment being provided by the company.

He said that Lake Side Estate townhomes two bed semi-detached house was 41% less, as compared to the current market price.