Saglemi Housing project: Proceeds from sale will be reinvested into affordable Housing project – Minister

The Minister of Works and Housing, Francis Asenso Boakye has said the funds that will be generated from the sale of the Saglemi Housing project will be reinvested into another affordable Housing project.

He announced the government’s intention to explore the sale of the Saglemi Housing project to private sector investors for completion on Sunday November 13.

This is at no cost to the State and to reinvest the proceeds of the transaction into other affordable housing projects, he said.

Addressing a press conference Accra, he said the decision was taken after a painstaking consultation verification and assessment.

The Bantama lawmaker said “After a painstaking period of assessment, verifications and consultations government has decided to explore the possibility of selling the Saglemi Housing project, covering the 1506 housing unit , at the current value to private sector entity to complete and sell at no further cost to the state.

“Proceeds from the sale will come to the state and reinvested into affordable Housing project.

“To facilitate the process a technical working team has been set up, comprising professionals and experts to oversee and spearheads all engagements required for the completion of the project.”

The project was initiated in 2012 for the delivery of 5000 housing units at a total cost of 200,000,000 under and Engineering-Procurement-Contracting (EPC) Agreement with Messrs Construtora OAS Ghana Limited.

By the end of the stipulated completion date the original contract of the project had been amended three times with the project scope reducing from the initial 5000 housing units to 1506housin units although $195,854969.52 representing 98 % of the project funds had been expended, he further stated.

Source: 3news.com