At last, the much touted ?affordable housing? slogan become a reality when Lakeside Estate unveiled its new property development projects in Accra to a public gathering in London. Under the scheme, residential units made up of two- and three- bedroomed semi-detached houses are under construction on a stretch of a 2,000-acre land near East Legon extension, a suburb of Accra. With prices ranging between ?9,000 and ?12,000, the project provides affordable houses to the masses. The scheme also provides opportunities for those who want to build their own houses to acquire serviced plots within the area.

Launching the development to a packed audience at the offices of Regalon International, the London-based real estate agent, which represents most of Ghana?s property developers, His Excellency Isaac Osei, Ghana?s envoy to the UK, commended both Lakeside Estate and Regalon International for bringing affordable houses to the public in Ghana. He also urged property developers to revisit the much debated issue of using alternative building materials in the industry.

?Perhaps, real estate firms must consider teaming up to form a committee to examine various proposals buried in files at a number of building and technology institutions with the ultimate aim of applying appropriate technologies for building projects in Ghana?, he said.

The High Commissioner said although real estate companies were doing a great job, they should come out with proposals on how to realise the current housing requirement of 141,000 units per year to help the government tackle the issue once and for all.

Asad Nazir, the international marketing director of Lakeside Estate said his company would prove equal to the task by ensuring prompt deliveries for all clients. He assured prospective clients that the company?s attractive price ranges reflected its desire to take care of the needs of the middle- income workers whilst they are young and urged them to take advantage of loan facilities under the Home Finance Company scheme.

Lakeside Estates, an associate company of Japan Motors, owns the leasehold to a stretch of over 2,000 acres of land lying between Madina and Ashalebotwe, some 12km north from the Tetteh Quarshie Circle in East Legon. The land was originally acquired by Agricattle Frams Ltd, the holding company, over twenty years ago.

On the issue of leaseholds in Ghana, H E Osei urged real estate developers to consider introducing housing schemes with freehold ownership. He explained that, as the law presently stands in Ghana, leasehold properties owned by Ghanaians may be eligible for conversion into freehold ownership.

Photo attached Caption His Excellency Isaac Osei (middle) flanked by Asad Nazir of Lakeside Estate (left) and Sam Antwi, Regalon International