Abu Dhabi, May 24, GNA - One of the major issues Parliament will discuss when it reconvenes on May 26 is how to approve a 1.5 billion dollar project to deliver 200,000 houses for Ghana within the next five years. Mr Cletus Avoka, Majority Leader, made this known in Abu Dhabi in the United Arab Emirates (UAE) on Friday.

He, therefore, asked the Finance Committee of the House to complete their job on the project, which would be pre-financed and executed by STX Construction and Engineering Company of South Korea, and submit the document for members to scrutinise and endorse it.

The Majority Leader on Thursday led a 10-member delegation to the UAE to carry out an independent assessment of STX projects in the oil-rich country to facilitate parliamentary approval.

Mr Avoka said the team had no doubt about the ability of STX to deliver the project, adding "Seeing is believing." He, however, expressed interest in knowing the financial sustainability of the project.

Dr Anthony Osei Akoto, New Patriotic Party (NPP) Ranking Member for Finance, said the financing proposal of the project was before parliament, and explained that it was the critical stage for STX to share information on how to finance the multi-billion-dollar venture. Dr Mustapha Ahmed, Deputy Minister of Water, Works and Housing, said government was committed to making the country's land banks available to STX and other investors in real estate development. "This is an assurance from government," he stressed.

He said although government was interested in facilitating the project, it would also insist that the country gets 30 per cent stake of local expertise.

Mr Osei Kyei Mensah-Bonsu, Minority Leader, suggested to STX to engage the Housing Ministry to rejuvenate the Civil Servants project to enable a number of workers in the public sector to own houses.

Mrs Cecilia Abena Dapaah, NPP Ranking Member, Housing Committee, said although there is a vibrant market for the real estate industry, there is the need for the players to provide affordable and cost-effective houses for the people.

Mr Bernard Kwabena Asamoah, Chief Executive Officer and Managing Partner of STX, said the credit rating of the company would facilitate efforts to raise money for the project. He said payment of the project upfront entailed a number of risks but STX was well connected to take up the task.

Mr Asamoah said the company had taken up the task initiated by President John Atta Mills for a housing stock for the District, Municipal and Metropolitan Assemblies and suggested to the authorities to consider the possibility of raising bonds and going into partnership with the private sector and mortgage companies for the smooth take-off of the project. Mr Kim Jung, STX Project Manager, assured the delegation of the availability of money for the project in line with international requirements.

The team visited an Eco Site project where STX is constructing a VVIP Beach Villa on reclaimed lands at the cost of 68 million dollars. They also assessed works at a residential development project at Rawdhat, a suburb of Abu Dhabi, and watched a footage on a 186 million dollar Island project dubbed "Nurai Island Project", which would comprise water villa, a hotel with 56 suites and 70 swimming pools and terrace. The Ghana project which will include schools and other social amenities, will be done in five phases. Phase one will provide 30,000 public housings units for the country's security agencies and 300 executive- type buildings. Forty-five per cent of the buildings would be given to the government for sale, while the remaining 55 per cent would be offered for mortgage to the public by the Home Finance Company Bank.

The other four phases will include 13,000 public outstanding loan housing units built specifically for the middle class, additional 20,000 housing and other infrastructural facilities, while the last phase will include an 18-hole golf course and multi-purpose sports centre. It aims at reducing by a fifth, the national housing deficit estimated at one million units.

Vice President Mahama led a bi-partisan delegation to Seoul in March this year to sign the Memorandum of Understanding with STX Group Chairman, Mr Kang Duk-soo. STX, which has interests in heavy industry, construction, energy and ship building, had 23 billion dollars in assets by the second quarter of 2008. 24 May 10