Chicason Group Seals A Multi Billion Real Estate Deal

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Chicason Group through one of its real estate subsidiaries, Afro-Asia Shelters International has signed a real estate development funding agreement with African premier real estate development funding institution, Shelter Afrique International.

This development is in furtherance to the company’s of resolve to provide decent residential accommodation to the Nigerian public, particularly the Nigerian worker in public and private sectors.

The Memorandum of Understanding was signed last week in Abuja during the 35th Annual General Meeting and Symposium of Shelter Afrique.

The agreement is for the funding of the phase one of the N44 Billion 3,000 units Rock City 2 Jibi in the Greater Abuja area.

This phase will cost about N5.2 Billion with Shelter Afrique contributing 59 percent while Chicason Group will contribute 41 percent of the development cost.

The Rock City 2 development is following after the over N110 Billion Rock City 1 in Lugbe currently under construction by Rock of Ages properties Ltd, a subsidiary of Chicason Group.

Chicason Group through its Real Estate subsidies: Rock of Ages Properties Ltd and Afro Asia Shelter International Ltd is committed to the development of decent residential estate across the country in partnership with the Trade Union Congress of Nigeria.

Signing the deal, the Managing Director of Shelter Afrique, James Mugerwa noted that Shelter Afrique remains committed to the shared vision of the founding fathers of the organization which is to tackle the ever growing housing deficit in Africa.

He said:“The objective of providing affordable and quality housing to all is at the very heart of our mandate — it is the core of our operations.

“I am happy to inform you that as we continue in our quest to deliver on that objective, we have created new systems and drafted and put into operation a new strategy.”

Also, Chief Operating Officer of Rock of Ages Properties Limited, Francis Onwuemele who signed on behalf of his company told newsmen at the sideline of the event that Shelter Afrique, as a credible financial institution in Africa has recognized the contributions of his organization to the development of the housing sector and has agreed to partner with them by providing the required funds at a friendly rate.

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