MULTI-CONCEPT LIMITED: HELPING TO REDUCE GHANA’S HOUSING DEFICIT

The Chief Executive Officer of Multi-Concept limited, Mr. Teodoro Martinez Montero, Real Estate Company says government effort to reduce the housing deficit will be a mirage if it fails to provide loans with low interest for individuals to purchase a home. The 79 year old Spanish citizen who has over 54 years of experience on field construction development stressed that providing essential subsidies for public and private individuals housing needs would help them to provide their own homes. Mr. Teodoro Martinez Montero tells Property Express that there are no affordable houses in the country. He explained that the term ‘affordable housing’ depends on the location, production and finishing of the house. Mr. Montero introduced the concept of private sector estate development in the 1970s to compliment government housing estates with the launching of the REDCO concept in joint venture with Bank for Housing and Construction. According to him, Multi-Concept Limited (MCL) has been established to construct residential communities with built-in social amenities such as commercial, recreational, educational, clinic / health and essential security services including the provision of regulated and substantially free maintenance of environmental and common facilities associated with the residential units. Currently, Multi-Concept limited is working on the “Legonman Multi-Concept Courts” Estate Project, which comprises 6 Courts is situated at approximately 0.5km from the Northern boundary of the land of University of Ghana, Legon, Accra. With each block having a standby generator, lift, continuous independent water supply system, and centralized sanitation management, the prices for the initial 120 two-bedroom apartments are in the range of $60,000.00 and $75,000.00. Mr. Teodoro Martinez Montero said company’s housing developments are targeted at middle to upper middle and higher end priced apartments and a few exclusively deluxe bungalows. He disclosed that the “Legonman Multi-Concept Courts” Estate Project will be completed by September this year. Touching on the challenges in the Real Estate Industry, the Madridista cited land litigation and improper documentation as the major challenges that drive potential developers off the industry. Mr. Teodoro Martinez Montero advised Ghanaians to start saving now to own a house in the long term. He said if they continue to look up to the government they might feel disappointed therefore they should start saving for tomorrow. Mr. Montero has owned and managed several companies in Spain and Ghana. Starting as an assistant manager in his father´s metallurgical factory in Spain, he later served as the Managing Director of EDISOL Sl, the Chief Executive Officer of OBRATECSA (Spain), and the Managing Director of TECNICAS DE MULTICONSTRUCCION, SA in Spain. He also established and managed in Ghana a pineapple plantation, the Coin Farms since 1981. The Coin Farm was renamed Horizon Farms and expanded; it got the Ghana National Farmers Award in 2001. He has also been the CEO of Coordination and Development on Engineering & Architectural Projects in Ghana since 1992. Story: Samuel Mantey, Property Express Email: sammyoo3@yahoo.com Twitter: SamuelMantey

EDLORM BUILDING GHANAS AFFORDABLE HOME

Edlorm Housing (GH.) Limited established in June 1993 as a Building Construction and Civil Engineering Company is now one of Ghanas biggest Real Estate Developers. Apart from the long lasting quest of the directors to be in the building industry, the company was set up to help solve the Constructional needs in Ghana, and also to create jobs for some of the many unemployed in the country The company since its inception 15 years ago has worked with some notable institutions such as: the Internal Revenue Service, the Ministry of Education, Electricity Company of Ghana, Social Security and National Insurance Trust (SSNIT) and Ghana Water Company Limited building and renovating many of their offices and bungalows. The Sales Executive of Edlorm Housing (GH) Richard Kweku Adu tells Property Express that the challenges have been with the procurement of funds and loans to commence projects. Being careful not to be over reliant on Government projects, Edlorm Housing took the initiative to obtain projects from the Private sector, whiles reaching out to Ghanaians living abroad to meet their housing needs back home as well. For this category, they pre-finance their building projects. According to him, if the financial institutions promptly support the real estate with enough funds then with anticipation the housing deficit of about 1.8 million can be reduced. Commenting on other challenges in the thriving Real Estate Industry, Mr. Richard Kweku Adu stated that land litigation and documentation hinders the process of work for developers. Due to expansion to other towns and villages across the length and breath of the country, installing electricity and water has been a problem to them, Mr. Adu lamented. He advised the youth to save to buy a house if they can rather than renting an apartment which might be expansive in the long term. Adding that owing a home is like a treasure. With the decision to go into real estate development, Elorm Housing has started by putting up executive buildings both in Weija and in East Legon Accra. Overlooking the Exotic Presidential Lodge at Peduasi, Edlorm Villas is a gated community with over 300 houses located at Amranhia, about 8 minutes drive from the Adenta. story: Samuel Mantey Email: sammyoo3@yahoo.com