Rendeavour Announces Affordable Housing Partnership in Ghana

ACCRA, Ghana, August 2, 2017 /PRNewswire/ --

Appolonia City , Accra's new city development, will build 100 affordable homes as part of a partnership with the country's leading mortgage provider, Ghana Home Loans. The multi-million dollar project on six acres of land at Appolonia City will commence construction in the third quarter of 2017, with all 100 homes due for completion within 18 months. The project represents the first phase of a strategic partnership that aims to address the housing deficit in Ghana.

The project will benefit from Appolonia City's high-quality infrastructure, including tarred roads, ICT networking and integrated safety and security systems, as well as social infrastructure, such as schools, clinics, open green space and shops - all at an affordable price, starting from $45,000.

The partnership brings together Ghana Home Loans, which is backed by Abraaj Group, International Finance Corporation and the Overseas Private Investment Corporation, and Rendeavour, the developer of Appolonia City, which is a unique partnership between the Chiefs, elders and community of the Appolonia stool in Ghana.

"Our collaboration with Ghana Home Loans affirms Rendeavour's commitment to build inclusive new city developments for all income levels," said Stephen Jennings, Founder and CEO of Rendeavour, Africa's largest urban land developer.

Dominic Adu, CEO of Ghana Home Loans, welcomed the agreement. "Our partnership with Appolonia City and Rendeavour is designed to bring a high volume of quality affordable homes to the mortgage market, and we look forward to scaling our efforts once the first phase is complete."

The launch event was held at the U.S. Embassy in Accra. "I'm proud that, with the backing of American investors, Rendeavour and Ghana Home Loans will offer affordable residential opportunities that will make home ownership a reality for more Ghanaians," said Robert Jackson, U.S. Ambassador to Ghana.

Appolonia City recently launched a 10-year mortgage plan on serviced plots with Ghana Home Loans and has rolled out other home financing packages to facilitate home ownership in the country.  

About Ghana Home Loans (http://www.ghanahomeloans.com)

Ghana Home Loans is a home finance institution which operates under Bank of Ghana supervision as a non-bank financial institution. At present, the company remains the only such institution that focuses exclusively on the provision of mortgage products in Ghana. Ghana Home Loans is majority owned by the Abraaj Group, a global private equity institution with over $10 billion of assets under management.  The International Finance Corporation, the investment arm of the World Bank Group, and the U.S. government's Overseas Private Investment Corporation have provided financing to Ghana Home Loans.

Since its inception, Ghana Home Loans has disbursed loans in excess of $150 million through its housing products including Home Purchase Mortgages, Home Equity Mortgages, Home Completion Mortgages and Home Construction Mortgages.

About Appolonia City (http://www.appolonia.com.gh )

Appolonia City is a 2,325-acre (941-hectare) mixed-use and mixed-income urban development just 20km from the centre of Accra. The project includes a variety of social infrastructure underpinned by world-class construction and estate management services. Residential sales with a range of financing options are available by purchasing a plot to build your own house in Nova Ridge or an existing home at the Oxford development. Appolonia Business Park offers 70 acres (30 hectares) of modern commercial areas. The park is designed to accommodate a range of uses including manufacturing, processing, storage, logistics and service companies.

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SOURCE Rendeavour