In a strategic move to address the housing deficit in Lagos State, Governor Babajide Sanwo-Olu has formalized an agreement with Access Bank Plc for the development of a 704-unit housing estate in the Odo-Nla area of Ikorodu.
The Odonla-Odugunyan housing estate will span approximately 9.98 hectares and comprise 44 blocks, each containing 16 modern two-bedroom apartments.
Designed with residents’ comfort in mind, the estate will feature amenities such as a cinema house, gym center, playground, and a comprehensive security network.
Governor Sanwo-Olu emphasized that this initiative is part of his administration’s commitment to providing affordable and decent housing for Lagosians, particularly low-income earners.
The financing model for this project is tailored to enhance affordability, offering prospective homeowners a down payment of just 10%, single-digit interest rates, and a repayment period extending up to 20 years.
This development aligns with the state’s ongoing efforts to reduce the housing deficit, complementing previous initiatives such as the Rent-To-Own Program and the Lagos Home Ownership Mortgage Scheme (Lagos HOMS).
The collaboration between the Lagos State Government and Access Bank underscores the importance of public-private partnerships in tackling housing challenges and enhancing the quality of life for residents.
Construction of the Odonla-Odugunyan housing estate is expected to commence promptly, with a projected completion timeline of two years.
Upon completion, the estate will provide modern, affordable housing solutions, contributing significantly to the state’s goal of reducing the housing deficit and offering Lagosians improved living standards.
