August 3, 2017

Rendeavour Announces Affordable Housing Partnership with Abraaj-backed Mortgage Bank

Dolapo Omidire

Appolonia City, a project by urban land developer Rendeavour, will build 100 affordable homes as part of a partnership with Ghana Home Loans, a Ghanian mortgage provider that is backed by the Abraaj Group, International Finance Corporation and the Overseas Private Investment Corporation.

The entire Appolonia City project is a 2,300 acre mixed-use land development located on the outskirts of Accra, Ghana that intends on offering various opportunities for land use including residential, retail, light industrial, leisure and commercial plots, with infrastructure and development control. This 100 unit affordable housing project will occupy 6 acres of land at Appolonia City and construction will commence in the third quarter of 2017, with all 100 homes due for completion within 18 months. It represents the first phase of a strategic partnership that aims to address the housing deficit in Ghana.

Rendeavour, who own more than 30,000 acres (12,000 ha) of land in the urban growth trajectories of major cities in Kenya, Ghana, Nigeria, Zambia, and the Democratic Republic of Congo, work in partnership with world-class experts, local developers, governments and local communities to create large-scale, mixed-use, mixed-income, satellite cities.

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. Appolonia City also 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.

Stephen Jennings, Founder and CEO of Rendeavour said:

“Our collaboration with Ghana Home Loans affirms Rendeavour’s commitment to build inclusive new city developments for all income levels,” said , Africa’s largest urban land developer.

Dominic Adu, CEO of Ghana Home Loans, welcomed the agreement explaining:

“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.”

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