The Management of the University of Calabar has entered a partnership with Kori-Aba Multi-Global Links and Estate Developers Nigeria Limited for the construction of 350 residential houses for its staff.
The Deputy Vice-Chancellor Administration, Prof. Michael Okom, said in a statement yesterday in Calabar that the partnership was to cushion the housing deficit among staff.
Okom said that 10 hectares of land had been appropriated for that purpose at Ikot Uba community in Akpabuyo Local Government Area of Cross River.
”The proposed 350 residential houses will comprise 175 two-bedroom houses and 175 three-bedroom houses.
”The cost of one unit three bedroom is N13.5million, while a two-bedroom unit goes for N9.5million respectively.
”The repayment period is 5 years to 30 years, depending on the balance of the years of service of the interested confirmed staff,” he said.
Okom added that each beneficiary would be required to make a down payment of 10 per cent of the cost of the house.
”The developer has already arranged with specific banks to assist staff in providing equity, repayable over 18 months.
”Interested staff are required to obtain the expression of interest form at the office of the Head, Estate Unit, upon payment of N5,000.
”The form will be available for 21 working days, at the expiration of which it will be dispatched to the National Housing Fund and Federal Mortgage Bank for processing,” Okom added.
The deputy vice-chancellor said that beneficiaries were expected to take delivery of the house, 13 months from the commencement of the construction.
Source : The Tide
