Modern Shelter Systems and Services Limited, one of Nigeria’s leading real estate companies, announces its strategic partnership with the Strategic Housing Group, Dubai, to tackle the significant but somewhat ignored student housing deficiency in the country, through the construction of state-of-the-art 792-bed student housing community in the Institutions and Research District of Abuja.
The Myriad Abuja, which is an extension of one of SHG’s product lines which is nestled within one square kilometer of Nile and Baze, two of the biggest private universities in the country.
The facility comes with some of the best amenities obtainable around the world, including furnished accommodations, academic support facilities like study rooms, outdoor spaces, coffee shops and lounges. The facility is also expected to be equipped with leisure and entertainment spots such as swimming pools, outdoor cinemas, gaming consoles and football tables.
The Myriad will also contain an array of sporting facilities including a basketball court, gyms and a mini football pitch. The Myriad Abuja is expected to at completion, house a tech hub, which will train software programmers to work from Nigeria for big tech companies in the Silicon Valley. This Hub is to be run by Decagon Institute, which has so far trained and placed over a thousand young Nigerians.
Strategic Housing Group, owners of The Myriad brand is the Middle East, Africa, Asia partner of Asset Living Group who has over 36+years of industry leading service managing 175,000 units in the USA. Asset Living is ranked number one in the management of student housing properties by SHB. They are a member of the Institute of Real Estate Management and are recognised as an Accredited Management Organization.
Working with United Capital and Marble Capital, Modern Shelter is using a mix of equity and debt to part finance the project. Having raised N3bn through equity, presales and debt capital, Modern shelter is working with these finance houses to raise another N5bn for this project. The company intends to sell and manage bedspaces for institutional investors and members of the public who want stable and profitable real estate income. In his remarks at the signing ceremony, the Managing Director/Chief Executive Officer, Modern Shelter, Abdulmalik Mahdi, highlighted that “The combination of the unique skill sets of the two companies promises exciting times not just for students and young professionals looking for accommodation; it is also an investors delight as institutions and individuals have a safe and profitable avenue to invest in real estate.”
In response, the Chief Executive Officer, The Strategic Housing Group, Vik Rao, said “It has always been part of the long-term plan to expand into Africa and Nigeria in particular. Having found the right partner in Modern Shelter, the timing is perfect. We look forward to giving the Nigerian market the best services obtainable anywhere in the world.” He also added that The Myriad in Dubai is already home to a lot of Nigerian students.
The project, which is to be constructed by SABC, a renowned construction company based in Abuja, will be 37,000 square meters when completed. It will also be the first of many urban hubs meant to house young professionals who will live, work and play in these facilities. The Myriad Abuja project is expected to create over 1,000 direct jobs. The groundbreaking ceremony will be done in October 2022 and the property will be commissioned by 2024.