Grand Luvu 1

  • Status: Complete
  • People Housed: 417
  • Country: Nigeria
  • City: Masaka
  • Partner: MFF
  • Year Approved: 2015
Total Invested
NGN 329,300,398
Average Sales Price
NGN 2,090,000
Total Invested
$859,853
Average Sales Price
$9,646
Delivery of Homes
Total Expected
Completed
Basic
212
212
Project Overview

Reall funded the first phase of this project in the fast-growing neighbourhood of Masaka, on the outskirts of Abuja, Nigeria, where housing demand is high. Targeting the bottom 40% of earners, when fully occupied this project will benefit 1,060 people.

In 2018, following the completion of the construction of the houses at the Grand Luvu site, the government-backed Family Homes Fund (FHF) bulk-purchased 182 completed units from MFF, and commisioned an additional 400 units to sell to low-income families. FHF are targeting civil servants and low-income earners and are offering affordable long-term mortgage arrangements. FHF’s purchase of the homes has allowed MFF to re-pay their original loan to Reall.

The Centre for Affordable Housing Finance in Africa (CAHF) found that the project offered the most affordable, privately developed homes for sale in Africa in 2019. With changing policy environments in Nigeria geared towards making loans more accessible to workers on low incomes, and building affordable homes easier, this project sets an excellent example demonstrating how high-quality housing equipped with water, sanitation and energy can be affordable for the bottom 40% of earners.

212
Homes Completed
204 Homes Sold
139
Homes Occupied
212
Connected to Electricity
212
Connected to Water and Sanitation
1.1
Nearest Employment Area
1.1
Nearest Health Centre
1.3
Nearest Primary School
4.2
Nearest Bus Stop
0.8
Nearest Market
0.9
Nearest Secondary School

Client Data

Displayed In
Client Monthly Household Incomes

Clients estimated to sit between 11th and 20th percentiles of incomes in Masaka

Mean
58,240 NGN
152 USD
40th percentile at year of occupancy NGN 86,352
40th percentile at year of occupancy $225
Household Demographic Data
Household Size
3.00
Proportion Female
80.0
Proportion Children
20.0
Proportion Elderly
2.0
Housing Information
Description Type Number Expected Number Completed Unit Size (m2) Sales Price
(Local Currency)
Monthly Cost
(Local Currency)
Loan Length (months)
Studio shell unit expandable to 1 bedroom flat. 25.6m2 unit on 100m2 plot. Interest rate refers to homes with end user finance provided by FHF. Basic 106 106 25.6 1650000 17475 60
1 bedroom shell unit expandable to 2 bedroom flat. 39.3m2 unit on 164m2 plot. Interest rate refers to homes with end user finance provided by FHF. Basic 106 106 39.3 2530000 30567 60
Finance Description Finance Source Interest Rate (%)
Studio shell unit expandable to 1 bedroom flat. 25.6m2 unit on 100m2 plot. Interest rate refers to homes with end user finance provided by FHF. FHF/FMBN or MFF 17.0
1 bedroom shell unit expandable to 2 bedroom flat. 39.3m2 unit on 164m2 plot. Interest rate refers to homes with end user finance provided by FHF. FHF/FMBN or MFF 17.0

Project Finances

Displayed In

Investments — Reall to Affordable Housing Partners

Total Project Investments
NGN 329,300,398
$ 859,853
Loans
NGN 304,749,698
$ 795,747
Grants
NGN 24,550,700
$ 64,106

Based on exchange rate on 31/12/2020

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Data last updated on 10/03/2021