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Social Housing: SIC-Shelter Afrique in Synergy

The Cameroon Real Estate Corporation (SIC) and a pan-African institution for the financing of social housing, Shelter Afrique, have reached a deal for the latter to disburse FCFA 1.7 billion for the former to build a 32-high standard apartment at the Hippodrome neighbourhood in Yaounde. The two corporations signed the loan agreement at the Yaounde Mont Febe Hotel last Friday April 29. The General Manager of SIC, Boniface Ngoa Nkou, signed for his corporation while Alassane Ba, General Manager of Shelter Afrique penned for his own company. This was under the auspices of the Minister of Urban Development and Housing, Clobert Tchatat. The money represents 60 per cent of the overall cost of the project estimated at FCFA 2.5 billion. SIC, according to the terms of the agreement, will provide the remaining 40 per cent to the tune of FCFA 800 million.

Speaking during the ceremony, Mr Clobert Tchatat said the project is part of ongoing government’s move to dot the country’s major cities with 10,000 social houses by 2013. While lauding the SIC-Shelter Afrique partnership, which he stressed, should be sustained, the Minister said it is government’s desire to ensure a better living standard for its citizens and so the ongoing 10,000 housing units launched in 2009 to realise the dream has come to stay.

Cameroon, the DG of Shelter Afrique said, could gain two points in its growth rate should such a dream be realised in good time. Mr Ba urged the private sector to embrace the social housing sector, promising that his corporation is ready to assist them in the initiative. The “Revolutionary Building”, as the Immeuble 22 Hippodrome is fondly called, the GM of SIC said, is in line with long-term investments of the corporation and that ongoing similar project at Olembe in Yaounde and Mbanga Bakoko in Douala is proof of government’s determination to better the living conditions of the population. The Hippodrome project is expected to be complete in 24 months.

Going by the project’s technical file, the T-shaped 32-apartment building code-named “Immeuble 22 Hippodrome” will take a total surface area of 1,267.3 metres square and will comprise 16 type 4 and 16 type 5 apartments. Type 4 apartments contain a parlour, a kitchen, three rooms with two bath rooms, a waste-storage area, a toilet for visitors and balconies while type 5 is made up of a parlour, kitchen, four rooms, two bath rooms, a store, a visitor’s toilet and balconies.

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