Ghana Property Awards delivers another ‘wow night’ for Ghana’s Real Estate and Construction Industry
Some award recipients in a photo
It was a smash, “what a night!” some comments from the majority of attendees. The décor, done with elegance and glamour infused to satisfy Ghana’s Property Legends.
The word congratulations were the shared word to all the winners of the 13th Ghana’s Property and Construction Excellence Awards.
At the Foyer of the Accra International Conference Centre, the Director of Ghana Property Awards, gave a vocalized speech.
The Director of Ghana Property Awards, Irene Agyenkwa says emphasis had been placed on service providers, suppliers, and the mortgage market.
She indicated that the industry is in a bounced - back-mode, the supply and service sector has been the drivers of the economy and plays a special role. This she says is evident in the shortage of all components of raw materials across sectors for developers and Contractors.
In her speech, she emphasized saying “Our focus this year is mainly on the service and supply sector of the industry. With their ingenuity, the industry has started to flourish again. This is evident in our chosen categories for this year’s awards” she says.
Patrick Ebo Bonful, President of GREDA and CEO of PS Global Limited who is also the current Chairman of Ghana Property Awards gave a speech proposing solutions to the Government of Ghana to “Get Ghana Housed”, being the theme of the event. The solutions he proposed are as follows:
a. Compound houses account for 45% of the housing stock and they are the most common dwellings housing units available in our urban and rural areas today. Both government and the private sector to help bridge the housing deficit can deploy this method. These consist mostly of 1chamber and hall with a porch or kitchenette. They normally have common bathrooms & toilets. However, with a little re-engineering each unit can have a bathroom & toilet of its own? There is communal security for these types of houses.
b. We can even begin to explore the possibility of building just the shell of houses and leaving the finishing to be done by the buyer. This way, the price of the house will be lower, and the buyer will be able to afford it.
c. Construction of infrastructure and provision of utility services like water and electricity to service these homes could be left for the central government to provide later.
d. d. Another option will be that the cost of providing these utilities and ground infrastructure by the individual or corporate real estate developer should be absorbed by the central government and the utility providers like ECG and Ghana Water Company.
e. The populace should be encouraged to opt for more high-rise apartments – mostly 4 storey in our part of the world. This will help reduce the cost of extension of infrastructure, utility, and other support services like bus services and many other ancillary community support services. Moreover, there is communal security for residents.
f. To “Get Ghana Housed”, will also require that we amend the Home Mortgage Finance Act, 2008, Act 770 to address emerging challenges and changes in the housing demand space. Any efficient home mortgage finance market will require an effective mortgage legislative framework that ensures a smooth application and processing of home mortgage finance transactions and that also ensures smooth, hassle-free foreclosures. Home Finance Mortgage interest rates must be affordable and longer-term, i.e., 15 – 30 years.
g. To “Get Ghana Housed”, will also require that we amend the relevant laws to increase the draw-down amount a contributor to Tier 2 can access to make pay deposit for a house. 3 h. Furthermore, to “Get Ghana Housed”, will require that Government makes land available to corporate real estate developers across the length and breadth of Ghana.
h. Land Title registration should be simplified and made more efficient but less expensive.
i. Statutory approval requirements for corporate real estate developers must be less cumbersome and less expensive.
The Special Guest of honor, Hon. Dr. Freda Prempeh, Minister of State for Housing at the presidency offered a message which was read on her behalf by Madam Josephine Kpesese, Principal Registrar Assistant, ARC, retreated Government policies put in place to support Ghanaians housed, offering examples such as the Ministry of Works and Housing’s initiation of processes aimed at reducing at least 30% of construction cost through the provision of land, infrastructure services and tax incentives and exemptions in support of affordable housing programs and strictly incorporating the use of local building materials burnt bricks, compressed earth blocks, etc.
This the Hon. Minister continued that these materials become critical in sustaining housing delivery and a sure way of reducing housing construction.
Below are the lists of 2021 Ghana Property Awards - Winners
1. Best Residential Developer Mass & Social Housing 2021: Adom City Estate Company Ltd
2. Best Residential Developer- Affordable Housing Luxury 2021:
Rehoboth Properties Ltd
3. Best Residential Developer - Middle Income Luxury Homes 2021: JL Properties
4. Best Residential Developer Lower Income: Adom City Estate Company Ltd, 5x Developer of the Year Lower Income
5. Best Residential Developer Upper Income: Mayfair Estates Ltd
Special Awards:
6. Best Rural Development Project 2021: Adinkra City Project
7. Outstanding Leading Personality of the Year 2021
Dr. James Orleans-Lindsay- JL Properties
8. Best Marble & Granite Supplier Ghana 2021- Stone Depot
9. Mortgage Finance House of the Year 2021: First National Bank
10. International Property Investor of the Year 2021: Douglas Oppong, Angel Finance UK
11. Best Construction Hub 2021: NYC Mall
12. Best Real Estates Young Entrepreneur 2021: Michael Asiedu-Rebirth Real Estate & Construction
13. Best Eco Construction Product 2021-Blocks: Nelplast Eco Ghana Ltd
14. Innovative Building Construction of the Year 2021: CST Africa Ltd
15. Home Loans Campaign of the Yr 2021 - YOHO: First National Bank
16. Best Local Real Estate & Property Software Development & Innovation 2021: BaniEstimation
17. Hall Of Fame: Mr. Gideon Akrofi, Rehoboth Properties Ltd