8th December 2023
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Gov’t inks $1.5bn army housing project deal

Author: Staff Writer | Published: Monday, May 10, 2021

Triangle Real Estate Chief Executive Officer Amb. Arop Deng Kuol and Shelter Afrique Chief Executive Officer Andrew Chimphondah exchange documents after signing the $1.5bn housing deal on Friday, May 7, 2021 | Credit | Mike Omuodo/Media Fast

Shelter Afrique, the Pan-African housing development financier, has inked an MoU with Juba-based real estate firm to develop 26,000 housing units for the army.

The project is estimated to cost of $1.5 billion through a public-private-partnership special purpose vehicle, according to press release.

The deal was signed in Nairobi, Kenya, by Shelter Afrique Chief Executive Officer Andrew Chimphondah and Triangle Real Estate Chief Executive Officer Amb. Arop Deng Kuol, on behalf of the Ministry of Finance and Planning.

“We have been mandated by the Ministry of Finance and Planning to source funds for the construction and completion of a defense housing project on behalf of the Government of South Sudan under the Peace Through Development program initiated by President Salva Kiir in 2018,” Amb. Kuol said on Friday.

The signing of the MoU, Amb. Kuol stated, was critical in addressing the housing crisis in South Sudan, which has been worsened by many years of conflicts.

“The reason this memorandum of understanding we’ve signed with Shelter Afrique is very important for us and is proof that provision of affordable housing is central to the agenda of the government of the South Sudan, not just for the forces but for the entire population,” said Amb. Kuol.

The project scope includes development of 148 housing blocks of 160 housing units each at New Site, Giada, J-3 presidential guards apartments, and at New Bonga.

As per the deal, Triangle Real Estate will act as the developer and contractor of the project in conjunction with various consultants.

Shelter Afrique, on the other hand, will provide catalytic funding as well as act as the lead arranger to assist in raising additional financing through the syndication of other Developmental Financial Institutions as applicable.

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