Rainbow Housing Estate: Management Releases Conditions For Acquisition


There are strong indications that the first phase of buildings in the multi-billions Naira Rainbow Housing Estate in Port Harcourt, Rivers State will soon be offered for public acquisition.

The Weekend Tide exclusively gathered that this indication became obvious following three conditions laid down for prospective home buyers by the First Bank Plc which is partnering Rivers State Government in the Rainbow Town Development Project.

A source close to the management of First Bank Plc disclosed that the first condition tagged as outright payment gives prospective applicants the options of making a non-refundable reservation payment of N50,000 including payment of five per cent agency fee among others.

It was learnt that under the second option known as milestone payment, those wishing to acquire a unit of house in the estate is expected to pay non-refundable deposit of N50,000 and 20 per cent payment of commitment on accepting this category of option.

In addition, the prospective buyer of unit of house in the estate is required to pay five per cent agency fee plus other requirements.

The authoritative source told The Weekend Tide that the third options which is known as mortgage payment also provides that the interested buyer would be required to pay a non-refundable deposit of N50,000 as well as payment of 20 per cent of commitment and five per cent agency fee respectively.

Apparently, the prospective home buyer is required to arrange for a mortgage line for 80 per cent of the cost of the house unit and also provide details of same to Cityscape International Limited within a month of payment of initial 20 per cent deposit.

It was further understood that the prospective candidate is expected to pay a mortgage brokerage fee of 2.5 per cent of the due of the house among others.

The source also disclosed that the options laid out for the acquisition of unit of houses in the estate is preparation for the September 2010 deadline given to contractors executing the low-rising buildings in the estate to complete work.

The Weekend Tide also gathered that the firms handling the twin 15 story buildings popularly called high rising building have also been given up to the next two years to complete work on the projects.

When contacted on phone, the project manager of Rainbow Town Development Project, Mr Okpe confirmed the deadline given to contractors for the completion of work on the site. 


Isaac Nwankwo