Quarm-LMI Selected to Revive Stalled Saglemi Housing Project in Ghana

The government has chosen Quarm-LMI as the preferred developer to revive the long-delayed Saglemi Housing Project.

In a press release from the Ministry of Works and Housing dated October 18, 2024, it was announced that this decision followed extensive negotiations involving a government team that included representatives from the Ministry of Finance, the Office of the Attorney General, the Ministry of Justice, and Deloitte, with technical support from the Ghana Institute of Surveyors.

The redevelopment will be organized through a Special Purpose Vehicle (SPV), treating the government’s current investment in the project as equity, which will allow both the government and the developer to recoup their investments once the project is completed.

The statement noted, “As part of the redevelopment, the government and the developer will recover their investments upon project completion.”

Initially designed to provide 5,000 affordable housing units, the Saglemi Housing Project received about $200 million in government funding. However, only 1,506 units were partially completed before the project was halted, and these units were deemed uninhabitable due to a lack of essential infrastructure such as water, electricity, and sanitation.

A valuation by the Ghana Institute of Surveyors revealed that an additional $100 million would be needed to finish the 1,506 incomplete units—funding that the government was unable to provide.

The completion of the Saglemi Housing Project is expected to have a significant impact on Ghana’s housing landscape, helping to alleviate the country’s housing deficit, currently estimated at 1.8 million units.