Projects and Major Milestone

Pison Housing Company has since its incorporation, been involved in major projects, which include but are not limited to the following

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Pison Housing Company has conducted market research and feasibility study and served as advisors to a reputable development firm who was working on a number of projects as follows:

Ocean Bay

Ocean Bay is a 33- hectare, fully fenced and gated estate situated along the Alpha Beach / Lafiaji Coastal Road , off Lekki-Epe Expressway, five minutes drive from Chevron’s Headquarters. It has approximately 201 plots of various sizes, none of which is less than 800sqm.

The estate is being developed with top notch facilities and infrastructure including power supply, water treatment plants, sewage channels, back up power supply for central services, landscaped gardens, estate wide internal communications facilities, fully equipped sports/ recreational club, provisions for a crèche and primary schools, clinics, a business park, entertainment arcade and shopping mall, estate shuttle services and a private postal system.

The development also comes with a 30 metre private beach and 1.6 hectare Nature Park. The total value of the Ocean Bay project is US$150 Million. Pison Housing Company is acting as financial advisers to the development.

Ocean Bay Condominiums

Ocean Bay Condominiums is a three tower development consisting of one hundred and forty four (144) deluxe condominiums sitting on a 1.7 Ha site within the larger Ocean Bay community. The ground floor is dedicated for residents covered parking; the first floor is reserved for residential services and the grand lounge of each tower. Floor two – eleven consist of four bedroom spacious condos with four units on each floor while the penthouse floor of each tower accommodates two wings of five bedroom units each. All the condos are serviced with private terraces and elaborate windows which allow for maximum views while the entire community includes a five-star quality restaurant; a dedicated residents only lounge and gym; a super mart, laundry and house-keeping services. Pison Housing Company is involved in conceptual financial modeling and is acting as Transactor for the capital raising exercises totaling US$90 Million.

Buena Vista

This is a housing project sponsored by Cityscape International located in Lagos, Nigeria. The building types vary from a 3 to 5 bedroom townhouse, semi-detached and detached houses respectively. Pison conducted a feasibility study for the project. The project comprises of 1,694 housing units with a capital of USD 267.8 million.

Cowrie Town

This is another project sponsored by Cityscape International in partnership with Lagos State government. This project is set to provide over 10,000 housing units for different income earning levels on approximately 300 hectares of land in Lagos with a capital of approximately USD 533 million.

Rainbow Town

This project is sponsored by First Bank Plc and located in Port Harcourt, Rivers State undertaken in joint venture with the Rivers State government and a real estate developer. The project involves a construction of 840 unit community housing for different income earning levels on approximately 23.42 hectares of land. The project comprises of high rise, mixed use development for residential and office space with a project cost of over US$ 335 million.

PeaceVille Estate

Pison processed the raising of USD 4,000,000.00 (Four million US Dollars) for a client with a residential project along Lekki-Epe Expressway, Lagos. The funding is sourced from a foreign real estate investment organisation and the capital raising process is at near concluding stages. 

 

 

Suru Suites and Hotels Limited

Pison Housing Company was commissioned to act as the financial advisors to the raising of N7 billion (seven billion naira) under a Real Estate Investment Trust (REIT)/bond structure and/or a loan restructuring facility with AMCON (7 year restructure facility) for the client.. The issuance will be treated as a Special Purpose Vehicle from which units/notes will be issued to investors. The client has a portfolio of 2 hotels (one already operational and the other at construction stage). The REIT fund/ bond structure is proposed to finance ongoing and prospective hotel projects. 

OPIC

Pison Housing Company got Overseas Private Investment Corporation, U.S.A. (OPIC) approval as their Loan Originator and Political Risk Insurance (PRI) originator under the Enterprise Development Network (EDN) program. Under the EDN program, Pison Housing Company serves as local service providers to micro; small and medium-sized enterprises (MSMEs) to help develop the OPIC application package refine marketing strategies and draft or enhance business plans. The program is able to loan up to $250 million for eligible and qualified transactions. The Enterprise Development Network (EDN) is a strategic alliance between the Overseas Private Investment Corporation (OPIC) and the private sector. As at date, Pison Housing Company serves as advisors to a portfolio of real estate activities of over US$950 million. 

Zenith USAID Mortgage Guarantee

The United States Agency for International Development (USAID) has provided USD 10,000,000.00 (Ten Million US Dollars) facility guarantee for mortgage transactions in Nigeria through Zenith Bank, a leading Nigerian commercial bank. Pison has recently been engaged to work with Zenith as strategic development advisers, loan originators and mortgage brokers for the on-lending facility. 

 

Citigate Estate

The project sponsors, Transatlantic Citi-Gate Development Company Limited aimed to develop a residential housing estate which will comprise of approximately 1,730 housing units and 182 units of sites and services in Ibadan, Nigeria. Pison Housing Company was commissioned to conduct an income/affordability study for the residential component of the proposed mixed-use development in Ibadan with the objective of establishing preference of housing types and affordability matrix. 

Finmark Market Survey

Pison was commissioned by Finmark Trust, A South African organisation, in February 2010 to carry out a comprehensive market study on the state of housing market in Nigeria with a focus on the low income category. This study was undertaken with the objective of innovating technical and financial means which could be implemented to meet the needs of the low income population and make housing more affordable and accessible to them. The study was commissioned in conjunction with EfINA and the report was successfully executed and published. 

 

Skye Mortgage Bank

Pison Housing Company was commissioned to offer consultancy services for floating of a property development company for the client. This involved developing a business strategy that will systematically examine the prospects and possible challenges; carrying out a market survey and analysis; conducting a feasibility study; developing a comprehensive business plan that will be of efficient business and operating model, capable of attracting foreign investors for the purpose of raising capital and realizing the primary objectives of key stakeholders for the proposed company. 

 

Feasibility Study for a Nigerian Mortgage Liquidity Facility Institution

Institution Pison Housing Company has recently (January 2012) concluded a market research, business evaluation and feasibility for a US$200 million Liquidity Facility Institution that will serve as a secondary mortgage market refinancing vehicle for the Nigerian market. To complete this task, Pison Housing Company led a disparate team of seasoned professionals to deliver the project. The institution will have the Central Bank of Nigeria and other International Financial Institutions as shareholders.

Project Advisors on the Proposed Nigeria Mortgage Corporation (NMC) Liquidity Facility

Pison Housing Company (PHC) was appointed as professional strategic development advisors to Mortgage Banking Association of Nigeria (MBAN) to set up the proposed Mortgage Liquidity Facility in Nigeria. NMC is an intermediation vehicle that will eliminate current impediments to mortgage lending while bringing long-term funding to mortgage originators. To deliver this project, NMC is being capitalized by various stakeholder institutions namely World Bank, International Finance Corporation (IFC), Central Bank Of Nigeria (CBN), Nigeria, Primary Mortgage banks (PMB) and selected commercial banks in Nigeria. The operation of the NMC will take off with an initial re-financing potential of about US$1billion. 

 

Locke International Consultancy Limited

Pison Housing Company was recently engaged as financial and project advisors by the project sponsors to develop a business plan, conduct market research and feasibility study for the development of a residential estate comprising 46 units of detached houses on 3.21 hectares of land at Lakowe town, along Lekki-Epe expressway. We are in the concluding stages of raising capital in amount of US$6.16million being the total project cost from an international financial institution for the project.

Madonna University

Pison Housing Company was engaged to act as financial and project advisor. This involved transaction structuring, preparation of the business plan, carrying project assessment and feasibility appraisal for the construction of student hostels in various campuses of the university. We are currently finalizing capital raising services to the tune of US$ 7.56million for construction of the 1st phase of the project at the Okija campus of Madonna University in Anambra State.

YF Construction Limited

Pison Housing Company was engaged to carry out market research to ascertain project desirability, market response/readiness, location analysis and viability for the development of proposed residential estate comprising 960 units of 4 number three [3] and four [4] bedroom terraced duplexes per unit, on a land size of 30 hectares at Ogudu in Lagos State. To enable and assist the project sponsor raise capital from lending institutions for the project.

Transaction Structure for Mortgage Bank Recapitalization

Following the guidelines by the Central Bank of Nigeria for mortgage banks to be recapitalized to N5 billion for national level operations and N2.5 billion for state level operations, Pison Housing Company was recently engaged by a number of mortgage banks in the country to assist with the transaction structure for the recapitalization exercise.

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