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State Housing Corporation makes GH₵5.8m profit before tax

housingThe Board of Directors of State Housing Corporation (SHC) said on Friday that the Corporation has been transformed following prudent management of resources by the management team led by Dr Mark Nii Ankrah.

A statement made available to the GNA said SHC had reversed huge losses that started from 2007 to 2009 but this had been reserved from 2010 by the new team.

It said from January 2010 to November 2012, SHC made profit before tax of GH₵5,853,264.21 against a loss of GH₵559,170.00 in 2009.

“This Board and Management can justifiably take credit for contributing a net profit of GH₵5,294,094.21 to the income surplus account as at November 2012,” the statement said.

It said SHC is financially strong, as analysis of the company’s balance sheet as at November, 2012 showed that it has cash and cash equivalents balance of GH₵2,873,315.00.

SHC has rolled-out two strategies – renewal of urban communities and sustainable development projects to increase the housing stock.

Under the urban regeneration/renewal, SHC has partnered with some firms to redesign existing SHC housing estates at Kaneshie, Lartebiokorshie, and Kanda in Accra and Takoradi Effiakum.

SHC document made available to the Ghana News Agency indicates that under the Kaneshie Regeneration Project, the corporation is partnering with a Turkey based firm Kiranurc Construction to implement innovative project management techniques.

The regeneration scheme will produce eleven blocks of flats with eleven levels in each block. Each floor will have four units consisting of one, two, three bedrooms.

There will 473 flats as compared to the current 13 blocks of flats which accommodate tenants in either a bedsitter or a one bedroom apartment.

Fifteen storey residential buildings are proposed for the four- acre land currently accommodating eight blocks of flats of two and three levels with 37 units at Lartebiokoshe. A total of 265 units will be provided by the redevelopment.

According to SHC, the Kanda project will be undertaken by Assured Developers to build eight blocks of flats with each flat accommodating not less than 20 floors of two and three bedrooms.

On the Adenta project, the SHC said an infilling project has already taken off which is on a serviced scheme with a network of roads, drains, electricity and water.

A number of four-level and six- level flats totaling 150 apartments have taken off as part of the infilling.

Source: GNA

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