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Developer LMI Holdings commits to completing first 700 Saglemi housing units

Developer LMI Holdings has committed to completing the first 700 housing units under the revived Saglemi Housing Project by March 2027, with the first phase of 1,500 units expected to be completed by December 2027.

myjoyonline.com ·

Developer LMI Holdings commits to completing first 700 Saglemi housing units

LMI Holdings has pledged to finish the initial 700 housing units within the revived Saglemi Housing Project by March 2027, with the first phase of 1,500 units aiming to be completed by December 2027. President John Dramani Mahama's inspection of the Saglemi project in the Greater Accra Region on August 20 highlighted this commitment.

The Saglemi project, initially intended as a 5,000-unit affordable housing complex under the late President John Evans Atta Mills, faced a halt after a government change, leading to legal and investigative setbacks that halted construction and caused vandalism of the site. In response, the government partnered with private sector developers, selecting LMI Holdings to revitalize the project.

President Mahama expressed optimism about turning the estate into a modern and comfortable residential community for thousands of Ghanaian families, encouraging prospective homeowners to register promptly upon the sales portal's opening. He noted that the estate would also benefit from improved infrastructure, such as upgraded roads and railways connecting to Tema and the Dawa Industrial Park, enhancing accessibility for residents and industries alike.

Mahama emphasized that the project aligns with Ghana's broader vision for a Green Digital City and expects LMI Holdings to meet its timeline, forecasting the completion of the first 700 units shortly after Christmas and the remaining 1,500 units by Easter next year.

Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

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The reorganization of Kakao through a spin-off has sparked a chilly market reaction. On the 1st, Kakao announced that it would be spinning off its 'core business' into a new company, Kakao Growth, through a comprehensive property division. The newly established Kakao Growth will encompass all of Kakao's business areas, including major revenue-generating sectors such as advertising, commerce, and entertainment. In contrast, the existing Kakao will focus on its core platform business, including KakaoTalk, Naver, and other services. Following the spin-off, Kakao's market value has decreased. As of 1 pm on the 1st, Kakao's stock price was 43,850 won, down 1,700 won (3.73%) from the previous day. The market capitalization of Kakao, which was ranked 4th in market capitalization on the 28th of last month (approximately 19.3 trillion won), has now dropped to 5th place, with a market capitalization of 18.1 trillion won. The market's reaction to Kakao's spin-off plan has been lukewarm. The stock price of Kakao, which had been trading at around 46,000 won until last week, began to decline after the announcement of the spin-off plan on the 22nd of last month. Industry experts point out several reasons for the market's negative response. First, concerns have been raised about the governance structure of Kakao and Kakao Growth. The existing shareholders of Kakao will maintain their stake in the company, but new management will be introduced, and the exact equity relationship between Kakao and Kakao Growth has not been disclosed. An official from a securities firm stated, "The existing shareholders of Kakao will continue to bear the business risks of Kakao Growth, but they will not have control over the new company." Furthermore, there are concerns that the spin-off may not be as straightforward as expected. The plan for Kakao Growth to be listed on the stock market has not been finalized, and there is a possibility that Kakao Growth may not be listed within the initially planned timeframe. An industry insider noted, "The market has priced in the possibility of a spin-off, but there are still many uncertainties, such as the listing of Kakao Growth and changes in the governance structure." In addition, there are concerns that the spin-off may lead to an increase in Kakao's financial burden. The spin-off plan involves not only the division of businesses but also the allocation of existing debts. Kakao's total debt as of the end of last year was 1.1 trillion won. It is expected that a significant portion of this debt will be transferred to Kakao Growth. A securities firm official stated, "The market has high expectations for Kakao's growth, but the spin-off plan has raised concerns about the company's financial structure and governance." On the other hand, some analysts believe that the market's reaction is an overreaction. They argue that the spin-off will improve Kakao's corporate value. A researcher at a securities firm stated, "The spin-off will allow Kakao to focus on its core platform business and enhance its growth potential." However, as of now, the market's reaction to Kakao's spin-off plan remains lukewarm.

·hani.co.kr

Beyond the Badge: What Happens When We Redefine Leadership?

We see it on our professional feeds every single day : an election result announced, a campus lead appointed, or a post thanking mentors for a new title.

  • Leadership is more than a title or soft skill; it's a disciplined practice.
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