Embram, a United Arab Emirates company has reached an agreement with the Real Estate Developers Association of Nigeria (REDAN) to fund the construction of 100 000 housing units at a cost of US$500 million.

This Day reports that the housing units will be delivered within one year at a cost of N5 million ($33 600) per unit.

REDAN president, Chief Olabode Afolayan said the partnership will allow his organisation to meet a quarter of the 400 000 housing units per annum target that it set itself.

Afolayan added that Embram will make use of new technology that involves using slabs to build houses. The process speeds-up housing construction and is also much cheaper than more traditional methods.