According to Nana Andoh the project which has been on the drawing board for longer than envisaged was due to meeting investment criteria of optimum lettable space, acceptable aesthetics and acceptable returns on private equity. The project would commence in June this year and is expected to be completed in eighteen months.
He encouraged and advised professionals in the construction industry and the relevant faculties of the University to change their orientation from government financed projects to private sector projects, and reemphasise the importance of efficiency and profitability of projects. This, according to him, is the only way the private sector will be attracted to invest in major commercial and infrastructural facilities to create jobs for professionals and the youth of Ghana.
The Area Manager of HFC Bank, Kumasi, Mr. Kwabena Asante noted that Ghana has a huge property deficit, with residential property deficit exceeding six hundred thousand units which has gained much attention to the neglect of the appreciation of commercial deficit and its development.
Mr. Asante said the HFC Bank believes and support improved housing for Ghanaians in all sectors of the society and that is why for over twenty years the bank has supported Ghanaians in property development and ownership. He added that it is for the same reason that HFC is supporting the development of commercial properties at KNUST.
The Vice Chancellor, Prof. K.K. Adarkwa said as a University, KNUST is very conscious of the efficient use of its land resources and has had to develop a land use plan with the aim of streamlining all physical development projects in order to determine the specific infrastructural needs, spatial distribution and their destinations based on the best available information and forecasting of demographic, social, economic and technological trends. Prof. Adarkwa said it was in this light that the HFC Bank was approached on the possibility of building a commercial complex at the commercial area of KNUST. He stated that the building would be disability and environmentally friendly, and thanked the HFC Bank for their numerous support and assistance to KNUST.
