According to Morocco World News, Palmeraie Developpement will be part of a consortium of companies that will deliver new houses to Ivorian teachers.
The Moroccan Ambassador to Cote d’Ivoire, Abdelmalek Kettani, also took part in the contract signing ceremony.
Moroccan based construction company INVIMO will work hand in hand with Palmeraie Developpement in the project as well as two Ivorian companies—OPES Holding SA and Fondscarre Consulting Group.
The project requires an investment of approximately 350 billion CFA Francs (US$601 million) and will be built over a 128 hectare area in Bingerville, 10 kilometers east of Abidjan.
The Moroccan parties will be in charge of piloting the technical phase of the project and supervising the construction works, the General Director of Saada Cote d’Ivoire, Noureddine Fisli, told the press.
Palmeraie Developpement and INVIMO will also provide the necessary experience in managing the accommodations after the construction is finished, through a “rent-sale” model.
The 15,000 accommodations are part of a social project to host Ivorian teachers who will be able to purchase the properties over a maximal duration of 25 years, through paying monthly fees over the whole purchase period, explained Fisli.
Approximately 90% of the accommodations will be apartments, with monthly rent varying between CFA 45,000 ($77) and CFA 165,000 ($283).
The remaining 10% will be budget-friendly villas, with monthly rent fees ranging from CFA 190,000 ($326) to CFA 350,000 ($601).
The second subsidiary INVIMO, also chaired by Fisli, will be in charge of assisting the contractors in the building process.
Ivorian authorities are also expected to mobilize the necessary resources for the project without any contribution from the teachers who will be the project beneficiaries.