Abuja — Real Estate Developers Association of Nigeria yesterday said it has reached a deal with Embram, a company in United Arab Emirates, to fund the construction of 100,000 housing units to the tune of $500million.

A major highlight of the proposed investment is the plan to deliver the housing units within one year and at the cost of N5million per unit.

New President of REDAN, Chief Olabode Afolayan, who spoke to newsmen yesterday in Abuja, regarding the Association's plan to improve the state of housing delivery in the country, said a committee set up to work out details of the investment agreement will visit Dubai in two weeks to meet with Embram officials over the deal.

He said the partnership will enable the association to meet a quarter of the 400,000 yearly housing targets it has set for itself.

Apart from providing fund for the project, Afolayan said the firm is coming with a new technology that only fast-track the time-lag for building of houses and ensure that the houses are delivered at cheaper rates.

"We are planning to introduce a new technology that would involve using slabs to build houses, which speeds up construction and enhances ability to deliver houses in good time," he said.

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