1. History and overview

The Homestel is a redevelopment initiative situated in North Itam, Akwa Ibom State, approximately 12 km from Uyo city centre. Originally constructed about thirty years ago as a hostel for a secondary school, the property served as a boarding facility for students in the area.

Over time, the school transitioned into a day-only institution, rendering the hostel facilities obsolete. Left unused, the buildings gradually became derelict, losing their original function and value.

Recognizing the potential in this underutilized property, GrowMyHome and its partners identified a strategic opportunity to transform the site into a vibrant, affordable housing community. The name “Homestel” reflects its unique concept—a blend of “home” and “hostel,” symbolizing a comfortable, community-oriented living environment.

Our vision is to revitalize and modernize this once-abandoned building into a world-class affordable housing facility designed to accommodate both individuals and families. Its location makes it especially suitable for affordable housing development—close enough to the city centre for easy commuting, yet far enough to keep living costs manageable.

By leveraging the existing structures and surrounding land, we aim to create self-contained, serviced apartments that offer residents modern amenities at a fraction of urban housing costs.

Property Features

• Location: North Itam, Akwa Ibom State. (On the periphery of the Uyo Capital City borders)

• Land Size: 3,000 sqm

• Existing Structure: 22-room building

• Planned Use: Redevelopment into affordable, serviced apartments for individuals, professionals, and families

The Homestel Project represents a practical and sustainable approach to affordable housing—transforming forgotten spaces into thriving communities for families seeking affordable yet elegant living outside the main city.

2. Project Concept & Features

Proposed Development:

Existing redevelopment:

• 12 one-bedroom apartments

• 10 two-bedroom apartments

• Perimeter fencing and gated security

• Landscaped compound

• Water borehole

• WiFi Internet

• Solar power backup

• CCTV surveillance

• Shuttle services (morning and evening trips to Uyo)

Unique Selling Point (USP): Affordable and secure serviced living — combining the privacy of home ownership with the flexibility of short and long-term rentals.

3. Investment Objective

To raise ₦ 100 million ($ 67,000) through a Co-developer investment campaign that enables multiple investors to jointly own and profit from The Homestel project.

4. Project Valuation & Funding Breakdown

5. Investment Model

Co-developer Type: Equity-based ownership

Number of Share units: 150 shares

Investment is structured into categories

Standard Investors :

• 100 investor x minimum investment of ₦1,000,000 per share ($ 667)

Affordable category

• 50 investor x minimum investment of ₦100,000 per share ($ 70)

Total Value: ₦100,000,000

6. Returns & Profit Sharing

Revenue Streams:

• Long-term rental income

  • Short-term serviced apartment bookings.

  • Income from sales via rent-to-own

Projected ROI:
• Annual yield: 10–15% of investment
• Capital appreciation: 25–30% within 5 years
• Profit sharing: Distributed quarterly or annually.

Exit Options:
• Sell shares after 4 years
• Participate in refinancing or expansion rounds.

• Earn from Rent to Own sales and exit after 7 up to 20 years

7. Implementation Timeline

8. Governance & Transparency

A special purpose vehicle (SPV) will be created — The Homestel Ltd — to hold the property title and manage investor relations. Investors will receive quarterly financial statements and profit distributions. An independent auditor will review annual financials, and digital dashboards will show occupancy, income, and ROI performance.

9. Marketing & Exit Strategy

Target Markets:

• Professionals and civil servants working in Uyo

  • Families relocating or seeking affordable mid-tier homes

  • Corporate clients for staff housing

  • Tourists and visiting guests

10. Call to Action

Investors are invited to participate in ownership of The Homestel by purchasing units. Your investment supports sustainable housing while earning consistent returns from a proven asset.