…Initial 2000 houses to be ready in phases soon
The return of Gov Sim Fubara seems to have sparked off economic and investment activities that may have been dormant for months. Now, the state government has teamed up with a private investor in a multi-billion-naira project to attract back top executives to the Garden City.
Thus, a mini-city within the Garden City to be known as the PH-AirportCity has been unveiled in the Rivers State capital.
The estate located near the Port Harcourt International Airport areas is said to be a piece of investment initiative to attract back topmost executives most of whom fled the Garden City in recent years in the guise of threats of insecurity.
The mini-city is called PH-AirportCity. It is to start with 2000 houses in phases. The scheme is said to be a partnership between the Rivers State Government through the Greater Port Harcourt City Development Authority (GPCDA) and Masta Services Company Limited. It is headed by Ugo Ohuabunwa, an expert with 40 years of experience in the construction and building profession.
The project is propelled by a Special Purpose Vehicle (SPV) known as Masta-Rivers Development Company Limited with 70% to the private equity holder (Masta Services Company Limited) and 30% to the GPCDA on behalf of the Rivers State government.
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The unveiling attracted a large audience that filled the hall at the Hotel Presidential in the state capital Wednesday, October 22, 2025. The mini-city is said to sit on 80 hectares of land with certificates ready for investors, according to Adebayo Adeoshun, consultant (brands & marketing) who spoke at the event. Adeoshun has already described the day as a great dawn in Rivers State, saying what has just happened to the state was no easy breakthrough.
In his master presentation, Ohuabunwa, the CEO, who is also the managing partner of Masta-Rivers Development Company Ltd, said concerned developers were aggrieved that the city was undergoing infrastructure decay, requiring urgent action, hence, the idea of a mini-city within the city.
Saying Port Harcourt was unique in Africa, Ohuabunwa, described as a construction personality of 40 years standing whose siblings are top players in various industrial sectors, reminded investors that Port Harcourt was a unique city connected to Aba (Abia State), Uyo (Akwa Ibom State), Owerri (Imo State), Onitsha (Anambra State), and Yenagoa (Bayelsa State) in a matter of between an hour or two.
He asserted that people fled Port Harcourt not only because of insecurity but due to a lack of world class residential homes for the topmost executives who work hard. He said such people deserved a decent location of residence to rest and feel safe.
“We want to change that; we want to create a mini-city in the main city for the highest class. This will free space for the middle class. The new city is deliberately located close to the Port Harcourt International Airport. It will have facilities including malls.”
He mentioned affordability as a key strategy, saying luxury is affordable. To achieve the initiative, Ohuabunwa said the company got land directly from the government partner, loan opportunities for buyers from the Federal Mortgage Bank of Nigeria (FMBN), and further funding from the Stanbic IBTC Mortgage company.
On what the mini-city and the modern houses boast of, the CEO said the houses range from one bedroom affairs to five bedroom classes with e-security, CCTV system, malls, road network, storm water drainage, central sewage system, gas to power, gas for cooking, fibre optics, four fire stations, etc. The minimum rate may be N32m. He said this has not been done in Nigeria because the buyer’s money is not needed at the initial stage to build the houses.
Speaking earlier, Melody Ukwa, the Port Harcourt branch manager of the FMBN, confirmed the narrative, saying they have different types of mortgage offerings. “There is the category of Rent-to-Ownership scheme; there is renovation scheme; there is individual construction loan, there is Diaspora fund; there is National Housing Fund, etc.” All loans are for not more than 30 years.
Bennett Chu, an architect and acting Director-General of the Greater Port Harcourt City Development Authority, told newsmen in an interview that the state government was keen to provide massive housing opportunities.
He said the Authority was both a regulator and partner in the project, saying every single proposition was carefully verified. He added that the Authority suggested some of the features in the SPV because the state wanted the best for buyers and investors.
