Abuja, Blog, Building Materials, Ibeju Lekki, Lagos, Lekki, Magodo, Oshoroko, Property, Real Estate

Real Estate Professionals Advocate Use of Alternative Building Materials

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DAYO AYEYEMI

Nigeria is blessed with many natural resources such as land, sharp sand, laterite, granite, iron ore and wood of various types, yet it still depend largely on foreign materials for housing construction after five decades of independence.

Except sand, granite and wood, most of the finishing materials such as tiles, glass, roofing sheet, doors, sanitary wares, locks, lightings and pipes, including labour are being imported into the country.

Over dependence on foreign materials by government and home builders, housing experts say is one of the major factors responsible for high cost of houses in the country, aside from high cost of land and money.

Worried by the high price tags on housing units, experts comprising developers, builders, architects, town planners and manufacturers are currently canvassing the use of alternative local building materials to arrest the trend.

They noted that despite the manufacturing of different types of machines for local brick’s production, roofing sheets and research on alternative cement by the Nigerian Building and Road Research Institute (NIBRRI), lack of patronage has weighed on the agency of government.

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Some of these materials include sun-dried bricks (adobe), cement stabilised bricks/blocks, interlocking laterite blocks, burnt clay blocks, clay roofing tiles and NBRRI brick/block making machines.

As at now, Nigeria has over 17 million housing deficit and would require 740, 000 units built annually in the next 20 years to bridge the gap.

Speaking with the New Telegraph in Lagos, first Vice President of Nigerian Institute of Building (NIOB), Mr. Kunle Awobodu, said that apart from public apathy, lack of awareness on affordable and alternative building materials have not helped matters.

According to Awobodu, if NIBRRI has researched into alternative cement for housing, it should be publicised and made available in the building materials’ market for public use.

“If the alternative building materials are affordable and available, nobody will jettison them. They should make them available in the market,” he said.

The first vice president said that when materials are produced locally, there is tendency the cost would reduce.

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Blog, Property, Real Estate

Lagos’ megacity dreams are a nightmare for many working people

Oluwatosin Adeshokan

Every Friday, at the close of work, Idris Oladipo makes his daunting commute home from the city of Lagos.

Oladipo is an account manager with Pulse Nigeria, one of West Africa’s biggest media companies. His commute takes him 100 miles from Pulse’s office in Lekki to his home in Ibadan, the capital city of Oyo State. The drive should take about two hours, but traffic often stretches it to four.

“Up until September of 2017, I used to have an apartment in Lekki, but the rent was increased after my [lease] expired.” Oladipo said. “Since September, I’ve sometimes slept in the office and now, I’m currently squatting with a friend that’s also my co-worker.”

Oladipo is one of an estimated 21 million people who live and work in Lagos, making it Africa’s largest city. It’s also one of the fastest growing cities in the world. In recent years, even as Nigeria experienced a recession, the commercial status of Lagos has led to a steady influx of people into the city from neighboring states. By some estimates, Lagos could double in size by 2050.

Lagos has actively pursued its megacity status. City officials and developers have undertaken a massive urban renewal project that has seen slum and waterfront communities demolished to make way for new high-rise building projects. These demolitions have led to an increase in the cost of housing and amenities in Lagos, especially on and near Lagos Island, the city’s commercial center. Critics say the megacity project is a form of gentrification, and not the type of urban planning needed to handle a budding population crisis. A recent update to the Lagos land use tax has threatened to make conditions even more challenging for people already struggling to live and work in the city.

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Moses Fiarama, a real estate agent and Lagos resident, believes that everything in the city is overvalued. “The cost of housing in Lagos is too high compared to that of houses in Ogun and Oyo state,” she said. “But this is because everything exists in Lagos; [the] industries, jobs, means of production.”

For years, the steady increase in the cost of land and houses in the major metropolitan areas of Lagos has led to a population increase in fringe towns like Ikorodu and Iju, especially as the Nigerian minimum wage of 18,000 naira (about $50) often isn’t enough to go by. But in a country some say is becoming the poverty capital of the world, people will do what they need to work and eat.

When you can’t afford to live near your job, the commutes, like Oladipo’s, can be rough. Aisha Salaudeen, a journalist in Lagos, says the city hasn’t built the infrastructure to meet the demand for housing and transit.

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Abuja, Blog, Ibeju Lekki, Lagos, Lekki, Property, Real Estate

NNPC Explores Commercial Opportunities In Real Estate

The Nigerian National Petroleum Corporation (NNPC) is currently exploring all commercial opportunities available in the real estate market to efficiently position itself as one of the key players in the sector, New Telegraph has learnt.

Besides, the move is hinged on the need to increase its revenue generation aside from oil and gas business.

To this end, the company, through one of its subsidiaries, NNPC Properties Limited, has embarked on the recovery of its over N100 billion worth of unharnessed landed property across the country for real estate investment.

The latest is that NNPC Properties Limited has secured massive land in three major cities in the country for real estate development.

A staff of the company, who did not want his name in print, told this newspaper last weekend in Lagos that the three major cities already identified for real estate potential include Lagos, Abuja and Port Harcourt.

He said the group would be spending $26.9 billion on 50-hectare real estate development known as “Royal Grove” in Greater Port Harcourt City, Omagwa, River State, for 770 families.

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In an exclusive chat, the source said that aside from Port Harcourt, there was also plan to develop massive housing estate in Lekki Marina in Lagos State and another choice location in Abuja.

“We have on-going real estate development worth $26.9 billion in Port Harcourt. Our real estate development is also coming up in Lekki Marina. We have secured about 92 hectares of land running into trillion of naira in Lekki,” the source said.

Aside from the two projects, the source disclosed that NNPC Properties Limited had also partnered some real estate developers, numbering 30, for development of different grades of housing units in Abuja, Lagos and Port Harcourt.

“We are collaborating with several developers in Lagos, Abuja and Port Harcourt that are developing different grades of housing which will be made available to the public soon,” the source said.

Some of the private developers, this newspaper gathered from a document secured from the staff, included Jofame Integrated Limited for Royal Palm Villa, Ibeju Lekki, Lagos; Viendubond Contractors Nigeria Limited for Chessvile Corte, Life camp, Abuja and Mercy Sanuelson for Southend Estate, Abuja. Others are Princely Estate Limited for Eric Moore Lagos and Dacho-Telius Limited for the Reserve Estate in Port Harcourt, among others.

NNPC Chief Operating Officer (COO), Ventures, Babatunde Adeniran, had told journalists early in the year in Abuja that the plan would be honed through commercial opportunities, adding that the company had already commenced the recovery of the Corporation’s landed properties.

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Blog, Lagos, Property, Real Estate

The Margaret: Nigeria’s first all-female Real Estate development

In an industry where women only represent 33% of professionals, Gilead Global has sparked a revolution with its latest residential project in Ikoyi’s Banana Island.

Experts have already termed it as one of the very few truly luxury developments., owing perhaps to the female-dominance which brings about an increased attention to detail.

The Margaret is a stunning collection of four and five-bedroom townhouses located in Banana Island, Ikoyi and designed by critically acclaimed female architect; Okwi Onuzo in collaboration with London-based Landscape Architect, Moji Adeniran and Sicily-based Interior Architect, Martina Pardo.

As the African cultural saying goes; “the woman owns the home”, the development boasts of specific features, which are extremely pertinent to women.

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This is due to its all-star female team of Architects, Engineers and Designers.

The Margaret is an apt name for this modern-English residential enclave, which draws inspiration from the values of Margaret Thatcher, former British Prime Minister fondly referred to as the “Iron lady”.

Hence, its hard exterior is fashioned out of Concrete, Glass and Steel, which conceals its much softer interior of hand-polished wood, natural Carrara marble and other organic materials.

Over the last two decades, Ikoyi has witnessed massive growth and transformation. Going from an old, sleepy, residential area into a modern, mixed-use community. Its streets went from being lined with colonial duplexes with expansive gardens to displaying some of the most ambitious office complexes and high-rise residences.

A drive down Alfred Rewane, Alexander or Bourdillon Road will immediately convince you.

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Blog, Property, Real Estate

Infrastructure will drive real estate growth

The Managing Director of Cross and Churchill, Mr. Taiwo Ogunbodede, has said the full potential of the real estate sector can be better realised if the government put in place adequate infrastructure.

Such endeavour, he further said, would also stimulate faster growth in the real estate sector.

Ogunbodede, also the Chairman, Real Estate Developers Association of Nigeria (REDAN), Southwest chapter, with adequate infrastructure in place, people do not necessarily have to live in cities at exorbitant costs.

“Housing will come into being when the Federal Goernment begins to put in place infrastructure. I like what Governor Akinwunmi Ambode of Lagos State is doing around Epe Division. The entire road network in Epe is on another scale. It means that you can live in Epe and work in Ikeja or on the Island. Coscharis is in Awoyaya, who would have thought that such a firm will come to Awoyaya? That is the effect of having good infrastructure in place,” he said.

According to Ogunbodede, there is and there will always be demand for housing in the country. However, he said, what is lacking is the housing units to fit peoples’ pockets, and the housing type people put demands on. For instance, he explained that in the years the stock market boomed, people sold houses at N140 million to N150 million, because they made good returns on their stocks within a very short time. But things have since changed now meaning that developers and potential home investors have to check their pockets.

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