The Third Real Estate Marketplace Conference and Exhibitions has held in Lagos. Assistant Editor OKWY IROEGBU-CHIKEZIE, who was there, reports.

The Third Real Estate Marketplace Conference and Exhibitions, supported by the Lagos State Real Estate Regulatory Authority (LASRERA), provided an avenue for stakeholders to chart the way forward in the sector. Fraud and vices, which many residents of the state have been facing, topped the agenda.

The Special Adviser to the Governor on Housing,  started the discussions when she highlighted that the real estate sector has been plagued with risks and losses.

She said that transparency of business transactions in real estate markets, as demanded by international standards, necessitated the establishment of LASRERA.

“As integral part of real estate, government’s regulations must address the ethical standards of potential risk in terms of losses for the protection of the citizenry’s investments.

“The risks of losses in the sector can be curbed, if the individuals/ organisations that are operating in the sector will register with LASRERA so that fraudulent practices can be reduced to barest minimum.

“As professionals/stakeholders, I believe that this market must be rebuilt so that investors’ confidence can be restored and to ensure that the state government’s vision of making 21st Century economy to conform to the international best practices in the real estate and not be a stand-alone in the market, she said.

Mrs. Benson-Awoyinka added: “Let us be informed that reviewing Lagos State Mortgage and Property Law, at the Lagos State House of Assembly, would safeguard development of the real estate sector and promote local and international investors’ confidence with regard to integrity in the industry.”

Also, Lagos State Governor Mr. Babajide Olusola Sanwo-Olu said the conference was initiated as a platform for individuals/organisations to network and address the issues affecting them.

He assured residents, especially accommodation seekers, that the planned monthly rental payment for accommodation, had not been jettisoned, stressing that his administration was working on modalities for its take off.

“It is my belief that the real estate market can be a floodgate of economic prosperity to the state and stakeholders when potential risks are minimal in this sector,” he added.

He advised Lagosians and those in real estate to be cautious in any financial transaction, and that they should fact-check the track records of organisations they deal with to ascertain if they are registered.

According to Sanwo-Olu, what we have done is to re-examine the best strategy to make the policy sustainable.

He said the monthly rental payment was to support tenants and landlords on rent remittance, saying the state government could not compromise on its stance of protecting the interest of house owners and tenants.

Sanwo-Olu, represented by his deputy, Dr. Obafemi Hamzat, thanked the stakeholders for the conference.

At a panel session on “Stemming the Tide of Building Failure in Lagos State”, Chairman, Panel of Inquiry into Fourscore, Ikoyi building collapse, Mr. Oluwatoyin Ayinde, said everything about the 21-storey building was wrong.

He confirmed that student-architects were employed to build the structure, adding that there was no supervision and insurance cover.

“A video shared confirmed that the developer said he didn’t want to use professionals because it would require spending lots of money. Building collapse is not about the collapse of the building itself but about the collapse of ambition, expectations, hope and achievements. All stakeholders must pay attention to the value placed on professionalism and human beings that will live in the buildings.

“It’s so unfortunate that many developers are less concerned about the value of the lives that will live in the houses they are building with substandard materials and poor specifications. They are only concerned about the gains they will make. The inability to conceive and manage time properly is a major issue in the sector,” he added.

General Manager, Lagos State Building Control Agency (LASBCA), Gbolahan Oki, said the major cause of building collapse was the attitudinal problem of developers and poor maintenance culture on buildings.

Oki said many developers tried to circumvent what was approved in the building plan. He charged professionals to ensure buildings under construction were insured, and obtain the certificate of fitness before the building is inhabited.

The General Manager, Lagos State Material Testing Laboratory (LSMTL), Olufunsho Elulade, said more houses might still collapse because they were not tested.

For him, causes of building collapse include faulty foundation, weak construction, lack of test, corrosion and natural disaster.

Megamound Investment CEO Otunba Olumide Osunsina called for collaboration among the state government and the private sector.

Several operators in the sector solicited synergy among government agencies to deliver a sector devoid of unscrupulous people.

Experts and government officials have lamented the lack of access to affordable housing, which they warned, has resulted in shortages in the country.

They frowned at the poor access to decent housing leading to slumisation in big cities.They urged the government to come up with policies that liberalise the sector, usher in funds that would lead to single-digit funds for developers in the sector

The experts, who spoke at a summit to mark UPDC Plc’s 25th anniversary tagged ‘Housing Development Imperatives for Nigeria: Prospects and Challenges,’ also sought a new strategy that would guarantee homeownership for low-income earners.

In the panel session, the Chief Executive Officer, Knight Frank Nigeria, Frank Okosun, identified major challenges in the sector to include high cost of building materials, poor mortgage penetration and problems with land administration.

“There is a significant gap between the stock we have and the quality of houses that meets international standard.

“Property ownership in Nigeria is still an elitist engagement.There should be a strategy for the big real estate firms to make home ownership affordable for low-income earners,” Okosun said.

He suggested that when the rich build houses, they should make provision for domestic staff such as drivers, cooks, gardeners, and maids to have decent and adequate housing facility to serve them and keep them healthy to serve them.

Managing Director, James Cubitt Architects, Alan Davies, noted that Nigeria’s rising young population has led to higher demand in the one room and two room apartments.

He suggested that there was the  the need to return to environmental responsible designs.

“It is unfortunate that everything comes down to cost; not just the cost of building, but also of maintenance.,’’ Davies said.

“Reducing these costs is more critical than ever,” he said.

Also, Head of Property (Nigeria & West Africa), Standard Chartered Bank, Anne Rinu, said: “Growth and access to finance for real estate projects will increasingly depend on creativity, innovation and adoption of technology. Today, there are global funds available for sustainability-oriented projects that meet Environmental, Social and Governance (ESG) goals.”

Rinu also noted the various opportunities available for real estate financing and called for collaborations across various players in the value chain, with a strong emphasis on sustainability.

Surveyor-General, Lagos State, Olutomi Sangowawa, examined how Public-Private Partnership (PPP) could help solve the mass housing challenges.

Chairman, UPDC, Wole Oshin, said the company raised N16 billion in a rights issue two years ago and has continued to restructure after the recapitalisation.

“Also in 2020, the company has experienced a turnaround since then, increasing efficiency and expanding its business.

“As UPDC shifts from recapitalisation to maximising growth and opportunities, we continue to look forward, focusing on achieving profitability in the short to medium term, embarking on projects that increase profit and expand the company’s impact,” Oshin said.

According to the Chief Executive Officer (CEO), Odunayo Ojo, UPDC offers diversified portfolio of residential, commercial, retail and hospitality assets.

He noted that UPDC’s Real Estate Investment Trusts (REITs) offers opportunities for the public to contribute to an investment pool, which is ranked the largest REITs in Africa.

The real estate sector is undergoing a lot of transformation.This was more pronounced during the COVID-19 pandemic,. Recently, experts at in a zoom meeting organised by the University of Lagos charted the way forward in the sector. Assistant Editor, Okwy Iroegbu-Chikezie reports.

Africa’s built environment professionals have advocated increased deployment of digital technologies for infrastructural development to boost resilience in the real estate sector.

They argued that more players were needed in the digital space to augment the efforts of traditional players and make the environment safer and more conducive to them.

According to them, there was a need for online tools, smart logistics, digital sourcing of building materials/tender platforms, identity registration systems, sensors to check the sea level, and groundwater level, technologies to make roads last longer, increase community network interaction through digital platforms in housing estates, wildlife and aqua life tracking innovations.

The experts spoke at a virtual seminar organised by the Digital Built Environment Cluster of the University of Lagos Centre for Housing and Sustainable Development, an African Research Universities Alliance Centre of Excellence on Urbanisation and Habitable Cities.

The participants were drawn from the industry, public sector and academia in Nigeria, some African countries, the United Kingdom and United States.

They also agreed that there are immense potential and possibilities in digitalisation to promote resilience in the built environment in Africa.

Leading the call, a lecturer at the Department of Computer Science And Technology at American International University, West Africa, The Gambia, Olawale Fabiyi, observed that as countries enter the era of smart cities and Fourth Industrial Revolution, they would continue to be exposed to various crises, ranging from dramatic shocks such as floods and earthquakes to long-term stresses caused by climate change and social dynamics, hence, the need for urban resilience.

Fabiyi said the digitalisation of the built environment would lead to new forms of the process through which roads, bridges and buildings are designed, constructed and operated to new forms of organisation through which professionals work and interact.

He said resilience could only be achieved through sustainable practices, change and innovation, adding: “New technology makes us more resilient and able to adapt to new challenges that affect the world around us.”

Although some players in the building sector have already undertaken digital transformation, he said there was still little awareness of the new forms of processes and organisations associated with digitalisation.

According to him, there was the need to research how digital technologies and Artificial Intelligence could solve security and safety challenges in the construction industry, as well as supply chain issues.

Also Dr. Rabiu Asante of the Department of Sociology, Centre for Urban Studies, University of Ghana, lamented the slow pace of infrastructural development across Africa, adding that research must be carried out to unearth how digitalisation could improve resilience in the building industry.

For Dr. Ikenna Ajiero, a builder, digital and sensor technologies, Building Information Modelling (BIM), the Internet of Things, data aggregation and advanced simulation are largely unexploited in the built environment.

Lead, Digital Built Environment Cluster of the UNILAG Centre, Prof. Martin Dada, explained that the cluster intends to explore and promote the potential, possibilities and societal benefits of digitalisation in the built environment education, practices, processes, procurement and project delivery.

He called for partnerships and collaboration to improve the continent’s built sector.

Earlier, the co-Director, Centre for Housing and Sustainable Development, Prof. Taibat Lawanson, and Director, University of Lagos Research Management Office, who is also the founding Director, Centre for Housing and Sustainable Development of the university, Prof. Timothy Nubi, highlighted the role of the centre to participants and applauded the success of the inaugural virtual seminar.

Also, Professor Edward Jaselskis of North Carolina State University praised efforts being made on collaboration.

THE Federal Government has been urged to prioritise the cost of building materials to ensure affordable housing.

The  General Manager, Ostia Property and Homes, owners of IVY Suite Estate, Ogudu GRA, Lagos, Banjo Olumide, stated this in an interview on the high cost of building materials and the attendant effects on high housing.

He said if this was not done, the sector would not develop.  According to him, when the challenges of home ownership were removed from the need list of citizens, they would perform optimally.

He called for a yearly summit on housing, where stakeholders in the industry would chart the way forward, especially on the high cost of building materials.

He blamed the high cost of building materials on manufacturers and that affordable housing programme of the government would continue to be a mirage except fundamental issues affecting it were tackled.

Speaking on their Vintage Estate, IVY Suite Estate, Ogudu GRA, which sits on 5,700 square metres, he said the estate is a joint venture between his organisation and Kosefe Local Government whose equity is the land.

Underscoring the importance of the arrangement with this local government, Olumide said prospective buyers were free from land speculators or  owners popularly known as omo nile.

He stated that some of these disagreements on land ownership bother on  the ugly practice of omo nile who sell a plot of land to several individuals, thereby causing rift among them.

Olumide said IVY Suite is  magnificent, and  home to 22 units of three- bedrooms with a boys quarter maisonette and two-bedroom units located in a tranquil estate in Ogudu GRA.

He said the estate is very conducive and children-friendly with well-manicured lawns, swimming pools and a gym for resident’s wellness.

He said: “Where else will you find an exquisite two- or three-bedroom maisonette home that has a thoughtful open plan layout, functional entry way, and sleek interior finishing. If you have searched everywhere and still cannot find what you really want, maybe it is because you have not looked at some the features of the properties in IVY suite estate.’’

On the features of the properties, the Ostia Property and Homes LTD boss said: “All rooms are ensuite, exquisite master bedroom, swimming pool, well paved road network, biogas sewage treatment, gym and 24-hour electricity supply.

“Others are perimeter fencing, a service personnel room, recreation area, 24- hours water supply, CCTV surveillance and 24-hour security.”

On the urbane estate dubbed Ostia Island, he described it is a manmade island located in Lekki with an urbane development plan, which incorporates residential, commercial, educational, health care and other uses in one island. On completion, Ostia Island will become one of the leading Islands in Nigeria and Africa.’’

Earlier, Business Development Manager, Ostia Properties and Homes, Ayo Olumide, asked the government to check multiple taxation and the high cost of building materials, which unfortunately, is tied to dollar rate, making it almost impossible for the majority of the citizenry to have decent accommodation.

On how easy it is to buy the property, Ayo said his firm encourages prospective buyers to explore the mortgage system made available by them or through their banks.

In his words: “We build both commercial and residential houses with footprints on the Island such as Ikoyi, Lekki and mainland Ajelogo ketu, Ogudu 1, 2, 3, and Omole Phase 1, among others.

On the centrality of IVY Suite, he said it is located in about three-minute drive to Domino’s Pizza, five minute’ drive from Farm City Ogudu, 20-minute drive from the Murtala Muhammed International Airport, 12-minute drive from Maryland Mall and eight-minute drive to Third Mainland bridge.

Ayo canvassed the need for the Federal Mortgage Bank of Nigeria (FMBN) to do more to make housing affordable by creating mortgages and investing the huge and dormant investible funds in the bank into the housing sector.

He called on the bank to do away with policies that discourage ownership and liberalise home ownership for the sector.

The CEO of Wisdom Kwati Smart City, Wisdom Kwati has donated relief materials to flood victims in Adamawa State.

He made the donations last weekend, stating he and his team were devastated at the events which have caused hardship for the people of Adamawa.

Items donated include bags of sugar, flour, rice, cartons of maggi and noodles amongst others.

While delivering the relief items to the flood victims, he applauded the local authorities for taking in a few guidelines and commitment which has encouraged the people of Adamawa to remain strong during the flood crisis.

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“We are all our brother’s keepers and It is important that we help one another during difficult times. I believe in giving and sharing amongst ourselves and communities where we operate are no different. Donating relief materials would foster quick recovery as well as demonstrate our commitment towards corporate social responsibility.,” he said

Wisdom Kwati earlier in the year launched smart cities in a residential estate in Namtari, Adamawa, which is set to deliver over 15,000 housing units among his many other successful projects.

“We want to encourage you to reach out to us when need be as you can always count on our support and we also hope that these materials would go a long way in making provisions for displaced families”, he further stated.

The Murum Mbula, HRM Murum Bwaltam Bently Biyapo, JP; Mbweman II who received the items on behalf of the host community, showed appreciation and thanked the CEO for his commitment to supporting them.

The Nigerian Conservation Foundation (NCF) and BirdLife International has co-organised a sub-regional vulture workshop in Abuja.

The event, facilitated by the International Union of Conservation of Nations (IUCN) Conservation Planning Specials Group, brought together more than 30 participants from 13 countries.

Other specials at the event were the  inclusion of Convention on Migratory Species (CMS) National Focal Points, Raptors MOU National Contact Points, Convention on International Trade in Endangered Species (CITES) National Authorities, other government representatives, as well as the academia and non-governmental organisations.

Their mandate among other things is to develop an Action Plan to address key threats to vultures within the subregion – specifically those caused by human activities.

They noted that vultures played a vital role in our environment, keeping it free of decaying carcasses, yet the majestic birds have experienced catastrophic declines, with populations of all African vulture species plummeting by 70-97 per cent over the last 50 years.

“In West Africa, widespread killing of vultures for belief-based use, where it is erroneously thought that vulture heads and other body parts have special powers and can bring good luck to users, threatens to wipe out stronghold populations of these critically endangered birds”.

However, Nigeria is leading the effort to address the belief-based use by developing and promoting plant-based alternatives to vulture towards engaging vulture users and traders on sustainable practices.

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The Nation learnt that the outcome of this workshop would be shared with government and help improve the current process of strengthened wildlife legislation and policy in Nigeria,” said NCF Director General   Dr. Joseph Onoja.

“Given the migratory nature of vultures and the transboundary nature of the threats in West Africa, a coordinated action plan is crucial to address the decline of vultures in the sub­region. We have hope that we can quickly and urgently implement actions to halt these declines,” said Ms. Salisha Chandra, Vulture Conservation Coordinator, Africa, BirdLife International.

At the workshop, participants focussed on four main factors affecting vultures in the sub-region including killing of the birds for trade and belief-based use, cultural perceptions and beliefs around vultures, and indirect persecution.

The inviting character of the discussions facilitated by the IUCN Conservation Planning Specials Group allowed participants to openly contribute what they perceived as realistic solutions.

Participants identified goals, actions, timelines, stakeholders, and indicators relevant to achieving a common vision towards saving the threatened birds.

Further discussions revolved around the development of a governance structure to oversee the action plan.

Following this workshop, the outcomes of the deliberations would be transformed into a draft action plan which would be reviewed by all participants, before the final document is availed by the end of this year.

“My experience in this sub-regional action plan workshop in the last three days have improved my understanding of the West African challenges peculiar to vultures and the possible solutions that can be prioritized especially in the operationalization of the action plan developed” concluded Mr. Solomon Adefolu, Vulture Project Coordinator at NCF.

The Nation further learnt that the workshop was made possible with the generous collaborative support from EV NewLife partners, and Convention on Migratory Species (CMS) Raptors MOU.

It will be recalled that  BirdLife International is the world’s largest conservation partnership with over 10 million members and supporters, and over 115 national partners worldwide (25 in Africa) – one per country. The partnership strives to conserve birds, their habitats, and global biodiversity, working with people towards sustainability in the use of natural resources.

Shelter Afrique has extended a USD19.5 million line of credit to Lagos-based real estate firm, Mixta Real Estate PLC.

The seven-year facility with a moratorium of 24 months has been structured to co-finance Mixta’s affordable residential projects investments and for debt refinancing.

Of the amount, USD9.75m will be used to co-finance 1,171 affordable housing units comprising the ongoing Beechwood Park project (187 units) and New Marula projects (984 units).

The other USD9.75m will be used to repay part of Mixta’s seven-month commercial papers raised from the capital market in a bid to reduce the aggregate commercial papers.

“The deal with Mixta Real Estate PLC is appealing to us because in addition to addressing the development of affordable housing, it also stimulates rapid growth in housing provision, re-invigorates the development of the mortgage industry, as well as incorporating a sustainable development finance solution that makes the sector attractive to financiers,” Shelter Afrique Ag. Managing Director, Kingsley Muwowo said.

Commenting on the deal, Mixta Africa’s Executive Director and Chief Financial Officer, Benson Ajayi, said enabling access to housing and home ownership at affordable prices is the company’s main priority.

“The funding from Shelter Afrique is a validation of Mixta Africa’s housing and infrastructure development credentials. We are pleased to receive this funding approval after a rigorous due diligence process. In addition to accelerating the delivery of sustainable and affordable housing, the transaction will also strengthen the company’s funding status. The company is delighted about the support of Shelter Afrique and looks forward to working with Shelter Afrique to deliver on its affordable housing mandate across Africa,” Ajayi said.

Shelter Afrique has had a long-term relationship with Mixta Africa dating back to 2014, when the company extended USD6m to Mixta (formerly ARM Properties PLC) to co-finance the development of 13 blocks comprising 130 apartments and related infrastructure services for outright sale to the public. The project was successfully completed and the loan fully paid back.

Former Chairman, Nigeria Institution of Estate Surveyors & Valuer, Lagos State chapter, Dotun Bamigbola has added his voice to the call that states can shore up their lnternally Generated Revenue ( IGR). In an interview with The Nation, he advised that any state venturing into it must sit down and plan the modalities as there are many diverse channels to achieve this. He said:’’ From the title registration to annual property taxes, which includes the tenement rates in some places to other forms of property taxes. These taxes have to be defined and professionals in the real estate sector, such as estate surveyors and valuers who are the land economists, can assist the government to identify them based on the peculiarities of each state”.

He said the surveyors who can be engaged in the exercise must be engaged in the civil service system to operate it, and as consultants.

“A good example is what is happening in Lagos  and Ogun states. Real estate related IGR, particularly from Lands Bureau, is the second highest revenue source in Lagos for instance.

Inspector-General of Police, Usman Baba has said that good policing and community relations cannot be divorced from good work environment. He stated this while unveiling the ultra modern Police barracks and station built by Adron  Homes and Properties, a leading player in the real estate sector at Shimawa, in Ogun State. Represented by AIG Zone 2, Bode Adeleke, he said good policing is a team work and hailed Adron Homes and Property for investing so much in ensuring security in a place they are doing business.  The IG, accompanied by the  Ogun

State Commissioner of Police, CP Lanre Bankole, while inspecting the newly built police station and quarters donated by Adron Homes and Properties, said the gesture will boost the morale of the Police Force especially as the barracks is built for only the Police officers stationed at the community.

He said when a law enforcement agent is working and living in a healthy environment there is no limit to how far he can go to execute his responsibility knowing that the society does not disdain him. He encouraged other businesses to emulate them and partner with the Police for a safer environment that will eventually attract more businesses and prosperity for the communities concerned.

In his address after inspecting the facilities, he commended the company’s effort and lauded its cooperation with the force.

The lG while appreciating the support of the host community for creating an enabling environment for business to thrive, which he said, would give the community the economic strength it deserves, commended the Group Managing Director of Adron Homes and Properties, Aare Adetola Emmanuel king for the initiative and support towards the community.

Aare Adetola Emmanuel king in his speech reaffirmed Adron’s commitment to collaborating with the Nigeria Police Force.He said: “Safety has to be everyone’s responsibility” and that “safety and security don’t just happen; they are the result of collective consensus and public investment.” On the project cost, he said it’s in the region of N150 million   with several 2 and 4 bedroom bungalows  to accommodate the officers and an ultra modern Police station with 24 hours electricity. Emmanuel King said his firm is poised to do more in a community that hosts more than 10 of their estates since 2012.

“Every investment in security is an investment in life,” he continued, “because being conscious also means being responsible, and this is one way we as an organisation believe we can demonstrate our resolve and desire to give back to society.

‘’As a home to several of our iconic estates, Shimawa continues to have a special place in our hearts.

” We have also provided a Hilux patrol vehicle, bikes and competitive infrastructure in the Police station needed for modern policing”. He said Adron Homes and Property is encouraged by what the state government is also doing in the area of security by gifting the state Command with 100 vehicles and 200 bikes.

Furthermore, the GMD thanked the host community, their leaders and  traditional institution for  the support they have given to his firm over the years by ensuring that they did their business in peace and  the Nigeria Police Force, especially, Ogun State Command for its unrelenting support in the area of security in the state and Nigeria as a whole.