Category: Property

  • ‘The Amari’ expands to Abuja, unveils two luxury housing projects

    ‘The Amari’ expands to Abuja, unveils two luxury housing projects

    The Amari, a real estate development company in Lagos, renowned for its commitment to luxury and innovation, has officially announced its strategic expansion into Abuja.

    This move, initiated by the company in the last quarter of 2022, was aimed at bringing the company’s signature blend of sophistication and excellence to the thriving real estate market of Abuja, while offering discerning investors and residents unparalleled opportunities for upscale living.

    The Amari’s entry into Abuja marks a significant milestone in the company’s growth trajectory. As a leading developer with an impressive portfolio of successful projects, The Amari is bringing extensive experience and a strong track record to the Northern market. 

    The company’s unwavering dedication to delivering exceptional quality, unique architectural designs, and meticulous attention to detail sets it apart as a premium choice for discerning homebuyers and investors.

    CEO of The Amari, Wale Olayanju, in a statement, shared insights on the company’s bold move into the Abuja Property market.

    According to him: “We are thrilled to embark on this new chapter in The Amari’s journey with our expansion into Abuja. The city’s dynamic real estate market and its tremendous potential align perfectly with our vision of delivering unmatched luxury and innovation. We are committed to setting new standards of excellence in the industry.

    “The launch of The Amari Terraces, Kaura and The Amari Apartments in Durumi, Abuja represents a significant milestone for our company. These projects showcase our unwavering commitment to creating exceptional living spaces that seamlessly blend aesthetics, functionality, and comfort. 

    “The decision to expand operations to Abuja underscores our commitment to supporting growth and development across the nation. Recognizing Abuja’s status as a hub of economic and cultural significance, we aim to contribute to the city’s real estate landscape by offering world-class properties that elevate the standard of living. 

    “The company’s investment in Abuja reflects its confidence in the city’s potential for sustainable growth and its unwavering commitment to delivering exceptional value to investors and residents alike.”

    The Head of Marketing, Paul George also commented on the two projects. He said:“We are proud to introduce our two exceptional real estate developments in Abuja. The first, “The Amari Terraces,” is an exclusive collection of five units of four-bedroom luxury terrace duplexes nestled in the prestigious Kaura District. These exquisite residences showcase the perfect harmony between contemporary aesthetics and functional design, providing residents with an unparalleled living experience. The Amari Terraces boast spacious interiors, high-end finishes, lush green surroundings, and state-of-the-art amenities to cater to the discerning tastes of Abuja’s elite.

    “The second project, The Amari Apartments is located in Durumi, Abuja, and presents a block of impeccably designed 2 and 3-bedroom apartments. These modern and stylish homes offer a blend of comfort, convenience, and affordability. With meticulous craftsmanship and thoughtful layouts, The Amari Apartments will provide residents with an urban oasis in the heart of Abuja. Residents will enjoy a range of amenities, including a play area for kids, landscaped gardens, and 24-hour security, ensuring a safe and luxurious living environment.”

  • LAWMA dislodges scavengers, miscreants from illegal dumps

    LAWMA dislodges scavengers, miscreants from illegal dumps

    • Arraigns 30 culprits

    By : Lydia Raji

    The enforcement unit of the Lagos Waste Management Authority (LAWMA) has dislodged scavengers and miscreants from illegal dumpsites in the city, for a cleaner and healthier environment.

    In the past few days, the LAWMA enforcement team has been patrolling neighbourhoods notorious for illegal refuse dumping and scavengers rummaging through waste piles, contributing to littering, unsightly landscapes and public spaces.

    The Managing Director/CEO of LAWMA, Mr. Ibrahim Odumboni, expressed concern over residents’ disregard for proper waste management practices, stressing the importance of prompt payment for waste services, and the negative consequences of indiscriminate disposal.

    He said: “The activities of scavengers and miscreants not only deface our cities but also pose serious health hazards to residents. It is disheartening to see some individuals engaging in indiscriminate disposal because they do not want to pay for waste services. This behaviour undermines the efforts of LAWMA and hampers our progress towards maintaining a clean and healthy environment.”

    During the operation, the LAWMA team dismantled shanties and illegal structures, apprehended individuals engaging in indiscriminate waste disposal, at various locations in Ipaja, Ikate-Surulere, and Ikeja. The team will prosecute  the 30 culprits that were caught.

    “To achieve a cleaner and healthier city, it is crucial for residents to play their part in waste management. LAWMA, through PSP operators, is working relentlessly to ensure efficient waste collection services, and we urge residents to take advantage of these services. By properly sorting and disposing of waste, we can establish a better quality of life for everyone,” he stressed.

  • Surveyors seek valuation of abandoned properties, assets

    Surveyors seek valuation of abandoned properties, assets

    The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has urged the Federal Government to value and utilise abandoned assets.

    It made the call at the second  International Valuation Day tagged “Valuation: Key to decision making for asset and resource optimisation”.

    It was organised by the institution’s Lagos State branch.

    The day was aimed at creating awareness on the core competencies of estate surveyors and valuers.

    The branch Chairman, Mrs. Olabisi Demola-Alade, said it was disheartening that in this 21st Century people still engaged quacks to carry out valuation of assets and properties, an important requirement for mortgage, insurance and some other crucial financial and economic decisions.

    Demola-Alade said: “Encroachment by non-estate surveyors and valuers into valuation and their engagement by individuals and organisations is an assault and infringement on the Act of the National Assembly. The Council of the institution has been, and shall continue to respond promptly, appropriately and accordingly to all kinds of assault against our core competencies. No stone will be left unturned in defending and protecting our profession and heritage.”

    Mrs. Demola-Alade said the Lagos branch would complement by deepening the awareness of their services and responsibilities.

    “In line with the advocacy drive of The Council of the institution, we shall continue to draw the attention of the government and the public to these issues, with a plea to do the right things, because either we are willing to accept it or not, real estate is the main driver of the economy. the public that only the members of the NIESV are trained and accredited by the enabling law, Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) Act Decree No 24 of 1975 (Now CAP E13LFN 2004), to carry out valuation of assets in Nigeria. We possess the professional competence for valuation. We are the only professionals that have the appropriate recommendation to carry out valuation and other real estate matters,” she said.

    A member of the institution, Mr. Tiwalade Adegbiji, said when such assets were appropriately valued and utilised, it would be easy for the government to realise equitable revenue from them.

    He advised the government to deploy estate professionals to carry out the valuation.

  • Wanted: Urban city master plan to address poverty, slums in Lagos

    Wanted: Urban city master plan to address poverty, slums in Lagos

    Lagos is Nigeria’s most populous city with a growth rate of about 11 per cent yearly, three times that of the country. The state occupies about 3,577km2 with about 787km2 or 22 per cent covered by the lagoon and other water bodies. Metropolitan Lagos is classified as the world’s fastest-growing city with a population of about 22 million. The United Nations projects that Lagos will likely be the third most populated city by 2030, with a projected population of about 30 million. OKWY IROEGBU-CHIKEZIE writes on the need for the state to have a viable urban development policy to tackle its challenges.

    The main objectives of the proposed Lagos State Urban Development Policy are to prepare and reposition the state for  development. 

      The Lagos urban space is suffering many challenges such as deterioration of quality of life, and inadequate basic facilities.

    Others are the prevalence of poverty, proliferation of slums, unemployment, seasonal flooding, and increased crime.

    Experts said sustainable development could not be achieved without a pragmatic, conscious and significant transformation of cities.

    These gave impetus to a viable Urban Development Policy to tackle the urban challenges.

    The Nation learnt that the objectives of the proposed Lagos State Urban Development Policy are in tandem with the development goals and THEMES Agenda of the administration.

    In July 2021, Governor Babajide Sanwo-Olu approved the preparation of the Lagos State Urban Development Policy with a 30-year timeline.

    At the agenda-setting workshop, for presentation of the Lagos State Urban Development Policy (LSUDP) 2023-2053 (30 years), held recently, the Commissioner for Physical Planning and Urban Development, Mr. Tayo Bamgbose-Martins, said when in place,  the policy would set agenda not only for Lagos, but also the  country.

    Bamgbose-Martins said the urban development policy would complement other initiatives of the administration to revamp the physical planning sector and birth a 21st Century Lagos economy.

    He added that the policy would set the right tone for the development of the state, taking cognisance of planning indexes.

    “Through this workshop, experts in the various fields are expected to give critical input to enrich the final outcome that we all can own.”

    Former President, Nigeria Institute of Town Planners (NITP), Toyin Ayinde, called for a larger stakeholders’ involvement because of the cultural peculiarity of Nigerians who remained individualistic in land allocations, designs and layouts, resulting in scattered, discordant constructions. He canvassed a process that would produce an enduring policy, comparable to what obtained in other climes.

    Others, who spoke at the event, were the Permanent Secretary, Ministry of Physical Planning and Urban Development, Oluwole Sotire, an engineer; the Chairman, NITP, Lagos State, Tayo Awomosu, and National Chairman, Women in Town Planning, Riskat Bello.

    The Permanent Secretary, Ministry of Transportation, Gbolahan Toriola, an engineer; the General Manager, Lagos State Urban Renewal Agency, Ms. Ajibike Shomade; the General Manager, Lagos State Building Control Agency, Gbolahan Oki, and the General Manager, Lagos State Planning and Environmental Monitoring Authority, Daisi Oso were also there.

    Earlier, the Chairman, Technical Committee on the Preparation of the Lagos State Urban Development Policy, Adekunle Salami, said preparing the urban development blueprint for the state began in July 2021, with the approval of Sanwo-Olu.

    “We have since covered many grounds, including the review of the United Nations Habitat’s concept note on the Lagos State Urban Development Policy, stakeholders engagement and advocacy, baseline assessment visits and requests for memoranda as well as the review of same, among others,” he said.

    “The Lagos State Urban Development Policy, when fully in place, will complement other notable initiatives of this administration to revamp the physical planning sector in Lagos State and birth a 21st Century Lagos economy.”

    He said the urban policy would help to determine what to expect from a master plan for effective space distribution and management.

    He said: “Only 22 memoranda received by the Ministry of Physical Planning and Development were not good enough and expressed hope for more submissions.”

    Salami gave the background of the project, saying the process started in 2021. He called for collaboration towards achieving the blueprint that would give direction for the next 30 years.

    Project Director, Arctic Infrastructure, contractors on the project, Mr. Lookman Oshodi, said the policy was late in coming.

    Oshodi said 75 per cent of the Lagos city settlement was within the informal setting with only 25 per cent  capturing the formal sector, hence, the need for inclusiveness in planning.

    He added that a simple and realistic policy was important for effective  implementation.

    According to him, the vision of the Lagos Urban Development Policy is to ensure sound legal foundation, capable institutions and financial instruments to design and build a sustainable as well as a resilient participatory and inclusive Lagos.

  • Enugu lifestyle and golf city project takes off

    Enugu lifestyle and golf city project takes off

    Enugu Lifestyle and Golf City, also known as Centenary City, was envisioned by the Enugu State Government (ENSG) and Private Estates International West Africa Limited (“PEIWA”) as a response to the severe housing shortage in Enugu State. It is a model city that would expand Enugu City, projecting it as the city to live in and ultimately boosting the revenue drive and improving the infrastructure of the State.  

    To bring this dream to fruition, the State Government entered into a public-private partnership with PEIWA under the New Township Development Agreement (“NTDA”). PEIWA was to develop the City on an expanse of land covering approximately 1,097 hectares situated at Obeagu/Amechi Awkunanaw, Enugu Local Government Area, Enugu State

    The agreement required PEIWA to provide technical planning and raise the necessary finance for the project, while ENSG was to provide Governor’s Consent and do all things within its powers to ensure the smooth completion of the project.

    The Centenary City Project is a massive capital-intensive project aimed at transforming the state into a modern and vibrant economic hub. Designed around the style and comfort offered by the most advanced European cities whilst retaining broad African influences, the Enugu Lifestyle & Golf City is expected to be the best place in Nigeria to live, work, learn, play and shop. 

    Read Also: ‘There will be paradigm shift in Enugu’

    The structures and infrastructure were constructed with cutting-edge and cost-effective technology that accentuates finesse and sustainability. It is a city with efficient management and strict design and development standards that altogether ensure that consistent superior quality is delivered as the City evolves. 

    The features of the city include a golf course, green parks, schools, hospitals, recreation areas, state-of-the-art electronic security systems, a water treatment plant, street lighting, a wireless network, shopping malls, roads, drains, walkways etc. Most important of all, the Land Use Plan for the project specifically provides for the Commercial and Residential areas, the low and high-density communities detailing the house types allowed in the different communities.

    PEIWA lived up to its end of the agreement by raising billions of Naira from Access Bank (formerly Diamond Bank) and via equity finance to finance the project. However, the project faced a major setback in November 2019 when the newly appointed Commissioner of Lands, illegally revoked PEIWA’s right of occupancy over the land.

    This reckless and irresponsible action by the Commissioner of Lands would have almost scuttled the project if not for the prompt action taken by PEIWA to secure a court injunction stopping the illegality from taking effect. The Enugu State Government, in its bid to encourage private investors and promote economic development in the state, intervened and reversed the action of the Commissioner of Lands and has taken actions to provide the necessary support to ensure the project is achieved as planned.

    A cartel of land grabbers took advantage of the situation and invaded the project. These individuals sold off the land to third-party buyers and erected buildings indiscriminately without regard to the City’s master plan. The buyers were repeatedly warned not to buy or build in the Centenary City via newspaper publications and other various communication channels.

    During the early stage of the construction of these buildings, the Enugu State Capital Development Authority marked them as illegal constructions as they were being constructed without approvals and title documents.  However, the cartels continued their activities – building on drainage channels, designated green areas, and even on the golf course.

    The government has therefore taken steps to correct the wrongs done by these cartels and ensure the restoration of the original master plan of the Centenary City Project. The government is committed to fighting against recklessness and irresponsibility and ensuring that the state’s economic development is not hindered by lawless individuals trying to blackmail the government.

    It is imperative to check impunity and recklessness amongst people who acquire land illegally and go ahead to develop such land even when they know there is subsisting order from a court of competent jurisdiction. 

    Recently, the Federal Airport Authority of Nigeria (FAAN) and the Lagos State Building Control Agency (LASBCA) jointly removed 13 buildings in Ajao estate, Isolo, for lacking approvals and permits and contravention of the state building laws. The buildings were also said to constitute security issues to the Muritala Mohammed International Airport (MMIA), Ikeja, and were situated along a gas pipeline. In addition, the buildings were erected on the airport lands acquired by the Federal Government for the expansion of the international airport. The authorities engaged owners of the buildings and served notices on them before the commencement of the removal.

    In the case of Enugu Centenary City, information available to the public shows that court orders barring those individuals from the building existed. Some of them were served direct court orders to stop building, and they still proceeded – which is pure recklessness and impunity. They defied court orders and built without approval, permits and consideration for extant building guidelines and standards for development in the new city — distorting the city master plan and converting the city to a slum. 

    Interestingly, when the government moves in to restore order and enforce development codes, these reckless and very selfish individuals will resort to cheap blackmail. 

    As a people, we must make a choice to root out impunity and the culture of “anyhowness” that has permeated almost every facet of our existence. Impunity and recklessness subsist because those who benefit from it believe they can get away with it. They trust that their cheap blackmail will elicit pity from the general public. This is not how to develop a sane society.

    The Centenary City Project is an important project that will help transform Enugu State into a modern and vibrant economic hub. The government is determined to ensure the project’s timely and smooth completion and will not allow the reckless and irresponsible actions of a few individuals to hinder the state’s progress.

  • Push for law on compulsory compliance to building materials quality

    Push for law on compulsory compliance to building materials quality

    General Manager,  Lagos State Materials Testing Laboratory (LSMTL), Funsho Elulade, has said a new law to make substandard construction impossible in the state is on the way.

    Elulade said this at the fourth  Builders’ Business Workshop, organised by the Nigerian Institute of Building (NIOB) in Ikeja.

    The combined physical/virtual workshop had the theme: “Building Surveying Practice, Charting a New Course in Building Post Construction Services in Lagos”.

    He said his agency was under pressure to mass test buildings because its sister agency had recommended hundreds of defective buildings for demolition.

    He said adherence to material quality and abiding by other ethical principles of construction could avert collapse, adding that the new law to force compliance would soon be enacted.

    He called for collaboration with NIOB to chart a new way forward, adding that accurate data was important for wholistic solutions.

    Elulade said the workshop was timely to address the embarrassing crisis of building collapse across the state.

    “I have revised the law that set up the Lagos State Materials Testing Laboratory and I pray it is accented to by the governor.

    “We have pushed it to completion stage, before it goes to the exco,  before exco pushes it to the House of Assembly.

    “In the future, it is going to be extremely difficult for a prospective seller or developer to sell any property or rent any property to any individual in Lagos,  if that developer or the landlord does not have a None Destructive Test Report.

    “And I think we should incorporate the two, we can synergise; it must be mandatory that for you to sell a house or to rent your house to anybody, you must have that building survey, in addition to the None Destructive Test Report,” he said.

    He said a building survey was also benefitial for prospective buyers or tenants who would be able to assess the condition of a property before taking action.

    Elulade listed conditions for charting a new course in Lagos to include using the right materials and professionals in construction. He added that a wholistic approach was important to address all issues.

    Managing Director, Primero Transport Services Limited Mr. Fola Tinubu, said people were afraid of buying high-rise buildings in Lagos because of collapse.

    He urged the NIOB to boost investors’ confidence by chasing out “the cow boys” painting them in bad light from the profession.

    Citing the 21 storey Ikoyi Building Collapse as example, he urged built environment professionals to cry out early against illegalities on site to save end users.

    He said the built environment professionals who withdrew from the project spoke up after it had collapsed.

    Earlier, the special guest, Mr Adetunji Adeniran, Registrar/Secretary,  Council of the Registered Builders of Nigeria (CORBON) said only the government had power for prosecution and must use it for deterrence.

    He made reference to various panel reports and recommendations not being implemented by government.

    Adeniran stressed the need for professionalism to eradicate quackery while reeling out relevant laws which must be enforced for sustainable development.

    He also reeled  out efforts of CORBON both locally and globally for better practice guidelines for building surveys.

    Earlier, while giving his welcome address, chairman, Lagos chapter of Nigerian Institute of Building (NIOB), Mr Lucky Isename said the workshop was to build capacity and new direction.

    He said local and global experts were invited “to clinically x-ray practice and procedures for building surveying.”

  • New lease of life for 25 Police barracks

    New lease of life for 25 Police barracks

    The picture that people have of the Nigeria Police (NP) barracks is that of squalor, filth and degeneration. People wonder how they live and bring up children in such environment; they say the frustration and anger of a police man on the street must be a reflection of his environment.They seem to transfer their aggression on the ordinary man on the street. But things will change soon as Lagos State is collaborating with the Police to rehabilitate the barracks to give them a new lease of life, OKWY IROEGBU-CHIKEZIE reports

    Nigerian Police barracks are the worst ever. Observers wonder how people who live in such squalor can be law enforcement officers. Imagine the psychological trauma they go through with their families living there.

      Others fear that if an epidemic breaks out in the country, the casualty that would be recorded at barracks would be high. People have this opinion because most barracks are battling with environmental issues, such as poor sanitation, lack of water, dilapidated buildings, filthy environment and overcrowding.

    Medical experts, who spoke with The Nation, said the recipe for the outbreak of a major health crisis is already in place and things could blow up in everyone’s face if the situation persists.

    Hence, almost everybody is excited with the thought of having rebranded barracks in the metropolis, especially as Lagos prides itself as moving from a mega city to a smart city.

    It is, therefore, a relief when Lagos State Government entered into a collaborative venture with the Nigeria Police to remodel and rehabilitate 25 barracks to give the Police a new lease of life. 

    The Special Adviser to the Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka, stated this at the Nigeria Police Command, Ikeja, Lagos.

    Mrs. Benson-Awoyinka said officials of the Nigeria Police across the nation and their families deserved better habitation and befitting amenities at the barracks to enhance their service delivery.

    She informed the Police that the state government would facilitate the planning works and building approvals needed for the realisation of the projects, and would also ensure that buildings were constructed to standards.

    The regeneration plan, according to Mrs. Benson-Awoyinka, shows that  the federal and the state governments take the welfare of security operatives seriously.

    “The governments are passionate about the welfare of the members of the force, hence, the regeneration of the barracks in Lagos State,’’ she said.

    She thanked the Lagos State Governor, Mr. Babajide Sanwo-Olu and the Federal Government, through the Inspector-General of Police, Usman Aikali Baba, for putting heads together on this initiative of giving a face-lift to 25 barracks in Lagos.

    Also, the Special Adviser E-GIS and Planning Matters to Governor Sanwo-Olu, Dr.Olajide Babatunde, said rehabilitating the barracks would help prevent building collapse, revealing that the Lagos State Building Control Agency (LASBCA) had certified some barracks in the state as unfit for habitation.

    Recalling that LASBCA had published a list of some distressed properties in the newspapers for the awareness of their owners before demolition, Babatunde called on inhabitants of distressed buildings in any part of the state to willingly vacate such buildings for public safety.

    Earlier, the Nigeria Police Public Relations Officer, CSP Olumuyiwa Adejobi, commended the proposal by IGP Baba to modernise the barracks with Lagos State Government, to enhance the welfare of police personnel and create a conducive environment for officers to carry out their duties and responsibilities with honour and self-esteem.

    CSP Adejobi said the laudable initiative was timely as it is fundamental to address the long-standing issue of poor and dilapidated infrastructure within facilities occupied by Police personnel, as part of efforts to ensure improved working conditions for more effective and efficient service delivery.

    He said the Inspector-General of Police had announced plans for the sensitisation and relocation of police personnel living in the affected barracks from today.

    He also said the press briefing was part of the sensitisation aimed at having a dialogue with the affected occupants, other Police personnel and the general public, to avoid misinformation about the rationale behind the project.

    Adejobi said the IGP had issued a directive that those living in the barracks be given a one month notice to vacate their accommodation spaces. He stressed that the directive would be implemented in stages to ensure that officially-recognised and lawful residents of the barracks were properly catered for.

    CSP Adejobi said plans had been concluded to cover the accommodation cost of legal residents of the barracks with the payment of two years’ rent when construction on the barracks would end.

    He stated that the IGP had assured that officers on active service and living in the barracks legally shall receive the keys to their new apartments upon completion of the barracks.

     He said: “With the successful planning of these projects, potential officers deployed to the Lagos State Police Command, upon completion of the buildings, will be living in modernised facilities that will add values to the state’s social, economic and environmental profile to the Nigeria Police Force.”

  • UPDC eyes N15tr PenCom’s mortgage funding for middle class homes

    UPDC eyes N15tr PenCom’s mortgage funding for middle class homes

    Operators in the real estate sector have consistently pushed for the idle pension fund which, as at last December 31, was N14.99 trillion. PenCom has approved 25 per cent withdrawal from Retirement Savings Account (RSA) balance as equity contribution for mortgages. This has opened a window for real estate operators to create portfolios for subscribers to own homes. Recently, UPDC joined the ray, specifically targeting the middle class against its earlier style of building luxury homes, reports OKWY IROEGBU- CHIKEZIE

    With rapid growth of the country’s population and economic downturn, UPDC has reiterated calls for the unlocking of over N14 trillion pension fund to improve homes’ accessibility and ownership among Nigerians.

     At a briefing, its Chief Executive Officer, Mr. Odunayo Ojo, said there was a need for  a regulation to strengthen advocacy for Nigerians to use their pension contributions as equity for housing, hailing the new policy that allows pension contributors to access 25 per cent of their contributions for home ownership.

    He said: “The pension asset is over N14 trillion and by regulation can only be invested through an instrument such as treasury bills, government bonds. But now there is a policy that it can be invested in real estate development trust as one of the viable investments.”

    Explaining further, Ojo said what a pension account holder needed to do was to meet a developer and signify interest.

    He said his firm was pushing for a policy to reform the sector such as foreclosure laws as, according to him, over 20 million houses are needed to house Nigerians.

    He further explained that against this backdrop, there was no reason Nigerians should not use funds from PenCom to acquire homes.

    According to Ojo, housing creates stability in developed economies; hence, there is no reason Nigeria should not experience same now that funds are available from PenCom for home ownership.

    Ojo said his company was working on a pipeline of projects which requires a lot of capital and patience and so the new Pension Laws relating to housing has put UPDC in a comfortable position to deliver homes to clients.

    On the need for foreclosure laws, he said it would protect a landlord from dubious tenants. He recalled that some people who bought their houses in 2014 were still in court with them as they refused to complete their payments.

    He said UPDC was refocusing on the provision of middle-income housing across the country, as findings showed that there was a high demand in the segment.

    Ojo noted that when UPDC incurred losses for six consecutive years, they had to draw back and appraise their strategy. They found that if they must continue to be in business the middle income class is the future of real estate.

    He said UPDC had over N22 billion in assets portfolio, a 471-room hotel, 30 estates under management, over 1,000 residential units built and a large retail mall.

    According to him, the firm was leveraging its 25 years’ reputation for delivering standard projects, coordinating efficient development/asset management value chains, offering facility management services to restructure its hotel project.

    UPDC Head, Sales and Marketing, Damola Oguntoyinbo, said their latest estate dubbed Hampshire was a five-hectare site and services development on Monastry Road, Sangotedo, Lekki, Lagos. He said the development had residential plots broken into varying plot sizes with commercial plots. 

    He said: “The development is proposed to be a luxurious, serviced, mixed-use development and would boast of quality infrastructure such as a well-laid out roads, an effective drainage, solar powered streetlights, a pedestrian walkway, ample greenery and a recreational area. It is about a minute’s drive from the famous Novare Mall, on the Lekki-Epe Expressway.”

    He also aluded the new PenCom’s policy that allows a contributor to access 25 per cent of his contribution through mortgage to own his house. In his words, a decent housing is a precursor to stability in homes and the society at large.

    “Recently, UPDC’s interest in Real Estate Investment Trust (REIT) was unbundled to its shareholders. UPDC holds five per cent residual in the RElT as sponsor. The company is strengthening its capital structure by raising of N16 billion via rights issue, operating now as a subsidiary of Custodian Investment Plc and as an associate company to UAC,’’ he added.

  • Baay Projects unveils Green City Estate

    Baay Projects unveils Green City Estate

    Real estate developer, Baay Projects, has launched the Green City Estate.

      The estate is set to become a premier destination for sustainable and luxurious living, offering residents a combination of modern amenities, natural beauty, and futuristic design.

    Located in Ketu-Epe, Lagos State, the Green City Land development is designed to cater to a wide range of needs and preferences, with  well- planned residential areas, commercial spaces, and recreational facilities.

    The Green City Estate is also  located near major landmarks, which include the Lagos State food logistics hub, Film City, Grace Polytechnic, Lagos State University of Education, Epe, Lekki-Epe International Airport, Lekki-Epe Deep Seaport, and Lekki-Epe Free Trade Zone.

    The estate will feature innovative architecture, sustainable building materials, and state-of-the-art technology, blending with the surrounding environment. It will also prioritise sustainability and eco-friendliness, with a focus on energy efficiency, water conservation, waste reduction, and green spaces.

    Moreover, the estate will feature sustainable infrastructure and renewable energy sources, such as solar panels and wind turbines, minimising its carbon footprint and ensuring a healthier environment for residents.

    The estate will offer a range of recreational activities and amenities, including parks, gardens, hiking trails, sports facilities, a green house food system, sportand children play centres, groceries stores, study centre, tech city, mobile clinic, fitness and spa, making it a destination for families, outdoor enthusiasts, and nature lovers.

    “We are proud to launch the Green City land estate, a visionary project aimed at creating a sustainable and luxurious living experience in a natural and serene environment,” the Chief Executive Officer, Baay Projects, Mr. Segun Adegoke, said.

    “With its innovative design, state-of-the-art amenities, and commitment to sustainability, the Green City land estate is set to become a model for sustainable living and a premier destination for country living,” he added.

  • Mixta Africa forays into new Towns Development in Lagos

    Mixta Africa forays into new Towns Development in Lagos

    The  new Lagos City is an attraction to respectable and serious minded investors, including the elite, millennials and  the upper echelon of the society,  looking to invest in real estate  or aspiring to quality life.

    The development of apartments along the Lekki-Epe corridors is galvanising greater interest by investors and prospective homeowners, especially in mixed developments within the Lagos new town project in Lakowe, Lekki area.

    The project, starting from the Lakowe Lakes Golf and Country Estate, to Adiva Plainfields and Townsville, is promoted by Mixta Nigeria, a firm under Mixta Africa, spans 308 hectares.

    Speaking to reporters during a tour of the developments last week, the firm’s Sales and Marketing Executive, Mr. Ben Chiedu, said the facilities would improve the experience of homeowners, golf players and others on retreat, as the golf course is spread across the estate.

    “The estate is designed in such a way that no matter where you are, you will have a view of the golf course,” Chiedu said.

    The premium luxury developments consisting of Lakowe Lakes Golf and Country Estate, Beechwood Park, Marula Park and Adiva Plainfields, are connected to the 18-hole golf course and 14 natural, as well as man-made lakes.

    He added that the golf course occupies 30 per cent of the space, noting that the plan is that the real estate would take up 25 per cent because it is planned to retain as much greenery as possible. The golf course sits on almost 100 of the 308 hectares.

    For developers, it’s a new place to invest as the district would have over 200,000 residents, enjoying competitive facilities such as good roads, drainage, green living, natural elements, serenity and an exclusive lifestyle. The district is twice the size of Victoria Island and seeks to solve the problem of housing across varying class sectors in the state.

    Chiedu said the facilities would improve the experience of homeowners, golf players and others on retreat.

    He said: “The estate is designed in such a way that no matter where you are, you will have a view of the golf course.’’

    The estate comprises communities, the village, the enclave, which is the oldest community and an upcoming community in Ule that is under construction for the elderly, with two or three-bedroom apartments.

    “We have plots of land, we have sold hundreds of plots, and we still have a lot more. So, there is no other estate in Lagos that is like Lakowe Lake Estate in terms of size, the ambience and the natural environment we have created.There is 24-hour power supply,” he said.

    Chiedu noted that the estate has a power solution in partnership with a third party organisation. He added that they were looking into transitioning to gas as their source of power,  to help drive down the cost of power and attract more people to the estate.

    He added that the estate has a very robust security architecture covering the entire land bank.

    Furthermore, he said there was an ambulance that takes residents or their guests, who need more professional medical attention, to a hospital.

    He noted that the interest on the estate was increasing due to the Dangote Refinery and new employees within the Lekki Deep Seaport.