Real Estate News Aggregator

Source

castlesweekly

The term increase in Density simply means the process of adding to the unit or floor of a building from the originally approved plan. It is an alternation of the master plan of a building to give room for additional space in terms of the floors and units.

In Lagos, each of areas in the state have been clearly mapped out in the Lagos State Physical Development Master Plan; the different types of buildings, in the areas of floors (height) are clearly defined in the Master Plan. While Physical Development in some areas is limited to Bungalow buildings, others are limited to single floors, two floors, three floors etc, depending on the geographical location of the building and the intended development outlook of the state government.

Nonetheless, the continuous increase in the population of persons in the state has over time necessitated property developers to redesign their buildings to meet up with the ever increasing demand for housing and also maximize profit on particular property investments. The lack of adequate landed areas to also carry out physical development in choice areas of the state has also brought about the need for property owners and investors to seek alternative means of providing accommodation needs of people; and the real option over-time has been to increase the number of floors or units of already existing buildings which is simply termed Increase in Density.

However, to forestall arbitrary re-development of buildings and to also ensure that the original master-plan of the state in terms of approved physical development of areas are not altered beyond scope, the Lagos State Government has decided to come out with a regulatory procedure to check such projects. As a result, property owners and developers are requested to come forward to seek approval from the state government for such developmental projects. Such approval requirements according to a reliable source are to ensure that additional development on building conform to basic standards and that it does not in anyway threaten the lives of the inhabitants of the buildings.

Areas like Lekki Phase 1 and 2, Victoria Island, Magodo GRA, Ikeja and a host of others top the list of areas where property owners have mostly sought the permission from the state government to carryout Increase in Density of Buildings. These areas have over time witnessed outstanding development rates, which has in turn necessitated property owners to add more to their building structure to meet up with emerging peculiarities in those areas. As it is today, approval for increase in Density can only be obtained from the Ministry of Physical Planning and Urban Development, Alausa, Ikeja.


An official of the Ministry of Physical planning and Urban Development who spoke to Castles on the condition of anonymity said the most important consideration for the approval of Increase in Density is the size of the land where the addition is being considered; adding that for any Increase in Density application to be considered in the first place, such a building must have been built on a total land area of 1000 sqm and above, which is over a standard plot of land. The official said, this is to allow for enough landed space for the proposed additional development work. ‘The land size of a building which must at least be over 1000 M2, determines how many additional floors and units would be allowed on a building,’ he affirmed.

Findings show that to get approval for Increase in Density, a property owner must first and foremost send an application letter to the office of the Commissioner for Physical Planning and Urban Development stating in clear terms the proposed additional development work to be carried out on the building and other necessary information concerning the building and what has necessitated the development work.

Upon receiving the application letter, the Physical Planning Ministry would write back to the Applicant; giving such person the go-ahead or refusal letter based on earlier mentioned conditions, requesting the person to tender a formal application with the enclosure of relevant documents stated below. Such development works if not totally refused can be reduced depending on the professional view point of the LASG Physical Planners.

The application letter should be addressed to the office of the Hon. Commissioner for Physical Planning and Urban Development, Alausa, Ikeja.

Documents to be submitted together with the Application Letter for Increase in Density include:

• A set of Architectural Drawings of the building,
• Certified True Copy of the Root of Title,
• Capital Development Levy Receipt
• Evidence of the payment of relevant LASG Tax
• Photocopy of the receipt of the payment of an application fee of N200, 000:00.

Immediately, these documents are received, they are subjected to proper scrutiny at the Directorate of Physical Planning and archived at the Physical Planning Registry for proper record keeping.

After due consideration and the application is deemed satisfactory, a provisional letter of approval would be issued requesting the applicant to pay a particular amount of money as approval charges are based on the number of units of floors approved. After the applicant has made the payment, the receipt is brought to the Physical Planning Office after which a final letter of approval will then be issued. It is after the letter of approval is issued that the additional development work can then be carried out on a particular building.

However, a sister policy to the Increase in Density that is the Change of Use has been placed on hold by the LASG. The embargo was placed based on what our findings revealed was as a result of the abuse of the process by property developers in the state.

The Change of Use just like the Increase in Density allows property owners to get approval to change the usage of their building from the originally approved one; commercial to residential and vice versa.

According to an informed source of the Ministry of Physical Planning and Urban Development, the Change of use policy was altering the original master plan of the state adversely; purely residential areas were fast becoming commercial centres; thus the need to put it on hold; to address the situation and stem the tide, it is hoped that LASG while maintaining the master plan will not trample on the freedom of the individual to a house of his dreams.

Source

Vanguard


With Olashore International School as your front yard, Royal Park International Hotel located in Ikoko Ijesha, a rustic town in Osun State is the ideal balance between the classy elegance of a city and a rural area .
Open throughout the year, the Royal Park International Hotel is one of the leading hotels in the South West of Nigeria, built by Oba Oladele Olashore, Ajagbusi-Ekun, Aloko of Iloko-Ijesha and commissioned in February 2007 by the Emir of Kano, Alhaji Ado Bayero.The hotel provides 87 luxury bedrooms and suites spread over a vast expanse of land in the jungle.

With an eye to attract corporate clientele to the hotel, the General Manager, Lance Hurly said they are creating quality service in the hotel as they are not ready to leave nay stone unturn to making visiting executives and guests feel at home.

“What we intend to do is to crate a quality of excellence in this beautiful town of Iloko. We want to bring the cooperate executives for conference purpose, we do have plans to extend not in terms of hotel but in terms of facilities.”

The 87 rooms, including one royal suite, vary from the cosy 425sq ft Deluxe Park View Rooms which come with a king-size bed and marble bath, to the lavish 1,150sq ft royal Suite which has its own dining room. Expect best of royalty with thread count linens on all white bed, white jacuzi bath amenities and mod-cons such as leather chair; plasma flat-screen TVs, DVDs and Fridge.

Each guestroom has a private furnished terrace, marble bathroom, direct dial phone, satellite TV, minibar, safe deposit box, fresh flowers, luxurious bathrobes and six different aromatics to mention a few.

Walking into the royal suite like every other rooms in the hotel, there are evidences of opulence with great work of arts on the walls to complement the marble floors which are comparable to any standard hotel in Europe.

The architecture of both the interior and exterior of the edifice is worth recognition. Designed by the best , the 87 room hotel comprised a wonderful combination of steel, marble and tile designing. The architecture of the legendary edifice reflect the best style of hotel designing. Each floor is laden with large airy windows and verandahs.

Guests will be thrilled to relish a blend of exquisite traditional Nigerian and fine International cuisine by the hotel’s star rated executive chef. There are three restaurants at the Royal Park Hotel where guests can enjoy International and local cuisine.

The Jungle view restaurant located on the ground floor restaurant offers an opulent international cuisine. There is a Galleria restaurant for fusion of Nigerian and international cuisine as well as refreshments and snacks. There is a Spring restaurant that offers a new refreshing, regenerative and innovative light menu complementing the other restaurants. One of the spacious bars features live music weekends.

As the hotel intends pulling the corporate world to Iloko for conferences, it can boast of three big conference halls that can seat up to 2000 people. There are the jungle view conference hall, over looking the beautiful jungle of Iloko; the Living Spring hall and the theatre style banquet hall which is the biggest of all he halls.

The Royal Park International Hotel swimming pool is located at the hotel’s sister facility, the Olashore International school which is hardly a three_minute walk fro the hotel. There are plans for the development of a golf course in the hotel and a polo field in the future. The hotel offers a free shuttle that can take guests to other tourist attractions in the state.

Desk staff pre-call to inquire about transportation to the hotel, and also pre_register frequent guests meaning they can go directly to their favorite room on arrival. Baggage staff offer a complimentary packing and unpacking service.

Source-

ThisDayOnline


The sale of Federal Government Houses in Lagos has generated a lot of controversies ever since the commencement of the exercise. The first phase of the exercise which involved the sale of the 1004 flats in Victoria Island and Eric Moore Towers in Surulere among others was greeted with serious criticism especially with respect to the fact that the occupiers of these flats were not given the first option to buy as enunciated in the guidelines for the sale of the houses. The other criticism was in respect of the prices which were adjudged very low when compared with market values. It will be subjudice to say anything about this first phase now as some matters with respect thereto are in court. However, it is instructive to note that everybody had thought that the first victims of the exercise will be the occupiers of these flats who were to be thrown out of their apartments on the expiration of the quit notices served them by the Ministry of Housing and Urban Development (HUD). Unfortunately, the first victim was the Minister herself who was not only thrown out of her apartment but also out of her job! What an irony of faith? It is possible that more heads will still roll when the full details of the underhand sales of the 207 houses in Ikoyi are revealed. A lot of people have been asking why the sale of these houses in the first instance? The simple answer is that it is as a result of MONETISATION! And what is monetisation and why is it necessary?
Monetisation is one of the economic reforms of the Obasanjo regime. It is one of the ways of reducing government wastages by way of several millions of naira voted every year to maintain staff quarters occupied by Senior Government officials and political appointees. Government in its wisdom thought it is better to convert the housing benefits of these people to monetary payment (monetise) rather than house them in staff quarters. This is where the word "MONETISATION" came into being. You are not likely to find it in any dictionary like many other words in Nigeria. It may be necessary to examine the arguments for and against the whole exercise itself but before then, let us ask how do we find ourselves in this situation? What is the origin? Do Government officials and political appointees have official quarters in developed countries like Britain or America?
The answer to the last question is obviously capital NO! Then why did the British who ruled us up to 1960 start such a system? Again the answer is simple! Initially all Senior Government Officials were whites who could not live among the blacks hence the need to create Government Residential Areas (GRAs) where the whites lived in secured, clean and serene environment. When the native Nigerians started occupying such Senior Government positions such as directors and permanent secretaries, they too joined the class of residents of the GRAs.
This trend continued after independence and the facility was extended down to almost all senior staff on level 08 and above subject only to availability of houses. Critics of the staff quarters system have postulated that, it is because these senior government officials and political office holders enjoy these facilities that they don’t pay any attention to housing for the people. Hence there was no housing policy until recently, no sound mortgage system even up till now, no massive public housing programmes as witnessed in the council flats in London and America. Infact housing for the public was left entirely to the private sector until the second national development plan.
The supporters of the system have however countered by saying that these people deserve to be housed in secured and serene environment near their places of work. They argued that some of these people handle some very sensitive and dangerous government matters which make them vulnerable to attacks by those who may be affected negatively by some government policies. They also contend that they sometimes need to work late and/or get to their offices very early, hence the need to live very near their offices. It is further argued that some of them may even have to work at home after office hours and at weekends, hence the need to live in a congenial and serene environment.
Let us now move away from these arguments and examine whether it is really feasible to ask all senior government officials and political appointees to go and look for accommodation by themselves in the light of our own peculiar situation. Take for a example a legislator just elected from Ilawe-Ekiti in Ekiti State or any other village from the far north or east of the country. He or he is expected to come to Abuja and start to look for accommodation. With the high rents prevailing in Abuja and the need to pay two years advance, it is unlikely that such people can afford to live in any good area of Abuja with the present salary and emoluments they earn. This may lead to the lawmakers becoming more aggressive in their demands, first for higher wages and allowances, second for more bribes and gratification from the presidency and ministries before their budgets and bills are passed. It may also discourage quality people from contesting for such positions which may lead to lower quality of debates and consequently laws that will emanate from such a body.
A similar legislator from any part of USA or England coming to the house in either Washington or London does not have such problems. He can get a house easily at affordable rents with no advance payments. He can even buy a house and secure a mortgage within weeks without any down payment. So Government has no business in providing accommodation for either legislators or officials as they can cater for themselves from what they are paid.
In 1979, when Obasanjo was going he had made provision for the legislators at Durbar Hotel, Amuwo Odofin (a one-bedroom flat each). But the legislators rejected these and seized the 1004 flats which was just completed and being allocated to civil servants. I hope the legislators coming in 2007 will not seize any government properties that may be available in Abuja if the Apo village is finally sold to the present ones!
Now let us examine the processes of the sale of the houses so far. As I said earlier, I will not want to discuss the first phase of the exercise which involved the 1004 flats and the Eric Moore towers because of the cases in court thereon. The advertisement for bids for the second phase which concerns properties mainly in Ikoyi, Lagos appeared in the newspapers towards the end of March 2005 (Guardian 30th March, 2005). Later about the first week in April (This day 7th April, 2005), the advertisement for the ones in Abuja was published by the FCT. The guidelines are essentially the same except for some minor differences. For example while the advert for the Ikoyi properties contained the list of the properties to be sold, the FCT advert contained no list of such properties.
A major difference however is the clause on the condition of sale in the FCTs’ advert which stipulates that the right of occupiers to bid is neither transferable, assignable nor alienable in any way or form".
The FCT may have to make more explanation on this clause. On the face of it, it means an occupier cannot transfer his right to bid and buy the houses. But can he/she transfer after he/she has bought? If the answer is NO, for how long will that condition subsist? It will be unfair to tie the hands of the buyers for ever. I do not think there is any need for the clause in the first instance. For example, the full implication of that clause is that an occupier cannot even take a mortgage to purchase the house since a mortgage is a transfer of ownership until the debt is paid back in full! El-Rufai, over to you please!
Now the bid process itself. The occupiers of these houses are requested to bid like all other Nigerians for these houses with a proviso that the occupier will be given first option at the highest bidders price. Fair enough! But while these adverts were being rolled out, unknown to many of us, some occupiers and non-occupiers have been offered some of these houses as revealed by no less a person than Mr. President himself! What a fraudulent act? Had Mr. President not cancelled the sales, some occupiers would have been denied the right to bid for their own houses and they would have been asked to vacate for the Governors, Ministers and other priviledged Nigerians who had paid for the houses. Whatever the reason for Mr. President’s action, we should commend him for that bold step in the spirit of the new war on corruption. Infact, all those who benefited from that exercise should be disqualified from bidding except those who are occupiers.
That the Government had promised the occupiers the first option to purchase at the highest bidders price seems fair enough. However, to make the occupiers, some of whom have lived in these houses for over ten to twenty years, to be competing with money bags who had made their money by defrauding this nation and all of us through bribery, kickbacks, over inflation of contracts, underpayment of duties, over invoicing, payment for goods not supplied, 419 scams, smuggling, bunkering etc is not fair. Some of the occupiers are civil servants and military officers who have never been opportuned to be in a position to steal public money. They therefore deserve more than the right to buy at the highest bidders price.
To worsen their situation, they must first submit a bid with ten percent of their bid price. Many of them cannot even afford the ten percent. And no bank will lend you such money. I think what government should do is to offer these occupiers using the figures of valuation from the Estate Suveyors & Valuers as a guide. They should not be made to pay the full values. As an occupier, they have an interest. In London, occupiers of council flats are allowed to buy them at figures sometimes half the open market values. There is no reason why we cannot compensate these people by offering them these houses at 75% of the valuation figures.
With a letter of offer, they can now approach their banks or other financial houses for loan to pay. They should be given 90 days to pay failure which the properties should be thrown open to the general public to buy.
As things are now, one is skeptical about the success of the whole exercise. It is unlikely that all the properties will be sold at any reasonable prices for the following reasons:
1. It is not wise to throw so many properties in the market at the same time especially in a market restricted area like Ikoyi and Abuja where only a few people can afford to buy properties. This is a sudden increase in supply without any corresponding increase in demand. By the elementary laws of economics, the price must fall. The Nigerian economy is already strangulated by the recapitalisation of banks. There is therefore no lose money in the economy for now which can be diverted to investment in properties. I therefore expect very low and even ridiculous biding figures. In the absence of a reserve price (it wasn’t mentioned in the adverts), government may be selling the houses at very ridiculous and give away prices to the highest bidders and the nation will be the loser.
2. Majority of the few people who have the money may not bid because they cannot explain the source of their money if asked to do so. And it is very likely that Government will ask in the spirit on the on-going crusade against corruption and all other vices. Remember what happened to those who purchased heavy shares in the banks recapitalisation exercise.
3. Another thing that may discourage people is the fear of getting possession immediately. If you win a bid on a house presently occupied, it may not be easy to get the occupier out of the house. It is worse if the occupier is an army or police officer. Even if he is a civilian, you may be in court and the case may drag on for the next three to five years. It doesn’t matter whether he has a good case or not. Not many people will want to tie their money down for such long period and at the same time continue to spend on litigation. It may not be easy for government to use force to eject everybody. The 1004 and Eric Moore towers are good examples.
4. Another source of apathy is the general lack of trust in anything government. After the whole exercise had been completed, the same government or even the next one may pick some holes in the whole exercise either by saying that they were sold too cheaply or that it does not reflect national character, and reverse all the sales. You will be lucky if you get your money back!
5. At the end of the exercise, I can forsee some confusion or possibly litigation. The advert inviting bids did not inform us that there is a reserved price as I had earlier mentioned. Whenever there is such a reserved price, the law requires you to say so. Hence, it was necessary for the advert to include a clause that says "the Federal government is not bound to sell to the highest bidders where such bids are below the reserved prices". You don’t have to mention the reserved figure. Now, in the absence of such a clause, if I bid N25.00million for a property that is worth N200.00million, will Government sell to me? By law, Government must because it says the property will be sold to the highest bidder subject only to the occupier being given the first option. If government should refuse to sell to me, I can go to court and I will surely win, all things being equal.
In the light of all the above, I will like to recommend as follows:
i. Government should cancel the bidding process before it closes.
ii. The properties should be sold in several phases in order to command good prices. What is the need for the hurry? That of Abuja should be halted for now.
iii. All the occupiers of these properties should be given letters of offers to purchase them at a figure less than the valuers reports, say 75 percent and be asked to pay within 90 days or more.
iv. The Federal Mortgage bank should be directed to give loan to them subject to the bank’s other conditions.
v. After this, the properties should be advertised with prices as per the valuers figures. Any interested person can then make an offer to buy.


The process can continue for as long as Nigerian Government is in place. There should be no rush if the real open market values are to be realised.
Sale by bids is not a good method of selling too many properties. It is only good for one or few properties which are in hot demand with so many potential buyers. You allow them to compete with each other. The present situation is not the same.
vi. The sale of the legislators quarters should not be done for now. Otherwise Government will be forced by future legislatures to house them in Hotels at very high cost to the public. They can always blackmail the executive to grant their requests either by refusal to pass budgets or bills or even to meet. Remember the way the legislators seized the 1004 flats in 1979!.
Generally, it is necessary to always consider proposals or advice from the IMF or World Bank in terms of our local and peculiar environment before implementing such here. Unfortunately, the arrow head of all these reforms, the Minister of Finance, cannot feel it as she is being paid in dollars. If Government can pay every political appointee and legislators the same amount of N3.00million per month that we hear she earns, there will be no need to house them or give them official cars. From such a salary, they can afford to rent houses anywhere in Abuja or even buy.

Source

ThisDayOnline


Jigawa State Government is planting Gum Arabic, a shrub of commercial value, in its bid to stop the fast advancing desert sand, and in the process empower its citizens.
Desert encroachment is a major problem devastating the Northern states, especially those identified as the frontline states. Hundreds of kilometre of fertile land have been lost to desert sand.
The new approach is different from the annual tree-planting ritual, which has proved ineffective. The Government in its new system is distributing about 500 million seeds to be planted by 220 communities.
The seeds, which will be distributed free, will also serve as source of income to the people. About 10,080 hectares of land is expected to be planted with gum arabic between now and 2007. Jigawa currently has 2,800 kilometers of shelter belt, considered the highest in the country.
Desertification has its greatest impact in Africa. Two thirds of the continent is desert or drylands. There are extensive agricultural drylands, almost three quarters of which are already degraded to some degree. The region is afflicted by frequent and severe droughts. Many African countries are landlocked, have widespread poverty, need external assistance, and depend heavily on natural resources for subsistence. They have difficult socio-economic conditions, insufficient institutional and legal frameworks, incomplete infrastructure, and weak scientific, technical, and educational capacities. These difficult circumstances explain why African countries have put so much effort into convincing the international community of the need for a "Convention to Combat Desertification in Those Countries Experiencing Serious Drought and/or Desertification, Particularly in Africa".
Africa's desertification is strongly linked to poverty, migration, and food security. In many African countries, combating desertification and promoting development are virtually one and the same due to the social and economic importance of natural resources and agriculture. When people live in poverty, they have little choice but to over-exploit the land. When the land eventually becomes uneconomic to farm, these people are often forced into internal and cross-border migrations, which in turn can further strain the environment and cause social and political tensions and conflicts. (The link with migration was important to the international community's recognition of desertification as a truly global problem, like climate change or biodiversity loss.) Food security can ultimately be put at risk when people already living on the edge face severe droughts and other calamities.
The Regional Implementation Annex for Africa outlines a strategy for action. This Annex is the most detailed and thorough of the regional annexes to the Convention. Its proposals for National Action Programmes benefited from early attention when Parties adopted a Resolution on urgent measures for Africa which entered into force in June 1994, some two and a half years before the Convention itself.
National Action Programmes strongly emphasize awareness-raising. Most African countries have organized national awareness-raising seminars in order to launch the process of formulation of their National Action Programmes (NAPs). The seminars gather together a wide range of stakeholders to discuss the Convention and its philosophy and how to apply it to national circumstances. In some countries, local-level seminars have also been held to bring the message even closer to the actors in the field.
Implementation of NAPs can be successful only if consultations are continuos. By early 2002, 23 African countries finalized, validated and adopted their National Action Programmes. These countries are Benin, Burkina Faso, Cape Verde, Chad, Djibouti, Eritrea, Ethiopia, Gambia, Lesotho, Madagascar, Malawi, Mali, Morocco, Namibia, Niger, Nigeria, Senegal, Swaziland, the United Republic of Tanzania, Togo, Tunisia, Uganda and Zimbabwe. Another five countries are planning to finalize their NAPs in the course of 2002. The preparation of NAPs is a dynamic ongoing process and the status of each country is subject to change over time. In order to be successfully implemented, the NAPs need to be integrated into other national strategies for sustainable development, such as the Poverty Reduction Strategy Paper, and consultative processes need to be launched, aiming at the setting up of partnership agreements. The participation of non-governmental organizations (NGOs) is particularly important and their valuable contribution to the process has been widely recognized.
Subregional Action Programmes (SRAPs) have also been finalized. The existing subregional organizations in four subregions of Africa entrusted with coordinating these programmes are the Arab Maghreb Union (AMU) for northern Africa, the Permanent Inter-State Committee for Drought Control in the Sahel (CILSS) for the west, the Intergovernmental Authority on Development (IGAD) for the east, and the Southern African Development Community (SADC) for the south. While community-based organizations are very important actors in the process of formulating NAPs, such specialized intergovernmental organizations feature as main partners in designing SRAPs. When possible, these programmes seek synergies with other regional objectives. For example, a project for connecting subregional organizations to each other and to their respective member States via electronic systems will contribute to the strengthening of the regional communications network.
A Regional Action Programme (RAP) is also being developed. A Regional Coordination Unit (RCU) hosted by the African Development Bank in Abidjan has been operational since early 2000, its main purpose is to support the implementation of the RAP. Further to the recommendations of the 1997 Pan African Conference on the Implementation of the UNCCD, seven thematic workshops were organized in 1998-1999 to look into prospects for establishing Thematic Programme Networks (TPNs) in order to promote the integrated management of international river, lake, and hydrogeological basins (TPN 1); agroforestry and soil conservation (TPN 2); rangelands use and fodder crops (TPN 3); ecological monitoring, natural resources mapping, remote sensing, and early warning systems; new and renewable energy sources and technologies; sustainable agricultural farming systems; and enabling environments and capacity building. The first three networks have already been launched.
African countries are off to a good start, but the real work still lies ahead. To succeed, affected countries must ensure that combating desertification is given top priority. They must actively promote an enabling environment by adopting appropriate legal, political, economic, financial, and social measures. For instance, they may need to change their rules on land use and ownership, further decentralize government administration and strengthen political rights at the local level. Meanwhile, external partners will have to prove themselves fully committed to the principles of the Convention by entering into productive partnerships with affected countries. Greater efforts, including capacity-building and financial support, are also needed to enable NGOs and civil society to remain active throughout the implementation stage.

Source-

ThisDayOnline


To contribute to housing delivery at the upper end of the Nigerian Property Market, RHSL Property and Investment Limited has just completed the construction of a modern housing estate known as RL Waterview Court located in Osborne Foreshore Ikoyi, Lagos.
The project made of a four (4) units town houses is conveniently located on a serene environment that offers good security with well planned and splendid view. The houses are composed of three bedroom apartment on three floors, with each room on different level, including a Boys' Quarter.
The bedrooms are all ensuite with highest quality of sanitary wares imported from abroad. The upstairs is a terrace that offers a great view of the lagoon and environs, while the third bedroom offers you a balcony that could be exclusively used for various purposes as library, an exercise area or any other use.
The kitchen is fully integrated and supplied with chest freezer, fridge freezer, cooker, oven, washing and dying machines, all imported from the United Kingdom.
The property is provided with 24 hour security service, 24 hour power supply by a dedicated transformer and a stand-by 110 KVA generator to supplement electricity supply. It has a borehole with a water treatment plant of high standard, pre-wired for burglar and smoke alarm, telephone and cable network, intercom facility between the security room, and each unit and officers trained in fire fighting on stand-by.
The environment is well finished to international standard with granite floor for all the common places; and fully vitrified tiles for all the bedrooms and toilets; and generous interior space with good ventilation and lighting.

Source

ThisDayOnline


By the end the deadline set by the Central Bank Of Nigeria (CBN) for all commercial banks to capitalize to the tune of N25 billion, would have expired. While many have already done it, some banks are scurrying to the public issuing houses, and some are still waiting on the wings to do so. Some have gone a step further to consolidate through mergers with other banks to evolve into one mega banking empire. The big healthy ones are seeking to acquire some smaller not-so-healthy ones. UBA and Standard Trust Bank Plc have taken the merger craze to an unprecedented height, evolving into the biggest bank on the West Africa Coast, and knowing Mr. Tony Elumelu, for the stuff he is made of, the consolidation will not end there, until he is sure that he is presiding over the largest bank in Africa.
To play down the importance of a nationís banking system is to belittle the countryís economic well being. It is to ignore that countryís economic growth and development. The Banks are the engine room of a countryís economic activities. What they do or what they do not do will impact heavily on the countryís economic well being. They can stimulate growth and development or retard them if not well directed. The activities of banks touch on every aspect of human endeavor in a countryís economy whether manufacturing, real estate, export and import and the whole gamut of economic activities that determine a countryís status in the country of nations. For example, for those countries that make up the G8, their banking system has fully developed while for Nigeria and other developing countries, the system is still in process of transition. All said and done, the consolidation in the sector will be the best and most revolutionary economic step ever taken in our country and has the capacity to jump-start our long awaited march to the promise land of development.
Where does it leave real estate? Like other sectors that make up the countryís economy, real estate will be largely affected and by the end of the day, things will not be the same anymore Opinions are sharply divided as far as the North and South poles, even among the best informed and a knowledgeable minds in real estate. That is to say that real estate gurus do not exactly agree with another as to the shape real estate will assume in the post-capitalization era. Some posit that real estate will remain the same because banks are not likely to commit more of their shored up ñ funds in the area of real estate development. Another school of thought holds rather a cautious opinion that there would be a change but it would not be significant because there are other issues outside finance (the Land Use Act for example) that determine the pendulum of real estate development. But a more radical group exuding a somewhat visionary disposition are hell- bent on the postulation that there will be revolution in the real estate sector anchored on the premise of the change in the banking sector.
Each of this opinions is right in its own way, at least it is better than sitting on the fence of indecision. Some movement has to be made somehow. What is significant to note is that real estate has always fared best in a dispensation of high tempo activities. It abhors depression. It is tempting for this writer to take side with the third opinion that the bank capitalization will impinge heavily on real estate. Therefore, whether directly or indirectly, real estate is not likely to be the same again. Directly in the sense that the banks now put their funds into real estate and indirectly in the sense that the sector would be positively affected by the growth in the other sectors.
For real estate to thrive, there has to be supply and commensurate demand of properties. Real estate suffocated in the late eighties up to the early nineties because the two indices were starkly absent. There was severe depression in the economy with scarcity of funds attracting very high interest rates and purchasing power whittled down considerably. No real estate developer could survive in this dispensation, and hence the lull in real estate.
The resurgence in real estate by the mid nineties before the present civilian dispensation owed largely to the profiliferation in the banking sector. There was some growth in that sector even though there was so much ìwindow dressingî as was well evident in the mass distress that set in soon after. It was one real estate era of reckless spending that had many realtors smiling to the banks. As a young estate surveyor in a thriving estate firm, this writer managed a portfolio of luxury apartments with rents stacked to high heavens then, as much as N1.5-2 million per 3 bedroom flat per annum payable for several years. Most of the tenants in the apartments then were bankers, because apart from oil company workers and a few other categories of workers, they had the financial capacity to pay for such expensive apartments.
Following the return of civilian rule in 1999, up to the present, there has been an upsurge in real estate activities. These ventures were demand-driven because with the country shredding itís ìpariahî status, many foreigners came into the country to work in communication sector, oil industry as well as banking. With the influx, the smart realtors initiated many projects to service the needs of the immigrants.
However the major problem of this era has been that of demand not meeting the supply. Construction costs remain very high and the developer who thought he could quickly recover as soon as he is able to complete this array of houses had a shock waiting for him: he could not sell his high priced houses because of the purchasing power of his perceived target market. The result is that there has been a glut of premium property in the market, against a background of large unmet demand for the low-income category in many city centers.
These are the changes the writer looks forward to in the post-capitalization era. With more funds, the bank should promote and stimulate more economic activities in the various sector of the economy. When this happens, prosperity is on the rise or as the Pentecostal pastor would succinctly put it ìThe people are blessedî. There will be many financial breakthroughs that the purchasing power for real estate commodity (as much as for others) will be heavily shored up. More people will build or change rented accommodation. This will create demand for the surplus supply in the real estate market of today. Secondly, with more funds many banks are going to be better disposed to giving mortgage facility-an issue that has been on the front burner for so long, especially now that the Federal Mortgage Bank of Nigeria (FMBN) is beginning to put its acts together. Interest rate are going to drop definitely because we are going to witness an era when banks will be chasing would-be entrepreneurs to present proposals for them to fund. Loans will be readily available for real estates initiatives and many banks will enlarge their real estate portfolios while some others may just give it a try. Anyhow, it is an era when many would have their housing dreams come true.

Source

SunNewsOnline


Before now, Plot 6, Block 24, Adeleke Adesanya Street, was just another plot in Lekki Phase One. It is not so anymore as the anonymity has been replaced by prominence following the remarkable completion of the development.

The once ordinary plot has now become the impressive, Exquisite Homes cynosure of all eyes in the highbrow district. The development which comprises a super luxury apartment block covers a total area of 2000 square metres, confined within perimeter fence. It is made of 8 units of 3 – bedroom flats each attached with one studio apartment servants’ quarters.

Being located in the much preferred part of Lekki (Phase One), this is in itself an immense advantage to the top of the rack (market) development that is simply in a class of its own.

Marketing the eye-catching units as sole letting agent is the management estate firm of Messrs Ben Chika & Company, one young firm that has been able to garner a sizeable pie of the real table estate action on the Island divide in the last few years. Their target is a corporate tenant that will take all the apartments in a sole transaction. Each apartment is furnished to taste, with modern electronic home gadgets.

There are 6No. split unit air conditioners in each flat. The kitchen is well finished and fitted with double door fridges, microwave and smoke expeller. The laundry is also fitted with 10kg washing machine and dryer. The bedroom is installed with water heater while the master bedroom rest room also features a hydro massage in the bath cubicle.

Communication is accorded immense priority. There is PABX for intercom in all rooms and one external telephone line for each apartment. To complement security, a Close Circuit Television (CCTV) is installed and monitored from the master bedroom. Every apartment also has an appetizing package of dual system DSTV decoders.

There are also upscale facilities for recreation and sports with the provision of a standard family swimming pool and a gymnasium. Potable water supply is derived from a water treatment plant. To provide and sustain regular electricity, the owners will provide two units of 250KVA generating sets to power the homes and provide maximum comfort.

For the residents and visitors alike, ample parking space has been provided. What is more, there is wholesome resort to nature as generous green areas have been portioned out for the relaxation of the high net worth residents.

Source-

SunNewsOnline


The Victoria Waterfront Court is at the moment the rage of Banana Island. The very high up-market development that comprises sixteen units of 3 – bedroom apartments and two units of exquisite royal Penthouse has redefined what luxury living is all about in the exotic Island.

Incidentally, the luxury court which is named after the developer’s beloved late mother, who passed on a short while ago is directly opposite the beautiful Rebecca Court that was sometime ago the rave of the Island.

The development is for lease and is planned for initial term of five years to a sole corporate tenant. The rents are $150,000 for the 3 – bedroom apartments and $300,000 for each Penthouse. The service charge is $25,000 for each apartment and $50,000 for each Penthouse.

Victoria Waterfront Court covers approximately 5000 square metres of land and features two blocks on five floors (including the Penthouses). Each block has eight apartments and atop is the Penthouse.

The servants’ quarters are in two separate blocks facing the border wall fence on the courtyard. Victoria Waterfront is spaciously designed to guarantee the enjoyment of maximum comfort and the privacy of its residents.

The intention, according to the developer, the Delta-born Larry Ofuoso, the chief executive officer of Larry – Mitchelle Nigeria Limited, the vehicle company driving the project, is to provide an excellent haven for the residents.

The rear of the exclusive Court exotically faces the ocean waters, held off by a grid of high steel bars. Thus, the clubhouse and the swimming pool luxuriate in the cool ocean currents. Atop the clubhouse, basking in aquatic splendor is a terrace for holding of functions. Adjoining it is the squash court while opposite is an air-conditioned, fully equipped state of the art gymnasium that would be the envy of many keep fit buffs. The clubhouse is also equipped with exquisite bar, game room, and sauna to offer maximum fitness and relaxation.

The landscape is designed to be elaborate and just as delightful, incorporating luscious lawns, gardens, ornamental trees in front of the court, solid paved grounds for ample parking and the driveway. A fountain is mounted in the middle of the courtyard near the entrance. Another delightful feature in Victoria Waterfront Court is the generously spacious design The Penthouse for example is simply a palatial suite of its own.

The finishing is excellent and the fixtures are exhilarating. The floor finish is combination of very high grade hard wood, granite and Italian tiles. The doors are security at the main entrances and solid wooden inner doors. The windows are exquisite Aluminum. The master bedroom has Jacuzzi, enclosed baths and massage.

There is an automated bathing body massage system. Within the master bedroom is an all exclusive closet serving as wardrobe. There is an exotic kitchen with electronically fixed marble topped cabinet, gas cooker, with oven, refrigerator, and electronic dishwater. The master bedroom and the mistress bedroom in the Penthouse are linked together in their own world and they open into a large roof terrace that will serve open air purposes.

The lighting fixtures are sizzling, radiating beautiful effects. . To serve the Court are 2No. 500 KVA generators. There are two passenger lifts on each block. The apartments are all fully air-conditioned. The painting put together by Dulux Paints is stylish and individualistic taking away any monotony.

Source-

SunNewsOnline


One of the frontline real estate developers – Crown Realities Plc, has forged a partnership with Marketing Mix, a public relations consulting firm. The disclosure was made by the property development company’s Head of Sales & Marketing, Mr. Victor Orie – Ononogbu during a recent chat with the press.

Crown Realities, which describes itself as a global player in the real estate sector, unfolded its current plans and projects at the briefing. Their current interests as disclosed are in urban housing, apartment housing and commercial as well as retail development.

Others are students’ hostel development for which the company plans to build hostels in 50 Universities in the country and lease them out at very affordable rates.

They also plan to venture into business hotel and leisure facilities development. Facility management is one other area the company plans to go into in the short term future.

Crown Realities currently has housing projects in various stages at several locations in Lagos. These include projects in their flagship Scheme-Crown Estate in Lekki, Crown Apartments, Osborne Ikoyi and Crown Apartments in Oniru.

Crown Estate which sits on 104.25 acres of prime land currently accommodates 414 density plots, with full infrastructural facilities and complementary services such as Police station, schools, hospitals and gardens among others. Crown Apartments.

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