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Oshodi, Lagos A fresh attempt is being made to resurrect, an ambitious development effort in the heart of Lagos under moves by the authorities in the state to meet growing demands of its mega city status. At the centre of the new effort is the redevelopment of Oshodi into a transport interchange and create a world -class central business district, which will gulp $70 million. The concept is not new as the Babatunde Fashola administration had launched a major urban renewal of the area, demolished markets and built bus parks. But under a fresh effort to redevelop the area, the state has entered into a partnership with Planet Projects through a Public-Private-Partnership (PPP) model to

With retail sector thriving in Nigerian cities, Novare Africa Real Estate Africa has announced plans to open a $68 million new mall in the Federal Capital Territory (FCT) known as Novare Gateway Abuja. Novare Gateway is Novare Real Estate Africa’s third retail and commercial development in Nigeria, and to date their largest in Abuja. The centre was developed at a cost of $68 million and includes a second phase that will in future see another 10,000 square metres added to accommodate 33 more shops. Located on the main 10-lane highway between Abuja’s Nnamdi Azikiwe International Airport and the central business district, and with modern infrastructure and facilities, Novare Gateway is perfectly situated to meet the needs of the growing Abuja community.

The Dubai Land Department (DLD) has laid claim to “becoming the world’s first government entity to adopt Blockchain technology.” In a first-of-its-kind in the global real estate sector, the Dubai Land Department – the government arm responsible for the registration and organization of real estate in the emirate – is now processing and implementing all transactions on a blockchain. The ultimate goal will see all Dubai properties recorded on a blockchain within 2-3 years.

Nigerians who are desirous of a system that enables them to intelligently and functionally control every electrical and electronic device in their homes using intuitive programmable panels, mobile app or universal remote control as well as integration of all their technology services to make them prepared for trending smart city projects like the one being planned in Lagos now have MBX Smart Homes providing these services at the same price with what obtains overseas. The company distributes end-to-end smart home solutions that include the design of

Adeniyi Akinlusi is the President, Mortgage Banking Association of Nigeria (MBAN) and Chief Executive Officer, TrustBond Mortgage Bank Plc. Adeniyi Akinlusi is the President, Mortgage Banking Association of Nigeria (MBAN) and Chief Executive Officer, TrustBond Mortgage Bank Plc. In this interview with Property & Environment Editor, CHINEDUM UWAEGBULAM, Akinlusi who is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and Chartered Institute of Taxation, believes that an intervention fund for mortgage banks will achieve single digit interest rate. He also listed ways to improve National Housing Fund (NHF) contribution and create enabling environment for mortgage banking. The low penetration of mortgage financing has been worrisome. Nigerian workers that contribute 2.5 per cent of their monthly salary to the National Housing (NHF) have been denied right to a safe, decent and affordable home. What has been the problem with the NHF and mortgage in Nigeria? ...

Amity Estate is a gated serviced residential estate located in the Sangotedo area of Lekki, 1 minute drive after the popular Novare (Shoprite) mall and 35 minutes drive to Victoria Island. The estate is well managed and has good facilities and infrastructure with several residents living within it. Facilities & infrastructure currently on ground in the estate include : -Well paved roads

The National Council on Lands, Housing and Urban Development (NCLHUD) in its bid to alleviate the rental challenges of the citizenry is making attempts to impose monthly rent payment for Nigerians. Industry experts have rather urged the governments to tackle the inherent problems inhibiting housing rather than delving into issues expected to heighten problems in the industry. The experts, comprising estate surveyors and developers who expressed divergent

This week two business luminaries, Baroness Michelle Mone and Douglas Barrowman, have announced the sale of 2.4 million square feet of Dubai residential property will be sold for bitcoin. The residential 40-storey tower apartments will be the first properties located in Dubai’s Science Park priced and sold for a cryptocurrency settlement.

Babatunde Raji Fashola, Minister of Works, Power and Housing. In renewed effort to shore up national housing stocks, the Federal Government has engaged 653 contractors and employed 54,680 people to deliver 2,736 units of houses across the country. The projects planned in 33 states are part of the National Housing programme’s pilot scheme, which is at various stages of completion. Among those employed for the housing projects are artisans.

The power of the Ethereum Blockchain continues to permeate traditional models of business and investment with Real Estate the latest target. Through crowdfunding and smart contracts, REAL believes that the inefficacy and illiquidity of this traditional institution of investment potential can be opened up. The idea of investing in real estate used to involve forking out huge sums of money to buy property, in a person's locality, with the hopes that it earns a profit over running costs. However, crowdfunding, and even more recently, Blockchain technology, is disrupting this model.

Dear Smart Investor, The dream of every home and family is to have a secured investment that can be transferred to the unborn generation. That is why we are offering you a rare investment opportunity where the appreciation is inevitable. D'Genesis Real Estate in partnership with major players in the Real Estate Sector is offering an opportunity to own quality landed properties set in a serene environment, designed to embody a vision of peace, harmony, health and happiness.

Grand Luvu Estate in Abuja buit by Millard Fuller Foundation With the recession lingering and hitting hard on real estate sector, many prospective homeowners are dumping the idea of homeownership, while others want to build a simple home that is comfortable and affordable, without going into debt.   It is a fact that in most Nigerian cities, the dreams of lower construction costs have once again become a nightmare for a lot of aspiring homeowners, going by fresh increases in the prices

D'Genesis Court is an amazing garden located in a serene environment of the new economic centre of Lagos. 7 minutes drive from the New International Airport. LOCATION : Ajegbemwa, Elerangbe off Lekki Epe Express way, Ibeju Lekki Lagos. NEIGHBOURHOOD & SIDE ATTRACTION: *Lekki Free Trade Zone. *Cargo Port Construction. *Dangote Refinery. *Lekki Seaport. *Power Oil. *La Campaign Tropicana Beach Resort. *Eleko Beach. *New International Airport. *Pan African University Permanent site. *Smart City. *Several Estates. *4th Mainland Bridge connecting Ikorodu.

Commissions upgraded Land Registry Vows to stamp out land grabbing in Lagos. Lagos State Governor, Mr Akinwunmi Ambode on Thursday said a total of 4,602 Certificates of Occupancy (CofO), as well as 6,118 Governor’s Consent and 314 Deemed Grant Consent totaling 11, 034 land titles have been signed and issued in the State in the last two years. Governor Ambode, who disclosed this while commissioning the upgraded and redesigned Land Registry of the State, said deliberate massive reforms have been put in place by his administration in the sector to reposition land administration for efficiency and enhance the ease of doing business.  

The Lagos State Lands Bureau has been named the Best Government Agency at two seperate award ceremonies organised by the Nigerian Institute of Estate Surveyors and Valuers and City People Magazine in Lagos recently. During the award ceremonies, the Permanent Secretaty, Lands Bureau, Mr. Bode Agoro thanked the organisers for recognising the sterling perfomance the Bureau and attributed it to the recent reforms  that have culminated into improved performance as well as smooth delivery of services to members of the public.

The Lagos State Lands Bureau has commenced a review of its policies and proceses to facilitate unhindered and smooth access to members of the public and other stakeholders who transact business with the institution. Special Adviser on Urban Development, Mrs. Yetunde Onabule who spoke during a stakeholders engagement on ‘Ease of Doing Business in Lagos State’ said the review became necessary to remove bureaucratic bottlenecks that hindered prompt service delivery in the Lands Bureau.

Experts Chart Way Forward For Lagos In The Next 50 Years Lagos State Governor, Mr Akinwunmi Ambode on Thursday revealed strategies being adopted towards moving the State from mega city to smart city, just as he said that his administration has put in place policy framework for a technology-driven land administration and mapping, tax administration and justice administration. Speaking at an international conference held at Eko Hotels and Suits as part of activities marking the Lagos@50 celebrations with the theme: “Towards A Smart City: Preparing For The Next 50 Years Of Prosperity,” Governor Ambode said the government has completed modalities for the take-off of the digital switch, all of which he said would come on stream in the coming months. The Governor acknowledged that for the State to be prosperous in future and occupy its pride of place among city states, concerted efforts must be geared towards equipping the youth with technological and educational skills they can use ...

Latest development happening around Lekki, Ajah, Ibeju lekki and Epe connecting Ikorodu. The Ajah Fly Over at Lekki-Epe Expressway nearing completion, being built by the Lagos State

Lagos State Government has expressed its readiness to introduce compulsory insurance to owners of buildings across the State due to increasing incidence of building collapse and also establish a Safety Institute where stakeholders can be trained and certified. The Director General of Lagos State Safety Commission, Hon. Hakeem Dickson, who made this known on Monday at a Press Conference held as part of preparation for the Naija Safe Awards 2017 at Alausa, Ikeja, said the implementation of the policy would be in synergy with Consortium of Insurance Companies and the National Insurance Commission, NAICOM. Dickson lamented the rate at which Lagosians pass

D'Genesis Court is an amazing garden located in a serene environment of the new economic centre of Lagos. 7 minutes drive from the New International Airport. LOCATION : Ajegbemwa, Elerangbe off Lekki Epe Express way, Ibeju Lekki Lagos. NEIGHBOURHOOD & SIDE ATTRACTION:  *Lekki Free Trade Zone. *Cargo Port Construction. *Dangote Refinery. *Lekki Seaport. *Power Oil. *La Campaign Tropicana Beach Resort.

Units in the proposed estate With a package of infrastructure nearing completion at Osapa Kingdom, popularly known as Osapa London, a harvest of luxury homes is to be floated onto the Lagos property market by Kazeem Royal Properties Limited. The new estate located just minutes from Lekki, between renowned shopping centres and surrounded by schools, parks and a flourishing local business scene, will be part of a proposed new layout, which is being prepared by United Arab Emirates -based firm, Abu Dhabi construction company.

Night view of the newly built Pedestrian bridge at Ojota by the Lagos State Government The Lagos State Government has extended the period of payment of Land Use Charge (LUC) to Friday, April 14th, 2017 in order to allow more property owners in the State to enjoy the discount applicable to prompt payment of the bill. A statement issued by the State Ministry of Finance urged property owners who are yet to make payment to seize this opportunity and benefit from the 15% discount by paying their LUC bill immediately.

R-L, Minister of State Aviation, Sen Hadi Sirika, Minister of Transportation, Mr Rotimi Ameachi, Minister of State Mines and Steel, Alhaji Abubakar Bawa Bwari, Minister of Mines and Steel, Dr Kayode Fayemi,Minister of Science and Technology, Dr Ogbonnya Onu and Minister of State Power Alhaji Mustapha Baba Shehuri as Acting President Yemi Osinbajo Presides over 4th FEC Meeting at the Council Chamber State House in Abuja.  As a demonstration of its commitment to provide affordable housing to Nigerians, especially the low income earners, the Federal Government has approved 10 percent waiver on housing mortgages below N5million for Nigerians. Minister of State for Power, Works and Housing, Mr Mustapha Baba Shehuri, announced this during the commissioning of a 125-unit housing estate being financed by the Federal Mortgage Bank of Nigeria, FMBN, in Enugu. Shehuri said the ministry planned to build mass houses in every state of the federation for public workers and other interested pa...

The estate consists of 40 units of four and five bedrooms fully detached duplexes as well as four bedrooms terraces, and sits on 21,000 metres square parcel of land in Ikota, before Victoria Garden City in the Lekki area of Lagos State. Efforts have been stepped up towards increasing the housing stock in the country, with the on-going construction of Pracht Gardens Estate by Builcon Global Limited. The estate consists of 40 units of four and five bedrooms fully detached duplexes as well as four bedrooms terraces, and sits on 21,000 metres square parcel of land in Ikota, before Victoria Garden City in the Lekki area of Lagos State.

Prince Gbolahan Lawal Determined to reduce housing shortages, Lagos authorities have begun the implementation of its Rent-To-Own policy, aimed at making housing more readily affordable and accessible to the citizenry. Under the scheme, about 100 allottees would be given keys to their apartment monthly. Though, there are 12 housing estates in the custody of the state government, only five estates are ready for allocation with 4, 355 apartments meant for Rent-To-Own. The State’s Commissioner for Housing, Gbolahan Lawal said every responsible government must give utmost attention to providing housing for the low and middle-income earners.

Another residential estate in the heart of Lagos, Oak Homes is set to join the ranks of private housing estates in the country. Up to 90 apartments are planned for the estate, developed and financed by Messrs Oak Homes Limited. The mortgage is being offered in partnership with the Standard Chartered Bank and Imperial Homes. The project, located in upscale and serene environment within Victoria Island annex; Dideolu, and Oniru axis and Ikoyi comes in various categories, two-bedroom, three-bedroom, pent house, terrace duplexes and semi-detached duplexes. All units will be finished with high quality materials sourced locally and internationally.

Illustration of a proposed estate Members of the Association of Estate Agents in Nigeria (AEAN) have brushed aside political and economic challenges that have plagued the Nigerian nation, agreed to embrace new innovation and imbibe the culture of research. Stakeholders in the real estate sector, expressed some of these views at the second yearly conference of The Association of Estate Agents in Nigeria (AEAN) held in Lagos. The conference themed; “ Estate Agency Practice and National Development”, was aimed at revealing the correlation between the practice and national development and was attended by practitioners across the country.

The pendulum of global attention over the earth’s health swung again to the realm of natural conservation, as civil society organizations protest threat by the Cross River authorities to go ahead with the superhighway project. The proposed project is located within the United Nation’s fledgling new initiative tagged ‘Reducing Emissions from Deforestation and forest Degradation  (REDD+),’ under the banner of the United Nations Development Programme (UNDP), the UN’s Food and Agricultural Organisation (FAO) and the United Nations Environment Programme (UNEP).

Towards providing effective monitoring of building construction works in the state, Lagos authorities have employed over 200 built environment professionals to increase the staff strength of the Lagos State Building Control Agency(LASBCA). Towards providing effective monitoring of building construction works in the state, Lagos authorities have employed over 200 built environment professionals to increase the staff strength of the Lagos State Building Control Agency(LASBCA). As part of the induction programme, Building Collapse Prevention Guild held a technical session with the agency’s staff at their headquarters in GRA, Ikeja. Speaking at the forum, LASBCA General

Proposed Ore Sunshine City. Apparently to fast-track urban development in the commercial town of Ore in Odigbo local council, the Ondo State Government has commissioned the first phase of the multi-billion naira Ore Sunshine City (OSC). The ultra modern city located at the site of the dismantled tollgate in Ore, along Lagos/Benin Expressway covers 167 hectares of land and estimated to gulp N12 billion in the next 15 years. Developed under Public Private Partnership (PPP) arrangement by the Ondo State Government, that has 40 per

Efforts toward addressing housing deficits and ensuring affordable housing delivery in Nigeria has received a boost with the launch of new housing model tagged HELLO in Lagos. With a population now estimated to be more than 180 million people, it is believed that more than one million housing units yearly is required to reduce the current housing deficits of about 17 million to avert housing crisis by 2020. This is not just dangerous but could indeed blossom into a catastrophe of

Lagos State Commissioner of Physical Planning and Urban Development, Anifowoshe Abiola Wasiu. Current efforts by the Lagos State government to revise the existing Ikeja Model City Plan is to address infrastructural challenges in the capital city with a view to making it more sustainable, organised, liveable and investors friendly. The State Commissioner for Physical Planning and Urban Development, Abiola Anifowoshe disclosed this at the public presentation of the final draft of

Olalekan Adetayo, Abuja The Minister of Transportation, Mr. Rotimi Amaechi, on Monday disclosed that the Federal Government has released its counterpart fund for the construction of the Lagos-Ibadan mordernisation railway project. He put the figure at N72bn. The minister said this at the Second Presidential Business Forum which was presided over by Vice-President Yemi Osinbajo at the old Banquet Hall of the Presidential Villa, Abuja.

Poised to boost the retail sector of Nigeria’s real estate industry, a consortium of firms has floated N20 billion Real Estate Investment Trust (REIT). The newly berth REIT, promoted by Top Services Limited, a close-ended Real Estate Investment Trust company would be managed by a firm, Messrs First Ally Asset Management. Speaking during the signing of the Memorandum of Understanding (MOU), in Ikoyi, Chairman, Top Services Limited, Chief Tokunbo Omisore, said his company spearheaded the flouting of the REIT because of the need to grow the retail sector of real estate industry. Omisore, an architect, said the growing urbanization in Nigeria is driving the opportunities for organized retailers (Shoprite, SPAR) to enter the market.

The Federal Mortgage Bank of Nigeria (FMBN), Shelter Afrique, and the Real Estate Development Association of Nigeria (REDAN), have signed a $2 billion Memorandum of Understanding (MoU) towards achieving 10, 000 housing units yearly across the country. The project is scheduled to last for the next 10 years. Minister of Works, Power and Housing, Mr. Babatunde Raji Fashola, who spoke at the event, observed that the money which will be provided by Shelter Afrique, to FMBN, represents a strategic partnership that would deliver affordable housing through mortgages at low interest rate.

Honeywells Despite the nation’s economic recession, which has slowed down investments in the real estate, Tobykemsworth, a real estate developer has launched its iconic Honeywells Garden in Maryland, Lagos. Honeywell’s Garden is conceived as an estate for medium and high-income earners and choice prototypes and building design. Future house owners in the estate backed with the Governor’s consent and

The precast concrete being assembled at the factory site in Abuja A new building technology making its way into Nigeria’s construction industry is offering yet another bait to mass housing developers, with a concept that claims the ability to enhance efficiency by 70 times compared to traditional construction methods. At a precast factory, which will cover over the 100,000 square metres‎ of land, situated close to the Abuja Train Station in Idu Industrial Area of the territory, a demonstration project has commenced and, if the expectation of the promoters are anything to go by, the new technology will support the efforts of the Federal Government in reducing the huge housing deficit in the country estimated at over 17 million. Behind the German technology in Nigeria, is one of the nation’s leading real estate developer and construction firm, CTSR Group Limited. The company plans to set up its second factory along the Lagos-Ibadan Expressway in the second quarter of the year. A...

Mowe in Ogun State… one of the suburbs With areas that were once affordable now out of reach, low-income renters are being forced to outskirts and border towns in major Nigerian cities.The soaring cost of renting is pushing tenants away from the centre of most capitals. For instance, Lagos, Abuja and Port Harcourt are now experiencing the highest demand from prospective tenants. The persistent changes of use of certain streets from residential to commercial have also put pressure on property owners to increase their rents for apartments.   Studies show that affordable housing is becoming increasingly out of reach for many low- and even moderate-income renters in the nation’s urban centres and their surrounding suburbs, as supply did not keep pace with this growth in demand, vacancy rates decreased, the average number of people living in a rental unit increased, and, in most areas, rents rose. The situation is worsened by the recession in Nigerian economy due to differen...

Unknown to many landlords in Lagos, the tenancy Laws of Lagos State, which came into force on August 24, 2011, has proved a panacea for the rising cases of disputes arising from tenants’ inability to pay rents. Section 13 subsection (1) of the tenancy law  also prescribes the length of notice to be given where there is no agreement between the landlord and the tenant to determine the tenancy, which are; a week’s notice for a tenant at will, one month’s notice for a monthly tenant, three months’ notice for a half- yearly tenant and six months’ notice for a yearly tenant. However, sub section (2) of section 13 further provides that in the case of a

The Lagos State Government is to invest 500 million dollars on redesigning and completion of housing units at Ilubirin and Ijora-Badia. The state’s Commissioner for Housing, Mr Gbolahan Lawal, made the disclosure in an interview with the News Agency of Nigeria on Wednesday in Lagos. Lawal said the investment would be done in collaboration with private partners and that the venture would create 10,000 direct jobs.

Chudi Ubosi The Nigerian chapter of the International Real Estate Federation (FIABCI) plans to honour and promote individuals and institutions recognized as drivers of growth in the real estate sector. The award by the federation is an integral part of its Annual Award and Business Dinner 2017 and will help motivate the domestic real estate space, as well as drive excellence, encourage

This is an article we wrote in June 2012 on the concerns of residents of Victoria Island. Tagged “Victoria Island loses residential appeal” it goes thus: Living in Victoria Island can be a privilege few people can lay claim to. But while there are advantages of living there, the flipside cannot be ignored. One of the benefits residents enjoy is that it is considered to be relatively more secure, accessible and self-contained. Also, because of the proximity to their offices and businesses, residents do not need to spend hours in traffic everyday as many do in Lagos. However, the increasing commercialisation of the