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发布于:2016-4-28 14:38:54  访问:4925 次 回复:0 篇
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Developers To Tread Cautiously On Nigeria`s Real-estate Frontier
APPARENTLY buoyed by the growing apathy by commercial banks to fund jobs and impact of on-going reforms by the authorities, a brand new report has predicted that developers could be more cautious in property development as Naija news sites the market stays sluggish, and prepare to get a changing landscape.
The Lagos Housing Development Market - 2016 Outlook Report by Residential Auctions Company (RAC) disclosed that "the next coming months and beyond will be testing times for developers as demand is likely to be curtailed with clients cutting back on spending until a clearer image of the market emerges to restore consumer confidence in the marketplace.
"It`s anticipated that lots of developers will tread carefully when embarking on new jobs to launch and location of selection will be a predominant factor. Additionally to hedge risks, programmers will scale back on the size of projects they embark upon and will seek to come up with modest size undertakings that will supply not more than three - ten units, that will instantly bring sales even in the off-strategy stage hence eliminating the incidence of baseless units waiting to be sold several months after conclusion which will raise the expense of keeping stock."
Given the current Naija news economic setting, the report jobs that just a third of the 14,415 units now under construction will be delivered this year resulting in 4,325 units, "but unless programmers can seek alternate financing asides from the commercial banks then this figure might not be delivered.
"Some of those developments date back to over five years and there are lots of possible reasons for the delay in delivery, among such reasons could be a dearth of funds that will hinder the power of the programmer to finance the advancement of the development or it could be a litigation case between parties involved. In most cases it`s usually unless a source of finance emerges the development will stay in limbo until a solution has been found and the former that occurs.
This might possibly present an opportunity for programmers to pursue "Bunch financing" which is an alternate kind of raising finance from several investors through an internet platform and is a relatively new theory."
The research says that 62 per cent of new home units in the development will be delivered to the Lagos Island marketplace as shown above. This shouldn`t come as a surprise since the Lekki- Epe axis still has a vast region of green field sites (un-developed property) in Lagos.
"The future of the market looks pretty much complete as supply will continue to grow with demand and infrastructure is improved to bring more companies. We cannot categorically say that Lagos Island has more green field sites than Lagos Mainland or vice-versa as there is no data to demonstrate or prove this theory, accordinng to RAC Managing Director, Mr. Omorotimi Akinlose.
He described, "Notwithstanding the reality that Lagos Island gets the bulk of new components under going development, we can`t neglect or overlook that a few locations on Lagos Mainland for example; Ayobo-Ipaja, Badagry and Okokomaiko also have vast variety of components in the development, a major outcome of a few mass housing schemes established under Joint Venture (JV) organizations and are still awaiting completion.
RAC report said: "With the ongoing rehabilitation and expansion of the Lagos-Badagry Expressway and also the building of the Blue Line Lagos Rail Transport (LRT) mass transit transport system from the Lagos State Government (LASG), the Okokomaiko - Badagry axis part of Lagos Mainland has the potential to day Naija news emerge as the next "Lekki" of Lagos Mainland in the future in terms of the delivery of new housing units in Lagos provided infrastructures continues to enhance along this axis.
"This will have a directive positive effect on commercial activities in the location and will act as a trigger to entice more residents from some other places on Lagos Mainland to migrate. The Blue Line is a 27km urban railway line which will run from Okokomaiko to Marina. There will also be a Red Line which will run from Marina to Ikeja International Airport.
The report revealed that beneath the Eko Atlantic City job, a Public-Private-Partnership (PPP) initiative involving the Lagos State Government along with a private company South Energyx Nigeria Limited (a subsidiary of the Chargoury Group of Companies) under the auspices of the Federal Government of Nigeria, over 1,000 units of apartments of various room sizes ranging from one bedroom to four bedroom penthouses are already under construction.
Leading the bunch of those developments are Eko Pearl Towers by ESLA International. Eko Pearl Towers are high rise residential buildings to be found in the centre of Eko Atlantic City.
It`ll comprise of five stunning residential towers Naija newss on the harbor of Eko Atlantic. The towers are; Champagne Pearl Tower, Black Pearl Tower, Indigo Pearl Tower, White Pearl Tower and Aqua Pearl Tower. The towers will provide only somewhat over 560 flat units with one tower completely sold out and the initial set of units is going to be delivered as early as 2016.
Another high rise development currently under construction in Eko Atlantic City is Eko Energy Tower Estate being developed by gas and oil logistics business Orlean Invest West Africa a Nigerian Navy Recruitment 2016 2017 group with over 25 years of supplying corporate and real estate services. Eko Energy Estate is a premium residential neighborhood that will cover approximately 450,000 square meters of property and will be found in the Northwestern corner of Eko Atlantic City.
The initial stage of Eko Energy Estate will consist of three high rise 20 floors residential towers that will supply about 260 flat units of varied number of bedrooms is likely to be delivered by 2018 and as exemplified above.
It`s projected that by the total conclusion of Eko Energy Estate there will be 5,000 flats in 50 - 60 residential towers.
Other prominent residential developments currently in the works in Eko Atlantic City are Azuri Penisula, LeReve Tower and Lagos Sky Tower.
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