REAL ESTATE NEWS UPDATE | SEPTEMBER 5TH

Cement Manufacturers Association of Nigeria Increase Cement Price By 44 Per Cent

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The Cement Manufacturers Association of Nigeria (CMAN) have raised prices of cement brands by N600 per bag including additional N100 cost for haulage. The price hike has increased retail prices from N1, 600 to N2, 300. In some areas, prices have gone up to N2, 350 with prices going up by about 44 per cent.

Members of the CMAN include Dangote Cement Plc, Lafarge Cement WAPCO Plc; Cement Company of Northern Nigeria Plc; Ashakacem Plc and Cross-River based United Cement Company.

Kunle Awobodu, Vice President, Nigerian Institute of Building, said the development will lead to upward reviews of contract sums. He further stated that new and on-going projects will be delayed until there is agreement on the contract variations.

The increase in Cement price is due to difficulties in gas supply, high cost of Automotive Gasoline Oil (AGO), known as diesel, currently selling for N200 per litre, inability to access foreign exchange, high cost of production, as well as poor electricity supply and tariff hike.

Culled from the Guardian

 

Investors set to invest $14billion into Nigeria Real Estate and Other Sectors

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A team of International investors Greenstone Capital International Africa and Tacnero Global have announced the approval of $14billion for Nigeria out of the $200billion that would be injected into five African countries.

The money is to be deposited in Standard Chartered and two other Nigerian banks for project execution.

Group’s legal adviser for Greenstone Capital, Greg Anumenechi, said the investors indicated their willingness to invest in key sectors of the economy sectors ‎like real estate, agriculture, solid minerals, marine, power and others because they see opportunities for job creation in those sectors.

The investors have already received an approval for a Silicon Valley University in Lagos state.

Culled from The Sun Newspaper

 

NNPC Sign Partnership deal with Hall7, to build Imperial Vista Estate in Abuja

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The Nigerian National Petroleum Corporation multi-purpose cooperative society and Hall7 Real Estate Limited have concluded the ground breaking ceremony for Imperial Vista, a residential development project located at Kafe district in Abuja, the Federal Capital Territory.

Speaking at the ceremony, president of the multi-purpose cooperative society Abubakar Sadiq pledged to deliver value to the members saying that the project will be completed at the scheduled date.

 Culled from: Business Day

 

Abuja Municipal Area Council Commissions Infrastructure Projects

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The Abuja Municipal Area Council (AMAC), has commissioned 15 projects in Abuja. The development was made known by Abdullahi Adamu Candido, Chairman of the council.

Some of the projects commissioned include public conveniences with borehole in Gwagwa, Karmo, Nyanya, a block of three classrooms at Iddo Ma’aji, skills acquisition centres in Karu, Jiwa and Sheretti. He inspected ongoing projects in Jiwa, Karu, Azhata and other communities.

Chairman of the council said the council will maximise its revenue generation, through the AMAC Investment and Property Development Company (AMAC-IPDC) to fight against the challenges of economic recession. “We intend to improve revenue of the council by harnessing available opportunities in the investment and property development sector” he said.

Culled from Dailytrust

 

FCT, Abuja Halts Allocation of Land

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Minister of the Federal Capital Territory Administration, FCTA, Malam Muhammad Musa Bello, in a statement issued recently, stated that government has put in place a strategic policy to stop allocation of  new plots of land presently or in the near future pending government’s decision to change the decision.

According to the minister, the policy is designed to discourage land speculation or double allocation.

Mallam Bello said lands that were part of amicable resolutions to disputes, would be exempted from this arrangement.

Culled from Vanguard

 

Building and Construction Exhibition in Ghana Showcases Innovation

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A three-day Building and Construction Fair to provide exposure for both individuals and companies in the built sector held recently in Accra, the Ghanaian capital.

The fair featuring 20 industry exhibitors in the sector showcasing their products to consumers, was organised by Sefy’s Choice Ghana Ltd in partnership with Broll Ghana and Achimota Mall with the theme “Ghana from Hut to Skyscrapers”

According to the organisers, the fair creates a converging point for industry players to showcase their products and discuss challenges that affects the industry. Exhibitors at the fair included construction companies, electronic companies and suppliers of roofing materials, floor tiles, furniture, interior decorators and surveyors.

Culled from Footprint2africa

Tanzania Plans Establishment of Satellite Cities

 

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Tanzania’s National Housing Corporation (NHC) Director General, Mr. Nehemiah Mchechu said that National Housing Corporation is looking forward to strengthen the country’s economy and boost businesses through the establishment of satellite cities in the country.

He said the establishment of satellite cities will enable Tanzanians to engage in various economic activities in conducive environment, allow smooth movement of people and also improve the country’s economy.

He also said that development of satellite cities in Tanzania would reduce the problems of congestion in urban centres and help in transforming the country’s economy.

Culled from: Footprint2africa

 

Fashola to Present Plans on Urban Housing at AUHF

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The Minister of Housing, Works and Power, will be delivering a keynote address at the 32nd African Union of Housing Finance (AUHF), conference slated for Wednesday, September 14 to 16 in Abuja.

The Minister who is the keynote speaker will present a detailed plan of how the housing ministry will implement the proposed mass housing plans under the present administration.

African Union of Housing Finance is a member-based organisation of mortgage banks, building societies, housing corporations and other organisations involved in the mobilisation of funds for shelter and housing on the African continent. The 2016 conference will address the challenges of funding mortgage portfolio, showcase the opportunities to be found in rental and housing microfinance.

Executive Director, Corporate Strategy and Partnership, NMRC, Dr. Chika Akporji, said the theme for this year’s conference is titled, ‘Housing and Africa’s Growth Agenda’. With Nigeria Mortgage Refinance Corporation (NMRC) as host, the conference is expected to bring housing finance experts across the continent to speak on issues affecting the sector and how to unlock the potentials as part of efforts to improve the African economy.

Culled from: The Guardian

 

Lagos demolishes school building, duplexes over permits

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Officials of the state Ministry of Physical Planning and Urban Development, government demolished four newly-completed buildings at Hitech Estate, Odonikin village, in the Eti-Osa Local Government Area, Lagos State.

The buildings were demolished because the owners did not get necessary permits to embark on the constructions.

The affected structures comprised five joint duplexes, a four-bedroomed duplex, a five-bedroomed apartment and a three-storeyed building owned by – Learning Lands private school.

spokesman for the Lagos State Task Force on Environment and Special Offences (Enforcement) Unit, Mr. Adebayo Taofiq, said.“Lagos State has a master plan and once such is violated, the illegal structure will be removed.

Culled from: The Punch

 

Nigeria Partners CRCC on Completion of Warri-Abeokuta-Abuja Rail Project

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The Federal Government has signed a Memorandum of Understanding (MoU) with China Railway Construction Corporation (CRCC) on the completion of Warri-Ajaokuta-Itakpe-Baro-Abuja railway line.

Minister of Transportation, Mr. Rotimi Amaechi, signed on behalf of Nigeria, while his Chinese counterpart Chen Xiao Xing, Vice President of CRCC, signed for the company. The rail would extend northward from Eganyi-Jakura-Baro to Abuja. The project will also include the construction and expansion of Warri Port, Deep Sea Port as well as the Industrial Park at Bonny Island.

Responding to questions, the Minister said that the rail project is part of the economic opportunities being harnessed to drive industrialization in Nigeria.

Culled from: Footprint2africa

 

6 injured, 2 trapped in Four-Storey building collapse in Abuja

FHA-MD-Al-Amin (1)

Six people were injured and two others trapped after a four – storey building under construction collapsed at 444 Crescent, Citec Villa, Gwarinpa, Abuja.

A team of National Emergency Management Agency (NEMA) and Fire Service were involved in the rescue operations at the site. The first set of victims were taken to the Gwarinpa General Hospital for treatment.

In a statement, Managing Director of Federal Housing Authority (FHA) Professor Mohammad Al-Amin said the incident affected only 10% of the entire project.  He said FHA had issued contraventions and stop-work notices to the developer of the building but the developer disregarded the warnings and went ahead to erect the structure.

Culled from: Dailytrust

 

 

 

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