REAL ESTATE NEWS UPDATE | SEPTEMBER 26TH

Workers go on strike on a construction project in South Africa

labour

Construction on the R164-million Sarah Baartman Centre of Remembrance by Lubbe Construction has come to a temporary halt after 150 workers protested, demanding fair treatment from the company.

The protest was due to longstanding differences in wages. The workers complained of earning less than R3, 000 a month, while some were earning R8, 000 for the same job.

Speaking on behalf of the workers, the company Chief Liaison Officer Derrick Jaffon, said that to win the construction tender earlier, the company Lubbe Construction had agreed to employ nearly a thousand local workers during the construction period. He also said that there had been no salary increases since 2014, and the local general labourers still earned R150 per day.

Culled from Groundup.co.za

President Buhari Assures Investors of Conducive Business Environment

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President Muhammadu Buhari has assured potential investors that Nigeria would be one of the most attractive places to invest in as his administration has mapped out major economic reforms to make the country a sought after investment destination.

The President made this remark at a gathering of political and business leaders from the United States, Africa and other regions of the world during his visit to the United States.

Some of the reforms and fiscal incentives according to the president include business reforms on ports, visa-on arrival, improving the speed and efficiency of land titling and business registration, 5 years tax holiday for activities classified as “pioneer;” tax-free operations; no restrictions on expatriate quotas in Free Trade Zones; and a low VAT regime of 5 per cent.

Culled from Guardian

 Cape Town’s property price growth ranks ‘third in the world’

capetown

Real estate property consulting experts Knight Frank have published a report Prime Global Cities Index placing Cape Town third globally in terms of annual price growth.

The Prime Global Cities Index report shows that Cape Town was a top performer for the second quarter of 2016, with the city’s annual price growth reaching double figures in the year to June 2016. The report puts Cape Town in third place for prime price performance by city with China’s Shanghai coming second and Vancouver in first.

The average annual change per world region was put at 9% for Africa, North America 10% and Australasia 11%,

Knight Frank manager for the Atlantic Seaboard region, Richard Hardie, described the market in Cape Town as buoyant with domestic and international interest such as a university providing little supply of 6680 residential placements, a central business district with increasing residential units and lifestyle options.

Culled from Daily Maverick

Eko Atlantic to Host Made in Nigeria Festival 2016

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The maiden edition of Made-In-Nigeria Festival has been scheduled to hold in Lagos from September 26 – October 1, 2016, at Eko Atlantic City, Victoria Island, Lagos. Eko Atlantic City, is the emerging new smart city being built by, South Energyx Nigeria Limited.

Vice Chairman of South Energyx Nigeria Limited, Mr. Ronald Chagoury Jr. said the company was proud to be associated with the initiative that aims to create a platform for the true expression of the Nigerian spirit of enterprise, industry.

made-in-nigeria-festival

The seven-day festival will feature a business summit with eminent personalities including Vice President, Prof. Yemi Osinbajo; Central Bank Governor, Godwin Emefiele; Senate President, Bukola Saraki; Chairman, First Bank Nigeria Plc, Ibukun Awosika, and Minister of Power, Works and Housing, Babatunde Fashola. Others are Alhaji Aliko Dangote, Senator Ben Murray Bruce, Mr. Ronald Chagoury, Mr. Okey Enelamah Minister Industry, Trade & Investment, and Mr. Herbert Wigwe MD/CEO Access Bank

Culled from Businessday

Nigerian real estate startup gets $1.2 million funding from FDV

tolet-ng

A property classifieds online portal in Nigeria “ToLet” has raised $1.2 million in Series “A” funding by Frontier Digital Ventures. ToLet.ng is a platform that helps users find property for sale or rent in various parts of Lagos. Cofounder and CEO, Fikayo Ogundipe said the new funds raised will be used to improve the company’s platform technology offering to both property seekers as well as that used by listing agents.

CEO, Frontier Digital Ventures Shaun Di Gregorio said he looked forward to see ToLet.com.ng move to the next stage of growth.

Even in the midst of recession, the Nigerian the real estate sector grew by 2.12% in the second quarter of 2016 and added 8.64% to the country’s nominal GDP. ToLet has about 20,000 properties across 143 locations in Lagos.

 Culled from Pulse NG

 

Governor Ambode commissions 114 LG roads worth N19 Billion

ambode

Lagos State governor, Mr. Akinwunmi Ambode has commissioned 114 roads across the 20 Local Government Areas (LGs) and 37 Local Council Development Areas (LCDAs) in Lagos state valued at N19 billion to reflect the modern mega city status of the state.

The Governor, represented by the Commissioner for Tourism, Arts & Culture, Mr. Folarin Coker said each infrastructure provided has further improved the status of Lagos, both locally and internationally.

A total of 89 local companies executed the road project with thorough supervision by the communities and the government of which 5, 700 direct jobs were created for professionals, artisans and labourers in the construction industry.

Culled from Vanguard

 

Lekki Free Zone set to transform Nigeria’s economy

lekki-free-zone

The Lekki Free Zone is set to boost Nigeria’s economy by opening up trade routes to bring about an unrivalled business opportunities with the potential to transform Nigeria’s economy. The model of the FTZ was based on China’s success story.

Chairman of the Lekki Free Zone Development Company Mr. Olusegun Jawando said construction is currently in the initial stages of development, with the construction of the deep sea port and refinery. According to him, the project is also developing an independent power supply.

When completed, the port will handle the largest vessels in the world, with capacity to handle four million tonnes of cargo and create over 162,000 jobs.

Some of the incentives listed as part of the strategies for businesses to grow include 100 percent tax holiday, custom duties and levies, foreign ownership of investments, no restrictions on the hire of foreign employees and a complete waiver on import and export licences.

Culled from Worldfinance

Nigerians in diaspora agree to invest in Nigeria

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Nigerians in the United States of America have expressed commitment to invest in Nigeria if the government would provide an enabling environment that would make businesses thrive.

They made the declaration at a meeting with President Muhammadu Buhari, at a meeting held in the US

In response, the President agreed to provide a conducive environment for businesses to thrive. The meeting, at the 71st Session of the United Nations General Assembly had in attendance Nigerian professionals resident in the U.S

Culled from Punch

 

 

 

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