Real Estate News Update

REAL ESTATE NEWS UPDATE | OCTOBER 17TH

FG Issues 7-day ultimatum to Shoprite, Cash’N’Carry over GMO

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A Shoprite outlet

The National Biosafety Management Agency on behalf of the Federal Government has issued a seven-day ultimatum to retail store giants, Shoprite and Next Cash ‘N’ Carry to withdraw any product that contains Genetically Modified Organisms from their shelves. The warning was handed out to representatives of the two retail shops at a briefing in Abuja.

The Director-General, NBMA, Dr. Rufus Ebegba, explained that the agency got complaints from members of the public about the sale of GMO foods in the two stores. He the agency will shut down any of the stores found selling unregistered GMO products in the country.

Ebegba called on representatives of the superstores to ensure that all GMO products on their shelves were duly registered by the agency by obtaining permits.

Culled from Punch

 

Lagos begins demolition of properties obstructing construction works

His Excellency Akinwunmi Ambode, Governor of Lagos State

The Lagos State Ministry of Physical Planning and Urban Development has began the demolition of properties hampering the Right of Way of construction works currently in progress on the reinforced concrete dual carriage flyover bridge at Abule Egba junction.

Earlier, the Ministry had agreed with the owners and occupiers of buildings during a joint session of stakeholders to remove structures that may impede the right of way and construction works for the project. In addition, statutory notices were served on the owners occupiers.

The Ministry emphasised that the agreed 45.72 metres on the right side and 45.72 metres on the left side from the centre of the existing road as contained in the Removal Notice served must be adhered to.

Culled from PMNews

 

Hilton partners Jabavu Village to develop tallest Hotel in Africa

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Architectural representation of the proposed Hilton Hotel

Hospitality giants- Hilton worldwide has signed an agreement with Jabavu Village Limited to open a 255 guest-room and suite hotel in Kenya’s capital. The hotel is set to open in 2020 and joins 50 Hilton Hotels & Resorts properties trading in 17 countries across Africa.

Kenya is regarded as one of Africa’s fastest growing economies with strong growth in tourism, and construction. The country is diversifying her economy making it a destination for tourism and business.

The project is co-developed by Jabavu Village and White Lotus Projects. The Hilton located in Nairobi Upper Hill, will comprise of an executive lounge, a relaxing poolside bar, speciality smokehouse, and a lobby dining area with landscaped deck and a boutique rooftop bar with unbeatable vista views of the Nairobi skyline on the 43rd level. Project Director of Jabavu Village Ltd, Mahat Noor, said, “Hilton Nairobi Upper Hill will include a residential, retail and entertainment complex, as well as an adjacent office tower. He also revealed that the Hotel will be Africa’s tallest building, standing at 330m

Culled from Property Week

Delta State partners Queensbridge for Land administration

Governor Ifeanyi Okowa

His Excellency, Ifeanyi Arthur Okowa, Governor of Delta State

The Delta State Government has partnered Queensbridge Investment Limited to fast track the issuance of Certificate of Occupancy to land owners and boost the Internally Generated Revenue (IGR) base of the state. The partnership will enhance transparency in land administration system and will be facilitated with the launch of the ICT centre in the state.

At the commissioning of the ICT Centre, the State’s Deputy Governor, Kingsley Otuaro, urged all Deltans to acquire their C of O at the present affordable rate, adding that the ICT centre would provide a database by digitalizing the manual Certificate of Occupancy and all land documentation processes. This will curb the fraudulent practice of land grabbers, and estate agents in the State.

Queensbridge Capital Investment Limited, CEO Mr. Chuks Iku, said that all documents made in the Ministry of Lands and Surveys will be digitalized in 60 days.

Culled from The Guardian

Work begins on world’s tallest building- the Dubai Tower

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Architectural representation of the Dubai Towers

Not contented with the intimidating success of the Burj Khalifa, developers in Dubai have commenced work on the Tower which on completion, will gain the new status as the world’s tallest building. The first foundation stone of the new structure was laid out by Sheikh Mohammed bin Rashid Al Maktoum at Dubai Creek Harbour. When built, the Tower will surpass Dubai’s  2,716 ft-high Burj Khalifa, which is currently the world’s tallest building.

The Dubai Tower, is designed by Spanish-Swiss architect Santiago Calatrava Valls, known for futuristic structures such as the City of Arts and Sciences complex in Valencia.

The project is being developed by Emaar properties a Dubai-based property developer and provider of premier lifestyles.

Culled from The Guardian

 

FG plans to raise funds for construction  projects 

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Minister for Works, Power & Housing Mr Babatunde Fashola

The Federal Government has concluded plans to inject funds into construction projects, especially in the road and housing sectors. Minister of Works, Power and Housing, Mr. Babatunde Fashola, made this known at the annual conference of the Quantity Surveyors Registration Board of Nigeria (QSRBN) in Abuja.

The Minister stated that government is committed to investment and expenditure in infrastructure as it is one sure way of taking Nigeria out of recession.Fashola was represented by the Director, quantity surveying in the ministry, Dickson Onoja.

He  explained that the administration is ready take adequate measures to boost the performance of the sectors. “Government has allocated huge funds for construction projects in the road and housing sectors. He said.

Culled from The Guardian

House and rent prices on the decline in Abu Dhabi- Cavendish Maxwell

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A property in Dubai, United Arab Emirates

Property consultants, Cavendish Maxwell in a recent report stated that rents and house prices in Abu Dhabi has continued to fall as the low price of oil weakens demand in the market. The report further elaborated that rents in five investment areas fell within a range of 08-2.5% in 12 weeks through the end of September 2016.

At Al Reef Downtown, rents went down by 2.5%. At Saadiyat Beach Villas, rents went down by 2.7%, while for Raha gardens, rents took a downward slope by 2.3%.

Jonathan Brown, head of Cavendish Maxwell’s Abu Dhabi office noted that the decline in rents across the city will also be followed by a steady decline in prices.

Culled from the National Business

 

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