Real Estate News Update


 Developers set to begin Elegushi Imperial smart city project by 2017

Elegushi smart city project design

Elegushi Smart City Project design

Developers of the Elegushi Imperial smart city have concluded plans to begin the housing project in the first quarter of 2017. The Project regarded as the first eco-friendly smart business city in Africa, and known as Imperial International Business City (IIBC) is being handled through a joint venture between the Elegushi Royal Family and Channeldrill Resources Limited.

The new city will integrate smart technologies with distinctive features.The project IIBC will be financially supported through British Foreign Direct Investment of about $300 Million,off plan sales and will be zoned into residential, mixed used and commercial areas.

About 60 plots are already on sale. The first set of investors are buying 65,000 per square metres (sqm)plot at N42 million. While the project offers different plot sizes, the minimum plot size is 650 sqm.

With a team of experienced professionals, UK-based firm, Messrs Gensler Associates is executing the town and regional planning aspect of the job, Jan De Nul  and Dredging International Limited are handling the dredging while Royal HaskoningDHV, Mott Macdonald and  BAUER Spezialtiefbau will build the Shoreline protection.

 Culled from the  Guardian


FHA to benefit from CBN’s N30bn real estate fund

Proposed FHA Quarters

Proposed FHA Quarters

The Chairman, Senate Committee on Housing, Senator Barnabas Gemade, says the committee is seeking for ways to help the Federal Housing Authority benefit from the Central Bank of Nigeria’s N30bn Real Estate Development Intervention Fund.

Gemade stated this during a visit to the organisation’s headquarters. According to the Senator, the committee would work with stakeholders to speed-up the restructuring and commercialisation of the Federal Housing Authority.

The Managing Director, FHA,  Mohammed Al-Amin, said it has become necessary to strengthen the FHA’s ability to deliver on its social housing mandate through special subventions and regular budgetary allocation adding that  FHA had depended on Public-Private Partnerships to deliver houses since government funding has not been consistent.

Culled from the Punch

Anambra partners FG on Land registration

Governor of Anambra State, Willie Obiano

Governor of Anambra State Willie Obiano

The Presidential Technical Committee on Land Reform (PTCLR) has concluded arrangements to commence the Systematic Land Titling and Registration (SLTR) process in Anambra State.The Presidential committee was set up in 2009 to handle the difficulty of registering landed property in Nigeria. Under the scheme, rights to land in a particular area are ascertained and documented in an official register of land titles.

In a joint meeting between the PTCLR and the Anambra State Government in Awka, both parties agreed to work together to adopt the new land titling and registration process to aid infrastructure development in the state.

Present at the meeting was the Anambra State Deputy Governor, Dr. Nkem Okeke, who commended the Federal Government for initiating the programme and promised that the State Government will do its best to make the project successful. The PTCLR Chairman, Prof. Peter Adeniyi was also at the event.

Culled from The Punch. 

Foreign building materials manufacturers partner local dealers

Building Materials

Building Materials

The building materials market in Nigeria is set to witness a boost in patronage as foreign manufacturers are seeking for dealers of their products.  The companies intend to grow the market by partnering with Nigerians to import  its high quality  products into the country.

At a two-day Stakeholders Annual Continuous Professional Development Seminar in Lagos, Chief Executive Officer of QMB Builders’ Mart, Mr. Ayobami Biobaku affirmed that the seminar was a platform for exchange of ideas on what is obtainable in the industry and to guide clients in their choice of products.Present at the seminar was Jaime Quintana, Export Manager of Gala, a Spanish-based modern bathroom design solutions.

Fabrizio Morgatini, a facilitator from Tressee, an Italian manufacturer of furniture for home bathrooms and SPA, showcased latest trends in shower solutions to the attendees at the event. Also speaking, Kina Yang, Product Manager of Fotile, a Chinese Kitchen appliance company, explained that the company has deployed latest technology in Kitchen products to ensure a smoke-free home and guarantee hygienic food consumption. She also showcased the operations of luxurious kitchen solutions to the participants.

Culled from the Guardian


FG plans to restore Lake Chad basin

Minister of Environment, Amina Mohammed

Minister of Environment, Amina Mohammed

The Federal Government has laid down plans to restore Lake Chad Project in collaboration with African Union Commission at the on-going United Nations climate change conference also known as COP 22.

Nigeria’s Minister of Environment, Amina Mohammed, during a pre–press conference on COP22 in Abuja, said important work such as  feasibility studies has been concluded. According to the Minister the next phase of the project would be a dedicated financial commitment to the project adding that China has showed interest to support the revival of the Lake.

The COP 22 holding in Marrakech Morocco is aimed at promoting and providing support for climate related causes. It would discuss roadmap that developed countries will have prepared for mobilizing $100 billion in climate finance for developing countries by 2020.

Culled from the Guardian

Broll Auctions and Sales to hold in November

ABSA Building Cape Town South Africa

ABSA Building Cape Town South Africa

Broll Auctions and Sales will hold their next multiple commercial property auction on the 23rd of November 2016 at 12noon at The Wanderers park in Johannesburg South Africa.The properties for auction include Absa House on St Georges Mall in Cape Town measuring 10 000sqm, in a prime location.

Anchor House is also up for actions as the property will be completely vacant with an opportunity for a student conversion in an area of high demand.The Silos, located in Newtown will also be auctioned. Real estate analysts say that the Silos has the potential to generate an income of R1.3 million per annum due to its massive advertising billboard which is seen from afar.

The Newtown Silos site is an intrinsic part of the former Crago Flour Mill site which is a relic of late–nineteenth century and early twentieth century flour milling.

Culled from SA Commercial Property News

Durban’s Cornubia Shopping Mall scheduled delivery in 2017

Cornubia Shopping Mall, South Africa

Cornubia Shopping Mall, South Africa

Cornubia Shopping Mall, a new retail development located in the north coastal area of Durban, South Africa is on track to open its doors for business in September 2017. The Mall is a  national pilot project of the Breaking New Ground policy launched in 2008.

The project valued at R1.8 billion mall is one of Investec Property latest developments. A  major part of the Cornubia development will be residential, with 25,000 housing units being developed.The mall is located near the Umhlanga-Mount Edgecombe interchange adjacent to the Cornubia Town Centre.

Investec Property Joint Head Darryl Mayers says the centre is 80% let, with key national retailers as anchor tenants.South Africa’s leading food retailers Checkers, Pick ‘n Pay and Woolworths will have a presence in the centre as well as major clothing retailers, including Edgars and Truworths.Other tenants will include Virgin Active Gym, Cycle Lab, Bounce, Nu Metro, Outdoor Warehouse, Dis-Chem, Clicks and Bakos Brothers.

Culled from SA Commercial Property News


Menlyn Park Shopping Centre’s for commissioning in November

Menlyn Park, Pretoria , South Africa

Menlyn Park, Pretoria South Africa

Menlyn Park Shopping Centre will be ready for use come Thursday 24 November 2016.The R2.5 -billion redevelopment is being  positioned by the developers  as the largest mall on the African continent, with a total lettable floor space of over 170 000m2 .

Olive Ndebele, General Manager of Menlyn Park Shopping Centre says that the developers have put together a  tenant mix that caters to all shoppers around Pretoria.With the expansion, many brands looking for larger store offerings have been given the opportunity to establish their flagship stores in a city reputed to be  home to 40% of the wealthiest residents in South Africa.

The Shopping Centre will be extending its shopping hours from 24 November to cater for customers’ busy schedules. It will be open from 9am to 9pm daily except on public holidays, when it will close at 5pm.

Culled from Eproperty News


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