Real Estate News Update

REAL ESTATE NEWS UPDATE | NOVEMBER 21ST

CitiBank Predicts FDI Inflow into Nigeria in 2017

Citibank

Citibank

Citibank group has predicted that there would be an inflow of foreign direct investments into Nigeria during the first quarter of 2017.Head, investment banking, Miguel Azevedo and Citi Africa Public Sector lead Mr. Peter Sullivan who are in charge of Foreign Direct Investments (FDI) in Africa, made this known at the recently concluded EMEA media summit held in London. The executives, however said investors are very much interested in doing business in Nigeria.

According to them, Nigeria has made a request for proposal (RFP) with $4.5 billion medium term note schedule adding that despite the economic outlook of the nation, there are also business opportunities opening up due to  diversification.

Culled from Thisday

Women urged to invest in Nigeria’s built sector

A completed housing project

A completed housing project

Nigerian women have been urged to take active interest and participate in the nation’s real estate sector to reposition themselves and become investors in real estate.Former Commissioner for Justice, Cross River State, Nella Andem-Rabana made these remarks at a seminar themed: “Essentials for Success in Real Estate Investments”. The event was organised for Women by a Property Development Company in Lagos. The former Commissioner said women are well equipped to make right investment decisions hence, they must proffer solutions to challenges existing in the housing sector. The Chief Executive Officer of TrustBond Mortgage Bank Plc, Adeniyi Akinlusi who was also at the event stated revealed the bank’s initiative for women which would create investment opportunities in real estate and other businesses.

Present at the event was the team lead, Women Banking, Access Bank Plc,  Ejike Izejobi, GMD HFP Engineering Limited, Dele Martins represented by Kingsley Omojola, and Principal partner, Ubosi Eleh and Co. Chudi Ubosi

Culled from the Guardian

 

 

OPIC Plans new mortgage scheme for Homeowners

An estate developed by OPIC

An estate developed by OPIC

The Ogun State Property and Investment Corporation has held discussions with key players in the housing sector to introduce a mortgage scheme that will help potential home owners purchase houses with ease.

The Managing Director, OPIC, Babajide Odusolu, revealed the decision of the corporation to incorporate three principal partner mortgage banks as well as Nigeria Mortgage Refinance Company, Lafarge Holcim, private developers, and the Federal Ministry of Finance to begin the mortgage scheme.

The Managing Director, NMRC, Mr. Charles Inyangete, speaking on the scheme, stated that NMRC is committed to providing a well financed middle-income and affordable housing plan for all Nigerians. The OPIC boss said that the first phase will be made up of 400 units in the New Makun City within 18 months.

Culled from the Punch

 

 

Eko Atlantic City completes first residential building

Eko Atlantic City

Eko Atlantic City

South Energyx Nigeria Limited, developers of Eko Atlantic City, have finalised plans to unveil the first completed residential building known as the ‘Eko Pearl Towers’. According to the developers of the city, the unveiling follows the inauguration of the Eko Boulevard in 2015. The Eko Boulevard is reputed to be the country’s first eight-lane city road.

The ‘Eko Pearl Towers’, which is the first residential development in Eko Atlantic City, is a set of high-rise buildings privately held and developed by Eko Pearl Construction Company. The building comprises of five high rise towers, with luxury penthouses, made up of and two and three-bedroom apartments.

The ‘Black Pearl’, ‘Champagne Pearl’, towers are the next set of building projects billed for completion in 2017.

Culled from Punch

 

Cement producers record high production

A Cement production plant

A Cement production plant

Cement manufacturers say they there has been an increase in cement production which  has helped to increase the manufacturing sector’s contribution to Nigeria’s Gross Domestic Product from about 4% to 9%. Group Executive Director Dangote Group, Edwin Devakumar disclosed this at the weekend in Abuja when he delivered a presentation titled, ‘The Nigerian Cement Sub-Sector: A Success Story in Solid Minerals Utilisation”, at the 46th Annual General Meeting, Conference and Exhibition of the Nigerian Society of Chemical Engineers (NSChE).

Mr. Devakumar explained that the revamping of local cement production  has led to a rise in mining operations in Nigeria thereby putting an end to foreign exchange demand for cement importation. He also said that direct and indirect jobs have been created due to the boost in local capacity while it has also increased government revenue.

Culled from Thisday

 

Delta Nullifies Certificates of Occupancies

Governor of Delta State Dr. Okowa

Governor of Delta State Dr. Okowa

There is chaos and panic in Delta State as property owners, developers and landowners and the State Government are at loggerheads following the alleged nullification of all Certificates of Occupancies (CofOs) by the State authorities.

The Deputy Governor, Kingsley Otuaro, recently said that Delta state had nullified all Certificates of Occupancy and directed property owners earlier issued C of O to register afresh.

In a related development, the State Governor Dr. Ifeanyi Okowa, the State’s Attorney General and Commissioner for Justice, and senior executives of the Survey and Urban Development board are already having talks with stakeholders to find proffer solution to the matter.

Culled from the Guardian

Hyprop Investment acquires Skopje City Mall

Skopje Mall

Skopje Mall

Hyprop Investments has announced  that it had acquired a 60% interest in Skopje City Mall Macedonia, purchased from Balfin Finance BV, Amsterdam in deal worth R1,3 billion (€92 million EUR )

Skopje City Mall is one of most popular malls in the Skopje and the largest in the country. The Macedonian capital has a population of about 534,000 people.The shopping centre developers Hyprop acquired the interest through Hystead Limited, and  purchased from Balfin Finance of Amsterdam. The mall has 37,600m² of gross retail lettable area with 131 tenants, including Zara, Terranova, Koton, Fashion and Friends, LC Waikiki and Bershka.

Hyprop CEO Pieter Prinsloo, explained that Hyprop acquired the well-developed shopping centre portfolio with the aim of establish strong business presence in South-Eastern Europe.This year, the World Bank predicted a  3.3% GDP growth rate for Macedonia in 2017.

SACommercial Property News

 

 

Betapoint and  Sasol complete new headquarters in Sandton

Sasol HQ Sandton SA

Sasol HQ Sandton SA

Betapoint has facilitated the construction of Sasol’s 67,000 square meter world headquarters office development known as Sasol Place, in Sandton South Africa. The building is co-owned by The Sasol Pension Fund and The Elixir Trust.To ensure swift project delivery, Sasol’s real estate advisory and implementation partner Betapoint engaged the services of a world-class, multi-disciplinary team to advise on all aspects of the project.

Adam Sargent, CEO of Betapoint, explains that it took the effort and dedication of the construction team under close partnership with Sasol to make the project a huge success. The project was delivered under budget, on schedule and to the highest quality standards in the industry.

Sasol Place is made up of 7 parking levels, a ground floor and 10 office floors. The features includes a restaurant, a coffee shop, a wellness centre, a convenience store, a fitness centre and a dedicated gallery and sculpture garden that will showcase Sasol’s continued support of local contemporary artists through its diverse collection.

Culled from SAPropertyInsider

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