REAL ESTATE NEWS UPDATE | NOVEMBER 28TH

Asaba mall scheduled for commissioning tomorrow

The much awaited  ultra-modern Asaba mall is now set for official opening by the Delta State Governor, Dr.Ifeanyi Okowa tomorrow. The mall covers a gross floor area of about 9,500 square metres of which  7,500 square meters is the lettable space. There are 39 shops of different sizes with the anchor shop taken by Shoprite spread out over 3,000 square metres.

The Asaba mall project began on June 1, 2015 with a groundbreaking ceremony and has Resilient Africa (Pty) Limited, Delta State Government and Bayol Development Company Limited as equity owners.

Facilities at the mall includes central air-conditioning system, and backup electricity generators and other state of the art facilities.The mall is conspicuously located at the Interbau round about at the intersection of Summit and Okpanam Road.

Culled from the Guardian

 

 

Certificate of occupancy reduced in Niger State

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Effective from January 1 2017, the Niger State government has said that it will reduce the cost of obtaining certificate of occupancy by existing and prospective landowners across the state to N15, 000. According to government sources, the exercise is expected to last for a period of six months after which all lands would revert to initial cost of N127, 000.

The amount, which is applicable to both farms and residential lands is strictly for local government headquarters, while the amount for other locations is put at N5,000 regardless of the sizes.

The Niger State Commissioner of Land and Housing, Malam Haliru Jikantoro, during a media chat in Minna, said the exercise would enable the state to increase its Internally Generated Revenue (IGR) by allowing those who could not access the old amount, easy access, while also  authenticating genuine land owners, who could  not afford the cost of documentation.

Culled from Daily Trust

 

Lafarge Africa releases sustainability report

Lafarge Africa Plc, a leader in building construction has released its 2015 Sustainability Report in line with the standards of Global Reporting Initiatives. The 2015 Sustainability Report, was unveiled at the Grand Finale of the third edition of the Lafarge Africa National Literacy Competition at the MUSON Centre in Lagos.

The Chairman, Lafarge Africa Plc, Mr. Mobolaji Balogun, said sustainability was a key part of the company’s business strategy, both at the group level and in Nigeria. According to him “Lafarge Holcim’s sustainability development strategy, also known as The 2030 Plan, remains the company’s internal roadmap on how it intends to  address climate and environmental issues with the aim of making a positive difference”. The report also reflects Lafarge’s commitment to promoting best industry practices with the public and also with the company’s stakeholders.”

The Managing Director, Lafarge Africa, Mr. Michel Puchercos, said the company was moved by the desire to set new standards that will have a meaningful impact in the industry.

Culled from Punch

 

New land registration process starts in Kano State

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A new method of land registration has commenced in Kano State. The process is aimed at creating an alternative approach to the manual process formerly used for the collection of traditional Certificate of Occupancy. To solve this manual procedure, the Kano state government has commenced a Systemic Land Title Registration (SLTR) process. The project is targeted to generate N1 billion from the issuance of SLTR certificates in three local councils of the state.

The SLTR process is managed by Growth and Empowerment in State (GEMS3) and funded by the Department for International Development (DFID) and  involves demographic data mapping of valuable property within the state. The SLTR Certificate of Occupancy, is being issued at the cost of N5, 000

At a media briefing, GEMS3 media adviser Hajia Hadiza Abdullahi described the SLTR process as valid and has same value with the traditional C of C. She said the SLTR has security of tenure, guarantee inheritance rights and assures investment opportunity. She added that the new systemic certificate offers limitless economic and investment viabilities at low-cost charges.

Culled from the Guardian

 

Mortgage operators task government on intervention fund

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The Mortgage Banking Association of Nigeria has called on the Federal Government to create an enabling environment for mortgage banking through the provision of an intervention fund.The body is also seeking the review of the stringent regulatory condition, which to some extent,  has prevented mortgage finance inclusion to enhance profitability. They also wants new operational guidelines in respect to loan margins, diaspora lending, FX denominated and matched lending, and loan loss provisioning.

 Speaking at the 12th Edition of the Mortgage Banking Sub-Sector CEOs’ Annual Retreat held in Abuja, MBAN President, Dr. Femi Johnson revealed  that the national rate of home ownership in Nigeria is very low and this will not improve unless there is expanded access to mortgage facilities.

Currently, Nigeria’s GDP is projected to grow from $481.07 billion in 2015 to $1.3 trillion by 2030. Residential and commercial real estate could contribute $644 billion to this growth if housing and urban development is properly harnessed to make Nigeria’s economy develop its full potential.

Culled from the Punch

Senegal plans $120m smart city in Diamniadio

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Ina joint efforts,the Senegalese government and the African Development Bank (AfDB) has gone ahead with plans to build a mega-digital park in the city of Diamniadio. The project feasibility study is estimated at US$120 million – of which $ 100 million will be financed by the Africa Development Bank (AFDB) in order to begin the construction process.

The Diamniadio valley city construction project will, without doubt, attract many investors all over the world who are interested in investing in the West African country of Senegal.

Senegal was ranked 12th position in Africa by the 2014 ITU index for countries with the most developed ICT infrastructure in Africa. It is also considered as one of the top notch Africa’s hugest spender of ICT.

Culled from Africapropertynews

 

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