UPDC unveils ‘The Residences’ in Lagos
Renowned real estate developers UPDC have completed a new residential project-The Residences. The Residences is an eight-storey block of flats consisting of 198 apartments with 154 one-bedroom and 44 two-bedroom. The building, which was part of the former Durbar Hotel (now Golden Tulip Hotel) was renovated into luxury apartments.
Speaking at the unveiling ceremony of the Residences, UPDC’s Managing Director, Mr. Hakeem Ogunniran, said despite the challenges witnessed during the acquisition of the building from the Federal Government, The Residences has now been completed for prospective home owners to move in.
Currently, Lagos State has a 3 million housing deficit and projects like The Residences are part of what is filling the gaps in the real estate sector.Facilities at the apartment includes water treatment plant, CCTV, sewage treatment plant and HVC cooling system
Culled from Vanguard
Kano signs $1.8bn light rail contract
The Kano State Government has signed contracts valued at $1.8 billion for the construction and development of light rail line within the state. The project will be executed by the China Railway Construction Group.
According to the Governor, the first phase of the project is scheduled to take two years, while the second phase of the four-line rail is expected to take another two years. Governor Umar Ganduje explained that the project would improve the transport system within the state, as well as drive economic activities and create job opportunities in the state.
The light rail project after completion will cover Janguza-Bata, Jogana-Bata, Dawanau-Bata and Kwanar Dawaki-Bata routes in Kano city.
Speaking about the financial aspects of the project, Governor Umar Ganduje, accompanied by the chairman of the Chinese Company Mr. Ben Shinxo said that a Chinese Bank would provide 85 per cent of the funding, while the State Government would pay 15 per cent.
Culled from the Guardian
Delta spends N32.9b on 71 road projects
The Delta State Government said it has spent N32.9 billion on 71 road projects between May 2015 and November 2016.The State Commissioner for Works, Mr. James Augoye at a press briefing in Asaba, explained that over 282 kilometres of roads and 136 km of concrete lined drains have been constructed by Okowa-led administration since he assumed office in May 29, 2015.
At the briefing, Secretary to the State Government, Mr. Festus Ovie Agas said that the government plans to increase the length of roads in the state from 2, 550 km to 5,000km through the construction, and rehabilitation of new roads. The state commissioner for Housing, Mr. Joseph Ogieh revealed that as part of urban development in the state, the government has planned the construction of a seven-floor secretariat complex in Asaba.
The commissioner also pledged the support of the state government to liaise with the Federal Ministry of Works, Housing and Urban Development to effect repairs of the bad sections of federal roads in the state.
Culled from the Guardian
NIA calls on FG to focus on housing development
The Nigerian Institute of Architects has asked the government to focus more on urban regeneration and sustainable housing development. The body said that with the current economic situation and the attendant rise in the prices of building products, more attention should be given to the sector.
The President, NIA, Mr. Tonye Braide, said focusing on urban regeneration and sustainable housing development would help the country to get its cities up to world class standards.
The NIA President,who spoke at the Institute’s Annual General Meeting in Enugu with the theme: ‘Urban regeneration and sustainable housing development’, said, “Urbanisation is a complete change from rural to urban style in terms of housing, upgrading living standards and social security.
Culled from the Punch
Abuja Mass Housing beneficiaries to get Certificates of Occupancy
The Federal Capital Administration in Abuja has said it will commence the issuing of Certificates of Occupancy (Cs of O) to beneficiaries of its mass housing projects.
FCT Minister, Muhammad Musa Bello made this known while receiving a delegation from Shelter Afrique led by its Resident Regional Representative, Mr. Zachary Munene, in Abuja. The Minister said that all landed properties in the FCT must have titled documents to make them bankable. He said certifying landed properties in Abuja would attract development as it would enable investors and real estate financiers to have dependable security for their investments.
To ensure a hitch free registration process, the Minister has ordered the Abuja Geographic Information System (AGIS) and the Department of Land Administration to ensure that all those who have completed processes and paid the approved fees should have their titles in line with approved guidelines.
Culled from Daily Trust
Singapore asks property investors to guard their investment
The Monetary Authority of Singapore (MAS) has advised residential property investors to be cautious when investing in Singapore. In its latest review, the MAS said rising vacancy rates, declining rentals and impending interest rate increases could make investment in rental properties less profitable in the near future.
While home sale numbers increased slightly in October, Singapore home prices have declined for 12 straight quarters. The third quarter reported a decline in prices of 1.5%, compared to the second quarter. The agency noted that the market could also move up, which it called an “upside risk”.
The MAS observed that the banking system would be resilient to a sharp fall in property prices, with loan-to-value ratios of housing loans coming down from 77% in the second quarter of 2010 to 60% in the third quarter of this year.
In the first half of 2016, value of overseas property transactions by Singapore households had fallen to 200 million Singaporean dollars ($140.4 million)from $1.1 billion Singapore dollars. It was also observed that 80% of the total value was invested in properties in the U.K, Australia and Malaysia in 2016’s first half, while the Philippines, Cambodia and Vietnam made up 11%.
Culled from SAPropertynews