Real Estate News Update


Lagos State plans to invest $500m on housing

The Lagos State Government has finalised plans to invest $500 million on redesigning and completion of housing units at  Ilubirin and Ijora-Badia. The state’s Commissioner for Housing, Mr Gbolahan Lawal, made the disclosure at a media summit in Lagos.

He said the investment would be done in collaboration with private partners and that the venture would create 10,000 direct jobs.He stated that there is need to redesign and expand the mass housing units at Ilubirin and Ijora Badia to allow efficient utilization of resources and for better quality delivery.

Ahead of the project, the Lagos State Government have signed a Public-Private Partnership (PPP) agreement with First Investment Development Company (FIDC). The project will be in phases and is expected to be fully completed within the next five years Lawal said. He explained that the PPP arrangement was to reduce the housing deficit in the state by providing affordable and qualitative accommodation for residents and to also create jobs.

Culled from the Guardian

Ekiti State evicts federal ministries from Fayose Estate


The Ekiti state government has evicted the Nigeria Security and Civil Defence Corps, (NSCDC) Ekiti State command and other Federal ministries and agencies from their various offices from Fayose Housing Estate, located in Ado Ekiti, the state capital. Fayose estate, houses federal agencies such as NSCDC, Prisons Service, NAFDAC, NOA, NABTEB.

The Public Relations Officer of NSCDC, Ekiti state command, Tolu Afolabi confirmed the development to the media.The estate was built by Ayo Fayose during his first term in office as a governor of the state and subsequently named after him.

The Ekiti state government had earlier given a year grace to all the ministries and agencies vacate the properties in the estate or buy the property as the state could no longer give out its property free of charge in view of the biting economic situation in the country.“ The period of grace ended on the 31st of December, 2016

Culled from Businessday

FG awards contract for second Niger Bridge in Anambra State

The Federal Government has awarded contract for the commencement of works on the second Niger Bridge linking Delta and Anambra states and has also directed that emergency repairs be carried out on the Tamburawa Bridge in Kano State at a total cost of N16.3 billion.

This development was made known by the Assistant Director of Information in the Federal Ministry of Power, Works and Housing Mohammed Abdullahi.

Abdullahi explained that the contract for the second Niger Bridge was awarded to Julius Berger (Nig) Ltd at the cost of N14.4 billion. He said that the existing Niger Bridge, commissioned on Jan, 4, 1966 had been overstressed.

Culled from Vanguard


Mall developers seek new ways to keep business afloat

As the economic crisis rocking the country continues, mall developers are working out new strategies to ensure that they remain in business. Industry research revealed that most retail facilities in the country were funded by private equity firms that got their funding from foreign investments.  Due to this, developers are presently facing challenges as most of their tenants who sell mostly foreign products, are finding it difficult to stock up in new malls due to forex scarcity.

In a bid to go with the economic tide, landlords are asking their tenants to pay their service charges to keep the malls running. A retail leasing consultant at Broll Nigeria, explained that landlords are looking at charging rents annually instead of quarterly.

Founding Partner, Bode Adediji Partnership, an estate surveying and valuation firm, Mr. Bode Adediji explained that the way out of the current problem is for rental and lease agreements between shopping mall tenants and landlords to be based on  sustainable parameters.

Culled from the Punch


FG approves Lagos-Ibadan rail project


The Federal Government has approved the construction of a standard gauge rail line from Lagos to Ibadan. The project is scheduled to begin in February this year. The Managing Director, Nigerian Railway Corporation, Mr. Fidet Okheria, made this known during a press session. The approval of the project is coming after the Federal Government and the CCECC signed an agreement for the project.

The rail project, already awarded to the China Civil Engineering Construction Corporation, is jointly funded by the Nigerian and Chinese governments, and will cost about $1.5bn (N458bn). Already, the Nigerian government has released its counterpart funds while the Chinese government promises to release its counterpart funds by the end of January 2017.

The new Lagos-Ibadan rail, spanning 156.65 kilometres, is a double line, which is the first phase of a new Lagos-Kano standard gauge line.The new line, when completed in 18 months, would coexist with the old narrow gauge rail line.

Culled from the Punch


Nashville named as US top market for real estate growth in 2017

Nashville, Seattle, Orlando and Denver are named as some of the top hottest real estate markets for 2017 in the United States with prices and rents expected to rise during the year. According to real estate experts, Zillow, rising home values, low unemployment rates and strong income growth makes the Tennessee capital top of the list .

The Zillow report points out that home values in all three Utah states are expected to rise more than 4% in 2017 and Provo has the lowest unemployment rate of the top 10 hottest markets at 2.7%. The States of Utah, Tennessee and Florida are likely to lead the way with the rest of the top 10 made up of Salt Lake City, Portland, Knoxville, Ogden in Utah, Denver and Sacramento in California.

Nashville has moved beyond its country music roots to become a major healthcare employment centre. Zillow forecasts Sacramento home values will rise almost 5% this year.What makes these locations hot is that jobs and opportunities are increasingly growing, according to Zillow chief economist Svenja Gudell and mid-sized cities like Salt Lake City, Portland, and Nashville are desirable places to live.

Culled from Propertywire

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