Real Estate News Update


FMBN partner Shelter Afrique to develop 10,000 housing units

The Federal Mortgage Bank of Nigeria (FMBN), Shelter Afrique, and the Real Estate Development Association of Nigeria (REDAN) have signed a $2 billion Memorandum of Understanding (MoU) to make the vision of  10, 000 housing units yearly across the country a dream come true.The mass housing project is expected to last for 10 years.Minister of Works, Power and Housing, Mr. Babatunde Raji Fashola, represented by his Special Adviser on Housing, Mr. Abiola Oki stated that the money which will be provided by Shelter Afrique, to FMBN, low interestforms a strategic partnership that would deliver affordable housing through mlow-interestrate.

The Minister also noted that  the collaboration for housing delivery through REDAN, will create jobs for Nigerians within the sector, while at the same time shoring up the country’s housing stock. The Acting Managing Director of FMBN, Mr. Richard Esin, said hat with $200 million investment  in construction financing yearly, 10,000 housing units will be generated. National President of REDAN, Ugochukwu Chime,and Managing Director, Shelter Afrique, James Murgerwa were also present at the event.

Culled from the Guardian


3Invest unveils flexible workspace in Lagos State

3Invest, one of Africa’s leading real estate firms, has launched its corporate real estate model, Lagos Co-work offering the first timeshare investment opportunity in Lagos.Lagos Co-work will provide and operate flexible office spaces to start-ups, growing businesses and create a collaborative community where people co-work and invest in timeshare opportunities. The idea of coworking was pioneered by start-ups, entrepreneurs and freelancers.However, a growing number of companies, are exploring how to incorporate the concept, which is fast becoming critical component of wider Corporate Real Estate (CRE).

According to CEO 3Invest Ruth Obih-Obuah, Lagos Co-work offers tenants efficient spaces with flexible payment structure, conducive and relaxed work environment, storage for resident tenants, business support services, professional management and quality tenants, substantial cost savings, networking opportunities, work productivity, investment opportunities and peace of mind.

The number of members using co-working spaces globally has been steadily increasing yearly and it is predicted to reach one million by 2018.3Invest aims to be the leading flexible workspace operator out of Nigeria with amenities like an uninterrupted power supply, high-speed internet, constant air conditioning system, comfortable office furniture, office hardware such as whiteboards, projectors, printers and scanners, coffee shop , café amongst several support services.

Culled from the Guardian


Developer launches Honeywells Garden

Amidst  the nation’s economic recession,  a real estate developer has launched the Honeywells Garden in Maryland, Lagos. Honeywell’s Garden is designed  as an estate for medium and high-income earners and choice prototypes and building design.The Garden is a fully residential development designed to provide affordable experience in a conducive and serene environment and is located in Opebi, a  commercial suburb of Ikeja which of close proximity to the international airport.

Prospective house owners in the estate backed with the Governor’s consent and Certificate of Conveyance are left with different types of generic houses, to chose from. These  include 3 Bedroom executives flat, 4-bedroom terrace, and 4-bedroom semi detach and 5 bedrooms full detach duplexes.


South Energyx completes 14 bridges on Eko Atlantic Project

South Energyx Nigeria Limited developers of the Eko Atlantic City, have made notable progress on the Eko Atlantic City Project with the completion of 14 bridge structures within the city in just two years of its development. The bridge structures were designed and built to international standards and extended over five million square metres, representing half of the entire planned city development. Work on the bridges commenced in December 2014 when the first deck was cast and project was completed on schedule in December 2016.

According to the management of South Energyx,  the city, which is divided into eight districts, is planned for mixed-use with commercial, residential, entertainment and leisure activities to make it a lively environment, adding that with the new bridges, all the districts were now accessible by road.

The Managing Director, South Energyx Nigeria Limited, David Frame, stated that the company is  fully committed to ensuring that the project is completed on schedule. With the successful completion of all the bridges, all the major avenues within Phases 1 and 2 of the city are now fully interconnected.

Culled from the Punch


Neighbourhood mall opens in Lagos

The much anticipated neighbourhood mall has opened in Oniru area of Lagos to cater to the needs of the growing population in the area.The mall was developed to serve as a one-stop shopping facility to provide services for the Oniru and Lekki communities, where people could shop and relax.

The project was developed by Hive Properties Limited and has First City Monument Bank as the anchor tenant.

According to the company secretary Seni Kusamotu,The mall, has a pharmacy, a bar at the roof terrace, a restaurant and parking spaces for about 50 cars, among others, has a lettable area of about 2,000 square metres and 30 shops.

Culled from the Punch



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