REAL ESTATE NEWS UPDATE | FEBRUARY 20TH 2017

Ondo commissions N20 billion Ore Sunshine City Project

In a bid to fast-track urban development in the commercial town of Ore, the Ondo State Government has commissioned the first phase of the  Ore Sunshine City (OSC). The Ore Sunshine City Project covers 167 hectares of land and is located at the site of the dismantled old tollgate in Ore, along Lagos/Benin Expressway.The project is estimated to gulp N12 billion in the next 15 years.

The Ore Sunshine City Project is managed under Public Private Partnership (PPP) arrangement by the Ondo State Government that has 40 per cent share and Liberty Development Company (LDC) with controlling a share of 60 per cent. As the project continues, it is expected to generate about 20,000 job opportunities.

The Ore Sunshine City project boasts of state of the art logistic hub, 150 housing units, golf course, container terminal, lock-up shops and shopping complexes to enhance commercial activities in Ore and Ondo State in general. The Chairman of LDC Mr. Gboyega Fatimehin explained that over N3 billion had been spent so far on the project.

Culled from the Guardian

LASBCA recruits 200 building control officers

The Lagos State Building Control Agency (LASBCA) have employed an additional number of 200 professionals in the building industry to provide effective monitoring of building construction works in the state. As part of the induction programme, Building Collapse Prevention Guild held a technical session with the agency’s staff at their headquarters in Ikeja Lagos. Speaking at the employee induction ceremony LASBCA General Manager, Engineer Dotun Lasoju, spoke on the vision, mission and goals of LASBCA and harped on the agency’s zero tolerance for building collapse.

President of the Guild, Mr. Kunle Awobodu, a builder lauded the government for taking the bold step of recruiting new professionals to enforce building codes in Lagos. He advised the newly recruited staff to be good ambassadors of their professional bodies and reciprocate government’s gesture of providing them employment by doing their duty diligently.

Culled from the Guardian

Shelter Afrique receives N1.41bn from AFDB

Pan-African finance and housing institution – Shelter Afrique has received approval for a $28.2 million (N 1.41bn) investment from the African Development Bank.This capital injection follows from the $8.2 million equity investment by AfDB  and the commitment made by the bank at a meeting held in Nairobi recently.

Confirming the development, Acting Managing Director, Shelter Afrique, Femi Adewole stated that Shelter Afrique has made a firm commitment to shareholders and investors to improve business processes as part of its effort to enhance the delivery of affordable housing.

A Director General at AfDB’s East Africa Regional Office, Gabriel Negatu noted that “with the current inflow of funds, the African Development Bank is fully committed to the growth and development of Shelter Afrique, in its role in the development of affordable housing across Africa. Going by these developments, Shelter Afrique will be better positioned to strengthen its governance structure and uphold investors confidence.

Culled from the Guardian

Real Estate operators launch Mortgage Market System

The Nigerian real estate sector is set to witness a boost in the way transactions are done with the recent introduction of a web-based application known as Mortgage Market System (MMS). The MMS is an end–to–end solution that integrates the entire housing value chain ecosystem, from land and titling to construction finance, primary mortgage, and administration to secondary mortgage market (refinancing).

Designed by Canadian firm – Revodoc Inc, the web-based platform is promoted by Nigeria Mortgage Refinance Company Plc (NMRC) and is expected to enhance the efficiency of processes and costs in the  Nigerian housing finance sector. The platform will contribute towards market transparency and investors’ confidence and provide data for business analytics to help in policy and decision-making as well as credit penetration.

NMRC Managing Director, Prof. Charles Inyangete, said the system reveals NMRC’s commitment to promoting home ownership in Nigeria. Dignitaries present at the launching of the product include Deputy Director, Other Financial Institutions Supervision, Central Bank of Nigeria, Adedeji Adesemoye, NMRC’s Executive Director, Corporate Strategy and Partnerships, Dr. Chika Akporji and  Project Lead, Mr. Taofeeq Olatinwo,

Culled from the Guardian

Lagos completes Isale Gangan Towers and Gardens Apartment

The Lagos state government has renewed its support to increase the housing stocks in Lagos with the recent completion of the 11-floor Isale Gangan Towers and Gardens Luxury apartment. The project, handled by the Lagos State Government  and the Lagos State Urban Renewal Agency (LASURA) is located in Lagos Island

The Towers is the phase one of the redevelopment projects for Isale Gangan, which effectively took off in August 2009 when a contract was signed with 12 families to release their plots of land for the development of an 11-floor building. General Manger Lagos State Urban Renewal Agency (LASURA), Lateef Sholebo stated that the Luxury apartment comprises of tastefully finished development with intelligent designs.

Under the scheme, three bedrooms flat are being offered for sale at N50 million while two bedrooms go for N38 million. Amenities in the garden include four 120 litres overhead tanks, three industrial Boreholes, water treatment plants, sewage treatment plants, combined 2000 KVA Generator, water sprinkles, all rooms en suite, fitted kitchens, aluminum casement windows, 16 and 23 passengers elevators, car parks, community facilities, facilities management and transferable titles among others

Culled from the Guardian

Africa’s longest suspension bridge underway

The Maputo – Catembe bridge reputed to be the longest suspension bridge in Africa, according to Cowi and Gauff Engineering, is currently under construction in Mozambique and will link the capital city of Maputo with the Catembe district.

The $725M bridge is part of the Maputo Bridge and Link Roads project funded by the Export-Import Bank of China and the Mozambique government. The project is being implemented by the Empresa de Desenvolvimento de Maputo Sul (EDMS), a government body set up to develop a number of key infrastructure projects centred around the city of Maputo.

China Roads and Bridges Corporation (CRBC) has been appointed by EDMS as the project’s EPC contractor, whilst the German consultancy firm Gauff Engineering is handling the design evaluation, construction supervision and quality control of the project. The construction project is expected to be complete in 2017. Chinese steelmaker Angang Steel Co. (Ansteel) will supply the steel for the bridge while the developers say that the construction project will create 3000 jobs.

 Urbo £175M mixed-use development in progress

The £175M West Bar Square development in Sheffield, UK, is set to proceed after it has been granted outline planning consent by the enforcement agencies. Urbo Ltd joint venture, comprising Urbo Regeneration and Peverill Securities, is responsible for the project delivery.

The mixed-used development is designed by 5plus architects and master planners Urbo. The development will feature offices, apartment blocks, a four-star hotel, restaurants, retail units and associated landscaped public spaces.This approval presents another step forward for both the scheme and regeneration of Sheffield’s Riverside Business District.The project, according to the developer, will create up to 5,000 jobs.

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