Real Estate News Update


Lagos begins Rent-To-Own Housing allocation

Lagos state government under the leadership of Governor Akinwunmi Ambode, have begun the implementation of its Rent-To-Own policy, in order to make housing readily affordable and accessible to buyers. Under the scheme, about 100 allottees would be given keys to their apartment monthly. However,only five estates are ready for allocation with 4, 355 apartments meant for Rent-To-Own.

Speaking at the presentation of keys to the first 100 allottees of the Rent-To-Own policy, Lagos State Commissioner for Housing, Gbolahan Lawal said that the need to create a new face of accommodation for Nigerians mostly  the low and middle income earners has become exigent in view of the dynamic  population of the state.

According to the Commissioner, those who could not afford the five per cent down payment for the policy can apply for the rental policy, which requires just a month down payment.The allottees who were presented with keys to their apartments, commended the state government for the gesture noting that it was done in a transparent manner.

Culled from the Guardian

Construction of N2bn Trinity Towers takes off

To contribute its quota to solve the shortage of office spaces in the Victoria Island business hub,a parish of the Redeemed Christian Church of God (RCCG)- the City of David, has confirmed the approval of a Civil Engineering firm for its project- Trinity Towers.

The Church approved Messrs ITB Nigeria Limited as its main contractor and already signed an agreement to commence construction. The firm was given a 30- month target for the completion of the 13 -floor edifice.

The Trinity Towers is a unique structure with three towers linked together having apartments, office space, food courts, underground, multi-storey car parks, function rooms and recreational facilities.According to the project architects,the design of the structure is aimed at achieving long-term funding for social intervention programmes as most of the floor spaces will be leased out. The building has   670 parking  spaces in the multi-storey car park.

Culled from the Guardian

FG to shut Apapa Marine Beach Bridge for repairs

The Federal Ministry of Works plans to close down the Marine Beach Bridge in Apapa for a period of 128 days, equivalent to four months in an attempt to effect repairs on the bridge. In an agreement reached at a stakeholders’ meeting held in Lagos, the closure of the bridge is to enable the contractor carry out comprehensive repair works, which is scheduled to commence on March 4, and would be done in phases for the four month period.

The Federal controller of works in Lagos, Godwin Eke said  that the bridge was in critical condition and must be totally closed for rehabilitation, to prevent incident of collapse, stating that the repair jobs would be done in phases. Eke  said fixing the road  in phases  would help to properly manage traffic and prevent gridlock.

He therefore called on  all the regulatory agencies in the state   including the Nigerian Police Force, Federal Road Safety Corps (FRSC), Nigerian Civil Defense Corp to join hands and help manage traffic during the work period.

Culled from Businessday

Oyo State Assembly proposes bill to amend survey law

Due to the continued proliferation of fake survey plans,the  Oyo State House Committee on Lands, Housing and Survey is proposing a bill to amend the state’s survey law.The chairman of the committee, Peter Oyetunji said lack of appropriate law has led to reduction in the state’s revenue and reduction in the survey plan lodgment records at the Office of Surveyor-General.

According to him, the Committee instituted to interact with relevant Ministries Departments and Agencies (MDAs) on the issue met with the Office of Surveyor-General and reported that lack of concerted efforts by relevant MDAs to educate members of the public on the danger of fake survey plans  was one of the contributory factor to the menace in the state.

The committee  called on users of survey plan in the state and agencies involved in securing approval of building plans to ensure verification of their survey plans at the Office of Surveyor-General.

Culled from the Guardian

NIESV seeks corporate governance in real estate practice

Practitioners in the real estate sector have been called upon to imbibe the principles of corporate governance going by its numerous advantages to decision making and management process.Corporate governance is a concept by which companies and organisations and those in the helm of affairs are held to account  for failure of effective corporate governance structures.

The Chairman, Interim National Council on Induction, Nigerian Institution of Estate Surveyors and Valuers, (NIESV), Gersh Henshaw  at the 23rd Memorial Lecture and Fellows’ Induction in Lagos advocated that corporate governance framework should be developed with a view to improve performance of real estate professionals, create incentives for real estate market participants and promote transparency in the practice of the profession

He said that real estate firms need to apply , accountability, responsibility and transparency while all stakeholders in the business should also be clearly informed about company’s activities. NIESV President, Dr. Bolarinde Patunola-Ajayi  was also in attendance at the event.

Culled from the Guardian

 Bugesera Airport in Rwanda billed for completion in 2018

The Construction of Bugesera International Airport  which began in 2016, is due for completion. The project is expected to be completed in 2018. The airport project is handled by Mota-Engil Africa, a Portugal based Company for the construction activities.The new Airport will be located in southeastern Rwanda, in Bugesera District, near the town of Nyamata.

Once completed, Bugesera Airport will  become Rwanda’s largest International Airport, serving commercial flights to and from the greater Kigali metropolitan area and also act as a hub for RwandAir’s  economic growth strategy.Through a public-private partnerships (PPP) model, the Rwandan government promised to provide the support for the project with  finance agreement comprising of the construction and operation of the Airport project for a period of 25 years with an optional 15 years extension.

The  Bugesera International airport will be expected to boost the country’s economic growth and development when completed and complement Kigali International Airport.

Culled from Constructionreviewonline

Apple’s $5 billion campus ready in April

Technology giants- Apple has announced that its new $5 billion campus will be open to employees starting in April. The Silicon Valley tech giant said it would take over six months to move more than 12,000 workers to the new campus, which is set on a 175-acre site.

The ring-shaped facility, which Apple is now named “Apple Park,”  will have a visitor’s center with an Apple Store and a café that are open to the public, a 100,000-square-foot fitness center, research-and-development facilities and an orchard, a meadow, and a pond. The company also stated that the new 1,000-seat auditorium would be named the Steve Jobs Theatre, after the company’s late co-founder. The auditorium, which is “opening later this year,” sits on a hill overlooking the rest of the campus and comes with a metallic carbon-fiber roof.

According to Apple’s CEO Tim Cook, “Steve’s vision for Apple stretched far beyond his time with the organisation. Speaking further, he said that Steve Jobs intended Apple Park to be the home of innovation for generations to come. Cook revealed that the workspaces and parklands were designed to inspire the team as well as benefit the environment. He said that when completed, the building will be one of the most energy-efficient buildings in the world and the campus will run entirely on renewable energy.

Culled from Business Insider



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