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Student Hostel For Sale (WITH PICTURE) @ Unilorin Rd. Ilorin, Kwara State / Student Hostel Development: A Sure Way Of Making Money / Building A Student Hostel : Profitability And Challenges (2) (3) (4)
Building Student Hostel Vs Regular Apartments by whatalife: 6:32pm On Aug 23, 2012 |
I am a regular reader of nairaland.com ,especially the property section I have learnt a lot from the property section of nairaland, though hardly post in this forum again Am self employed and ventured into property business late 2007, got inspiration and gut from several posts i have read here on nairaland. 5 years down the lane i have course to be grateful to God, i have been able to develop 4units of 2bedroom apartments, that 4 units of 2bedroom has given birth to another 4 units of 1bedroom. Referring back to question raised by Reflector in the post below: https://www.nairaland.com/692451/building-student-hostel-profitability-challenges/2 I actually found out recently that building hostel accommodation is profitable than regular apartments Take for example i reside in Lokoja , where you have the state polytechnic ,the sudden rise in porpulation of the school has given rise to serious housing pressure from the students.There is relatively shortage of undeveloped land around the polytechnic. On a visit to a friend who lives around the school threw up my curiosity of getting a land around a new student community that has quietly been growing just behind the school. A room self contained around this community goes for between 70k-85k per year depending on the finishing.The size of rooms are mostly 10 by 10, so on a good i think one can get about 20 room hostel from a 100 by 50 size of land. The 100 by 50 land if at all you able to get ranging from between 850k-1.2m After much pressure from my friend who lives around the area i was able to get one for 900k(imagine this land cost 80k some 4 years ago base on the receipt i saw ) I have since paid and started a little development on the said land, i intend to start with a 10 room self contained foundation for now, am currently down financially ,i intend to develop it gradually . This is my findings, if am able to build a 20-24 room self contained apartment,it should be able to yield 24 times 70k=1.68m /year Now my question and thought are as follows: My first building experience of 8flats cost me about 15m to date I can't afford to raise that kind of money now because business is realy bad now But am hoping that for the first 10 room hostel about 1.5m-2m should get it ready for occupation Mind you the hostel i have in mind is not a classy kind of thing, just some basic accommodation not a luxury one So to the almighty question with about 4m you can actually complete a 20-24room hostel and be taking about 70k a year from each of the rooms as compared to 8flats (my first project) where i have spent about 15m. The pay back time for the hostel accommodation is less than 5 years
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Re: Building Student Hostel Vs Regular Apartments by Davedavy: 4:57pm On Nov 29, 2012 |
Just wondering,have you completed this project?i am also interested in something like this.How much did you eventually spend?and how big are the rooms? |
Re: Building Student Hostel Vs Regular Apartments by whatalife: 1:40pm On Nov 26, 2013 |
Did some little job at my site GETTING ready for roofing now |
Re: Building Student Hostel Vs Regular Apartments by whatalife: 1:42pm On Nov 26, 2013 |
GETTING READY TO ROOF THE BUILDING |
Re: Building Student Hostel Vs Regular Apartments by whatalife: 12:56pm On Dec 07, 2013 |
BUILDING1
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Re: Building Student Hostel Vs Regular Apartments by whatalife: 12:59pm On Dec 07, 2013 |
BUILDING2 |
Re: Building Student Hostel Vs Regular Apartments by Mattin(m): 9:27pm On Dec 20, 2013 |
Good day sir whatalife I saw in a thread where you said you have dabbled into cyber cafe business, Pls I need a business proposal or feasibility study on the business. My mail: bolumattew@rocketmail.com |
Re: Building Student Hostel Vs Regular Apartments by whatalife: 9:21am On Dec 24, 2013 |
Hello Martin, Cybercafe business is gone for good ,as a result of rapid development in the mobile industry providing faster internet links.But it actually gave me an edge to get some cash to go into property development.But if you have projects for setting up internet links for big offices i will be able to recommend to you |
Re: Building Student Hostel Vs Regular Apartments by Mattin(m): 8:58pm On Dec 25, 2013 |
I intend to set up an hotspot provider for individuals and cooperations, so i need a run down cost and business proposal. How can you help me out sir. Thanks |
Re: Building Student Hostel Vs Regular Apartments by whatalife: 6:22pm On Jan 03, 2014 |
Roofing and ceiling completed for just 6 rooms |
Re: Building Student Hostel Vs Regular Apartments by whatalife: 5:48am On Jan 05, 2014 |
Pics1 |
Re: Building Student Hostel Vs Regular Apartments by KA24DETT(m): 5:15am On Oct 23, 2014 |
whatalife: About the hostel, how much did you end up spending for the project not including land cost. Am trying to do a cost benefit analysis for the eastern part of nigeria |
Re: Building Student Hostel Vs Regular Apartments by whatalife: 9:48pm On Mar 02, 2015 |
@ KA24DETT, I have completed the 10 rooms hostel, 6 are self contain, the remaining 4 are single room with kitchen, but the bathroom are built outside, the selfcontain was given out for 60k, the single room went for 45k, though i later sink a borehole there as there is a acute water shortage around their, as for the total cost icould not keep accurate record, but i think around 3M is gone into the project excluding cost of land and borehole |
Re: Building Student Hostel Vs Regular Apartments by whatalife: 9:44pm On Sep 08, 2015 |
Building the remaining part of the land
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Re: Building Student Hostel Vs Regular Apartments by kingralph(m): 10:03pm On Sep 08, 2015 |
OP please I need to talk to you. I don't have your number but please try contacting me on 08028764916. I intend to delve heavily into this project. Your knowledge is sought for |
Re: Building Student Hostel Vs Regular Apartments by whatalife: 9:32pm On Sep 11, 2015 |
@kingralph, why dont you ask your question here so others can learn one or two things |
Re: Building Student Hostel Vs Regular Apartments by whatalife: 9:08am On Sep 20, 2015 |
Another completed student hostel ready for roofing
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Re: Building Student Hostel Vs Regular Apartments by whatalife: 10:39pm On Sep 24, 2015 |
This is ready for roofing too
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Re: Building Student Hostel Vs Regular Apartments by true2home(m): 11:30pm On Sep 25, 2015 |
nice work OP. Im going to be developing a similar student accommodation in Ogun State starting Jan. Will be counting on your advise and guide at that time. Thanks |
Re: Building Student Hostel Vs Regular Apartments by Nobody: 11:46pm On Sep 25, 2015 |
We fabricate quality Aluminium works @ perfect touch Aluminium, we give your windows a beautiful look with our attractive windows either in sliding or swings opening, we make doors and other Aluminium works. Our works are very strong and lasting with good quality materials. You can reach us via 08153665659,08067079715. Email: perfecttouchaluminium2012@yahoo.com. Thanks |
Re: Building Student Hostel Vs Regular Apartments by whatalife: 7:25am On Sep 26, 2015 |
@true2home, thanks, will keep you guys posted |
Re: Building Student Hostel Vs Regular Apartments by whatalife: 7:30pm On Oct 05, 2015 |
Commencement of roofing
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Re: Building Student Hostel Vs Regular Apartments by whatalife: 2:43pm On Oct 08, 2015 |
More pictures
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Re: Building Student Hostel Vs Regular Apartments by twinskenny(m): 4:47pm On Oct 08, 2015 |
Great job |
Re: Building Student Hostel Vs Regular Apartments by whatalife: 10:22pm On Oct 08, 2015 |
@twinskenny, Thank you sir. |
Re: Building Student Hostel Vs Regular Apartments by whatalife: 9:22pm On Oct 22, 2015 |
Project 1
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Re: Building Student Hostel Vs Regular Apartments by whatalife: 9:28pm On Oct 22, 2015 |
Project 1 and 2 roofing nearing completion
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Re: Building Student Hostel Vs Regular Apartments by true2home(m): 1:30am On Mar 24, 2016 |
hi, any update for this project? Have a good day |
Re: Building Student Hostel Vs Regular Apartments by whatalife: 2:35pm On Mar 28, 2016 |
The above project have been roofed already, what is left is plastering electrical piping and other stuff 2 Likes |
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