₦airaland Forum

Earlier this month the administration of the Federal Capital Territory (Abuja) in Nigeria organised an architectural design competition to develop a model National Youth Service Corps (NYSC) Orientation Camp for the FCT in Kwali, which would also serve as a benchmark for the other orientation camps across the Federation. This is a very welcome development as the state of orientation camps in the country is (for lack of a better word) APPAULING!!.

The sorry state of our National Youth Service Corps (NYSC) orientation camps has been a source of concern to corps members and the NYSC administration itself. This is especially worse in states where they camps are on temporary sites which were not designed for camping. Also, the skyrocketing number of corps members camping at these locations has worsened the situation. Tales of...


http://www.estatetimesnigeria.com/globarch-associates-emerge-winners-for-design-of-abuja-new-model-nysc-camp/

The project located on Ibuzu area of the state; designed for civil servants and kick- started by Governor Emmanuel Uduaghan in August last year was billed for completion before his exit date. Work was however abandoned at the project in November last year after the buildings in the premises made up of 50 units of one bedroom, two bedrooms and three bedrooms apartments were roofed.

Governor Uduaghan, who visited the site around October, last year during the construction, had promised to hand over the keys to the buildings to benefiting workers before the exit of his administration.

A visit to the project site showed that it had been taken over by bushes...

http://www.estatetimesnigeria.com/funding-stalls-delta-workers-housing-scheme/

THE 2015 presidential election campaigns are over – campaigns dominated by topical issues like the fight against corruption, creation of employment, stable power supply and the like. Surprisingly, none of the two major contenders said anything concrete about provision of housing! In other climes, housing is usually a major issue of campaign in national elections. For example, the Conservatives in the UK have started their campaign for the forthcoming general elections with a promise on what they will do about housing and which has generated a lot of debate.

The last time that the issue of housing featured prominently in electoral campaign in Nigeria was during the Second Republic. The candidate of the NPN then, Alhaji Shehu Shagari, did not put anybody in...

http://www.estatetimesnigeria.com/anchoring-welfare-on-housing-for-all-1-a-treatise-by-kola-akomolede/

INSTEAD of dissipating energy on the agency aspect of the profession, realtors under an aegis, the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos State Chapter, has been urged to drive creation of more new neighbourhoods in the state.

New neighbourhoods, according to Yinka Ogunsulire, a realtor, is not a new idea. It has been occurring over a millennia informally and is leadership driven.

Convinced that it was time for estate surveyors to do more than the conventional agency aspect of its profession, the chapter had chosen to engage a developer to talk to its members on: “The Creation of...

http://www.estatetimesnigeria.com/niesv-tasked-to-create-new-neighbourhoods-in-lagos/

Industry experts have billed 2015 as the year of the opening of many ‘Grade A’ Office spaces in Lagos. The BAT Rising Sun is already nearing completion to lay credence to this expert opinion.

A development of British American Tobacco, it consists of a 13 story mixed use tower that will serve as the Nigerian Headquarters of the Tobacco Company, as well as...

http://www.estatetimesnigeria.com/bat-rising-sun-getting-set-to-deliver-19500-lettable-office-space-in-ikoyi/

A total of N28 billion was invested by local and foreign investors into the entire value chain of waste management process in Lagos State since 2007, Ola Oresanya, Managing Director, Lagos Waste Management Authority (LAWMA), has revealed.
Oresanya, who disclosed this on the sidelines of the 2015 ministerial briefing organised by the Ministry of the Environment, said the investment is largely instrumental to the agency’s ability to meet as much as 90 percent of its set target over the period.
According to him, the investment, which spills through the entire...



http://www.estatetimesnigeria.com/private-sector-investment-in-lagos-waste-management-value-chain-hits-n28bn/

The joint venture residential project, comprising 165 apartments, eight penthouses and 15 mansions, includes landscaped private gardens swimming pools and gyms.

Dubai – Dubai developer Meraas has teamed up with Rome-based jeweller and perfume maker Bulgari to launch Bulgari Residences Dubai as part of the 1.7 million sq ft Bulgari Resort and Residences that is taking shape on the Jumeira Bay Island.

The Emirate already has hotels branded for fashion houses Giorgio Armani and Gianni Versace. Dubai has 11,500 hotel rooms, four theme parks as well as the world’s largest Ferris wheel under construction.

The joint venture residential project, comprising 165 apartments, eight penthouses and 15 mansions, includes...

http://www.estatetimesnigeria.com/bulgari-residences-launched-in-dubai/

From a small and humble journey that began with the management of pockets of properties belonging to notable conglomerates in Nigeria such as John Holts, UAC, Leventis among others, Knight Frank has, over the past 50 years, grown to be not just an epitome of professionalism, but also the leader in providing real estate services and consultancy.

The company, operating from its headquarters in Lagos as Knight Frank Nigeria Partnership, has grown to be one of the largest firms of estate surveyors and valuers in Nigeria and across Sub-Saharan Africa with very strong footprints in property management, estate agency and valuation in both residential and...


http://www.estatetimesnigeria.com/knight-frank-marks-50-years-of-successful-nigerian-operation/

Six weeks to its termination on May 29, the Governor Babatunde Fashola-led government appears convinced that the first phase of the Blue Line rail being constructed on the Lagos-Badagry corridor will be test-run this year.

The confidence expressed by the state government is probably bolstered by the victory of Akinwunmi Ambode in the April 11, 2015 governorship election. It is expected that Ambode will translate the promise being made by the out-going administration into reality before end of the year. The first phase of the blue line rail system is...

http://www.estatetimesnigeria.com/ojobadagry-real-estate-primed-for-upward-movement-as-lagos-blue-line-rail-gets-set-for-test-run/

The joint venture residential project, comprising 165 apartments, eight penthouses and 15 mansions, includes landscaped private gardens swimming pools and gyms.

Dubai – Dubai developer Meraas has teamed up with Rome-based jeweller and perfume maker Bulgari to launch Bulgari Residences Dubai as part of the 1.7 million sq ft Bulgari Resort and Residences that is taking shape on the Jumeira Bay Island.

The Emirate already has hotels branded for fashion houses Giorgio Armani and Gianni Versace. Dubai has 11,500 hotel rooms, four theme parks as well as the world’s largest Ferris wheel under construction.

The joint venture residential project, comprising 165 apartments, eight penthouses and...


http://www.estatetimesnigeria.com/bulgari-residences-launched-in-dubai/

Following the infiltration of estate agency practice by quacks that creates negative perception about genuine professionals in the country, members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) have commenced programmes to rescue the practitioners from public opprobrium and re-position them in the scheme of things.

Coming under the Association of Estate Agents in Nigeria (AEAN), in conjunction wit...

http://www.estatetimesnigeria.com/experts-seek-rebranding-hew-perception-for-estate-agency/

Months after completion of the Civic Centre Towers along Ozumba Mbadiwe Avenue, Lagos, billionaire mogul, Mr. Jim Ovia is about to erect yet another magnificent structure.

The development is not far away from the Civic Centre which is also owned by the chairman of Zenith Bank and reliable information has revealed that the structure is a luxury hotel.

“Jim Ovia is about to build a luxury hotel to complement the skeletal accommodation services offered to special guests at the mini suites at the Civic Centre. And with pilling completed, the next stage is the commencement of the building already designed by a consortium of civil engineers and architects,” a...

http://www.estatetimesnigeria.com/jim-ovia-set-to-build-multi-million-naira-luxury-hotel/

Every architect has their favourite kind of computer or suite of software, from the PC to the Apple Mac, and Sketchup Vray to 3ds Max Vray. Equally important, though, are some of the other essentials that make up the architect’s office and workspace.

Here we offer up our thoughts on seven things every architect needs to help them be even more productive and successful.

1. The chair – More comfort equals more productivity

Architects and 3D visualization artists invariably spend far too many hours at their desk. It’s therefore essential that you invest in the most comfortable chair you can find. After all, if you’re uncomfortable at your desk then you’re ...

http://www.estatetimesnigeria.com/7-things-an-architect-needs-to-be-more-productive/

A lack of healthy mortgage financing system in Nigeria has made the rate of home ownership in the country one of the lowest in Africa. Nigeria’s home ownership rate is currently put at about 25 per cent, which is a far cry from that of contemporary countries.

FMBN, under the present management, has been adopting several strategies to ensure that the housing deficit is bridged. Such strategies include the rent-and-own model that allows low income participants to rent a home for 15 to 20 years and own the property at the end of the period. This new approach to the housing market has resulted in ...

http://www.estatetimesnigeria.com/fmbn-now-creating-access-to-mortgage-finance-for-the-informal-sector-kumo-2/

The Federal Government has once again hailed the private sector initiative in mortgage finance in the country, which has resulted into delivery of housing units across the country just like the Federal Mortgage Bank of Nigeria (FMBN)/ Sky Diamond Estate in Kaduna recently inaugurated by Vice President, Namadi Sambo.

At the event, Sambo said the administration was pleased to note that the Federal Ministry of Lands, Housing and Urban Development (FMLHUD) and the ...

http://www.estatetimesnigeria.com/fg-hails-private-partnership-in-housing-finance-delivery/

Put simply and succintly, a lot is happening at Eko Atlantic City.

In terms of infrastructure, the laying of underground pipes that will service the vital drainage and sewage network of the new city has been completed. Over five kilometres of trenches, four metres deep, have been dug to accommodate a matching length of concrete piping that is between 300mm to 1200mm in diametre. The pipes and connecting manholes manufactured on site are designed to handle water drainage from the road system.

http://www.estatetimesnigeria.com/whats-happening-at-eko-atlantic/

I can still clearly remember arriving in Dubai for the first time back in 1993 for the project which would become known as the Burj Al Arab. As we crossed the Maktoum Bridge we saw a colossal tower appearing over the horizon – the World Trade Center, which had been the region’s tallest building since 1977.

http://www.estatetimesnigeria.com/building-the-burj-al-arab-a-personal-recollection/

Reducing Cement Cost In Nigeria Is Desirable But Can The Incoming Govt. Make It Possible?

The call by the Cement Producers Association of Nigeria (CPAN) on the President-elect, Muhammadu Buhari, to slash the price of cement from the current N2, 200 to N1, 000 per bag would seem improbable because it flies in the face of law of demand and supply.

With a 17 million housing deficit in the country, the soaring price of the product is certainly worrisome. The situation, indeed, underscores the frustration of the citizenry, especially, when it is considered that a gnawing infrastructure gap also needs to be filled. However, only a comprehensive and well-formulated government policy that addresses all options, including alternatives to cement, could bring succor, and not an arbitrary price control as being advocated by the association.

http://www.estatetimesnigeria.com/reducing-cement-cost-in-nigeria-is-desirable-but-can-the-incoming-govt-make-it-possible/

etween 2006 and 2007, property prices in Nigeria reached an all-time high, attracting equally record high investments. The economy was on a roll, money was available and so were willing buyers. But then, a crack appeared on the financial wall in 2008, bringing down prices but not as rapidly as it turned out recently after the banking reform claimed the big chiefs.

Experts have concluded that the lifeline provided to banks by the Central Bank of Nigeria will...

http://www.estatetimesnigeria.com/high-end-apartments-homes-offices-remain-alarmingly-empty-across-the-country/

Udo Okonjo is the CEO and Executive Chairman of Fine and Country, West Africa. In this article, a part of the mentorship series instituted by her, she talks about qualities that are necessary to drive women to the top of the Nigerian Real Estate Sector

What does it take to reach the top?
Despite the strides made in the Nigerian Real Estate industry and the opportunities presented by the rebased economy and the NMRC, there is still a low to mid-level involvement of women in the industry. The real estate industry and real estate investments as an asset class is largely perceived as a male dominated one with the proportion of active women practitioners or investors being quite insignificant when...

http://www.estatetimesnigeria.com/the-stance-of-women-in-real-estate-ideological-or-business-acumen/

The Nigerian Consul-General in South Africa, Uche Ajulu-Okeke, has said that Nigerians lost more than 1.2 million Rand (N21 million) in the on-going xenophobic attacks.

She told the News Agency of Nigeria by phone from Johannesburg, South Africa, that the loss included looted shops, burnt shops, two burnt mechanic workshops, 11 burnt cars and two stolen cars, among others.

“Nigerians have compiled damage to their property and it is totalling about...

http://www.estatetimesnigeria.com/nigerians-lose-n21-million-property-to-xenophobic-attacks-in-sa/

As the former Federal Capital Territory, there are plots of land in Lagos on which Federal Titles are still being granted. Areas on the Island where such plots are located includes: Banana Island, Ikoyi and Victoria Island, while on the Mainland such plots can be found in areas like Apapa GRA, Festac Town, Satellite Town, Ikeja GRA, Amuwo Odofin and in Aboru, Abesan Estate and Gowon Estate extensions all in the Alimosho axis.

For owners of these plots, getting a building approval requires that the Federal Title must be regularized with the Lagos State Government and to facilitate the process, a unit was...


http://www.estatetimesnigeria.com/how-to-regularise-a-federal-government-title-with-the-lasg/

As the former Federal Capital Territory, there are plots of land in Lagos on which Federal Titles are still being granted. Areas on the Island where such plots are located includes: Banana Island, Ikoyi and Victoria Island, while on the Mainland such plots can be found in areas like Apapa GRA, Festac Town, Satellite Town, Ikeja GRA, Amuwo Odofin and in Aboru, Abesan Estate and Gowon Estate extensions all in the Alimosho axis.

For owners of these plots, getting a building approval requires that the Federal Title must be regularized with the Lagos State Government and to facilitate the process, a unit was created in October 2007 by State Government under the Land Use and Allocation Department of the Lagos State Lands Bureau. The unit is headed by the Senior Special Assistant to the Governor on Land Matters and presented here is an itemised work flow for Regularisation of Federal Government Properties & Grants in Lagos State...

http://www.estatetimesnigeria.com/how-to-regularise-a-federal-government-title-with-the-lasg/

FOLLOWING the poor implementation of environmental legislations in some sectors of the economy, especially, Environmental Impact Assessment (EIA) law, the House of Representatives Committee on Environment has advocated a review of the environmental legislations in the country, with a view to adequately address the challenges, which conspire to produce deleterious effects on the environment.

Chairman of the committee, Uche Ekwunife who...


http://www.estatetimesnigeria.com/reps-seek-review-of-eia-legislation-to-tackle-impunity-in-environmental-sector/

Photo Credit To http://www.evolo.us/
One of the major consequences of climate change is desertification. Deserts are growing day by day at an alarming rate. In order to solve this problem, a US-based design team has put forward an ambitious solution: the Bio-Pyramid.

Bio-pyramid: A team of seven designers set their project in Egypt, situated on the edge of the Sahara Desert, with the goal to transform an ancient Egyptian pyramid into a green skyscraper that...


http://www.estatetimesnigeria.com/designers-want-to-turn-egyptian-pyramid-into-a-desertification-fighting-skyscraper/

In an exciting move to offer its estates residents opportunity to live, work and shop in one secured environment, GT Rich investment, promoters of the fast growing Lekki Gardens, is set to deliver at least five shopping malls and office blocks in five of its choice estates in Lagos.

The developer says the new move is also aimed at fulfilling its promise to provide clients (homebuyers) functional lifestyle communities that reaffirm its business maxim— Luxury you can afford.

The mall and office block which are currently at advanced planning stages will, on delivery, not only...

http://www.estatetimesnigeria.com/lekki-gardens-set-to-build-malls-office-blocks-in-five-of-its-estates/

Though it is still struggling to benefit from Nigeria’s $400 billion housing market, prefabricated building systems, a new technology-driven approach to construction, is boosting the rapid pace of skyscrapers delivery globally with awesome record of completing a 57-floor tower in just 19 days.

The innovative building system already in use for the delivery of some world’s renowned super-tall buildings, has also been retooled to further slash construction time by as much as one-third of the normal time while maintaining the majestic and energy efficient performance of such buildings.

Read related Article: Chinese Developer constructs 57 Storey Skyscraper in 456 hours

In a recent interview, Andy Davids, Aurecon’s Buildings Director, Middle East and North Africa Buildings, said that ...

http://www.estatetimesnigeria.com/prefab-building-system-boosting-global-skyscraper-delivery-pace/

Real Estate Investment Trusts in Nigeria come from the The Investment and Securities Act defining REITs as a kind of Collective Investment Scheme (CIS). The Securities and Exchange Commission (SEC) of Nigeria released the first set of guidelines for Real Estate Investment Trusts in Nigeria (N-REITs) per the Investment and Securities Act (ISA) 2007.

Real Estate Investment Trusts or REITs are corporations or trusts that use the funds of many investors to purchase and manage income property and/or mortgage loans. REITs are traded on the NSE just like shares; you can buy or sell REITs through your stockbroker. ​

REITs offer tax advantages to investors and provide a liquid way to invest in real estate, which is an otherwise illiquid market. Another benefit of REITs is that they allow investors to share in non-residential properties like hotels, shopping complexes, malls, and industrial properties.
REITS can be public, private and non-listed. Most REITs are however listed on major stock exchanges thus giving Individuals the opportunity to invest in some of their portfolios, especially large-scale properties through the purchase of stock. This makes such individuals shareholders and allows them to earn a percentage of the income realized from the real estate investment, without directly going out to purchase a property. REITs require no minimum investment and do not necessarily increase and decrease in value along with the broader market. However, they pay dividends no matter how the shares perform. ​

There are three principal types of REITs... http://www.estatetimesnigeria.com/what-is-reits-and-how-can-you-access-it-in-nigeria/

These are strange times for anyone involved in the Dubai property market. And anyone living in the emirate, by virtue of either renting or buying, is involved. We all agree prices are falling — but how fast?

As every expert I speak to tells me, it’s all about “location, location, location.” So let’s look at a few locations, starting with the Palm Jumeirah. Apartment sale prices there along the coveted Shoreline (based on current listed prices) are generally down around 20 percent against 18 months ago. Assuming the drop is the same on actual transaction prices, that’s a hefty fall. Downtown Dubai, which we are constantly being told is immune, is also experiencing falls. Some parts of the developments are 10 percent down over the same period. Dubai Marina sale prices — again, I’m ...


http://www.estatetimesnigeria.com/what-on-earth-is-happening-in-the-dubai-property-market/