₦airaland Forum

Those who bought magodo 500,000 twenty years ago ago are selling N300m plus today.

Panda news

somehow:
I thought it was 400 units you said you have?

Screenshot or aidonbelievit 😂😂

somehow:
Imagine that same money in gold 5 years ago

A gold ring of ₦1.3m 1 year ago now priced at ₦1.8m+.

I just dey laugh

A flat of 35m in May 2023 is now 50m in the same location and its not stopping there!

sonnie10:
#170M plus other fees tax and misc #20M
We are almost at the #200M . Then land another #150M,

So where is the profit, with all the wahala, risk and stress, if you are going to sell all 9 units for #360M?

The house might even not finish and sell out under one year.

Did you know that if you have your #350M in any CD at 5% interest rate that would be 17.5M while you sleep? Risk free!
If you even shop well, some banks could do up to 10% . Giving you #35M while you take a vacation.

You’re very correct. In fact those doing it are just stupid. They don’t know maths

Anyway, I have over 40 units for sale sha 🌚

rotecch77:
It’s true BUT it’s clear that when you put all things together plus water tanks stand and All others external work the money will gulp up to 180-200m to complete this project am seen
Let just say each floor 40m*4=160m add external work and fence 10m =170m tii lor

Even if someone put a price tag of N400m to complete this, the person may still be correct because it depends on what you’re dealing with on different sites.

My calculation is based on the following:

Land Size: 300sqm (a plot of land cost N300m + here)
Built Area: 200sqm

External Works | Costs (estimates)

Total Coverage Area = 300sqm

1. Fencing of 300sqm (note: dwarf is the in-thing now) = N2m
2. 300sqm interlock/stamped concrete flooring (N10,000 per sqm) = N3m
3. Gate: 500k
4. Septic Tank: N2m
5. Borehole/Water Treatment: N3m
6. Water Tanks will be on the roof. I won’t do 4 floors and still be looking for where to put tanks.
7. Gate House etc = N1.5m

8. What else am I missing?

9. Landscaping and effizzys = N2m
10. External Plumbing = N1.5m


Note: I already put N1m per apartment on electricity and another N1m on light fittings per apartment.

sonnie10:
If it is not done on site or in situ, can we call the prestressed slab, precast?

If you want am for your next build, you can check out ITB in VI.

Even at this, you won’t spend N20m

All my beams are 600mm so it’s not small boys game.

All my columns from Ground - 3rd floor are 20mm and the smallest column base on the structure is 2100 x 2100mm

So no game game.

Aforzy mama, I hail o!

This is what they don’t want because I’ll lay everything bare.

No bojuboju

Please feel free to ask any question? I’m willing to provide answers.

Thank God there are professionals and QSs here to prove me wrong 🌚

This is it!

After this, I’m pushing for another 2 floors elsewhere on the property.

The more apartments, the merrier.

sonnie10:
Bosun, all these things you listed and deliberately dodged the main gulper, why?
We are talking about a four floor building and you avoid foundation and the decking cost for each floor.

Wetin be structure wey I put N5m?


N5m x 9 units = N45m 😂

sonnie10:
Calculating per square meter is not a new concept. Every house in the US is calculated and sold that way. Even more than 20 years ago, as a first time home owner, it was done that way ( This is by the way ) .

I drew my inference based on the information you presented earlier . See below.
Let me explain and you make the conclusion
You stated that those units were sold for #30M last year.
Now, it is #40M
That is #10M difference which represents about 33% increase ( as a result of inflation , and not increased profit margin)
So 33% increase in cost from that last year, will amount to what for the current cost of construction?
Don’t tell me you could do it for #80M last year, that is if we base it on your current #120M quote (33% of 120. )

I won’t be able to go deep into this but if you check that post very well, I said the more apartments, the merrier.

I explained this thing in details to somehow last week while we were chatting.

Construction didn’t start until April 2023 and we’re not building with borrowed funds.

Lastly, our new price is determined by the price of real estate in the neighbourhood.


========

I’ve further break it down by listing out various construction works that needs to be done on the project.

Can you pay N1m to paint just one bedroom apartment??

Kooell baba 🙌

Even you chose to spend N1m on each of the item listed below which is outrageous amount to spend on a 1 bedroom apartment and splash 5m on structure, you won’t still get to N20m

1. Structure
2. Block Wall/Partitions
3. Plastering
4. Wall Screeding/Painting
5. Electrical
6. Plumbing/Mechanical
7. WC/Toilet
8. Doors 5
9. Windows 5
10. Tiles (floor and wall)
11. Ceiling Finish
12. Wall Sconce/Light fittings
13. Kitchen
14. others


Interesting circle!

Na wa o!

Kopell baba, you can phone a friend to come and help you out.

Baba kopell, don’t run nau!

Come and show us how you intend to spend 20m on a one bedroom apartment!

Or we just take you as someone who talk without facts

sonnie10:
So how much will build a four floor apt like the one you mentioned?

I don’t know but with what I’m doing I don’t see us exceeding N120m

And those taxes, administrative charges blah blah, you won’t spend up to N20m. I keep receipts of all these things and I know what I’m saying.

I just paid 400k for NDT this morning and it’s not like I’ll be paying it every month. It’s one off

The footprint is not more than half plot of land.

I can help you with a free floor plan

kopell:
Hahahah, the call it scoping. Nah to catch another maga now lol.

Of course, as agbalagba I know you know better than me so please teach us how you intend to spend N20m to build a 1 bedroom apartment.

Baba kopell I hail you 😂😂

Honestly, there’s a lot for many newbies to learn.

As at 2015, if you pay more than 105k per sqm for a standard (simple not top of the range finishes) duplex, you’re paying too much.

You need to understand how to crunch the numbers to make profit!

sonnie10:
Land #150m
Building proper #200m
Total #350M

9 units of 1 bed apt at #40M each = #360M
Less tax, legal and administrative fees/ miscellaneous.
Where is the profit?

Baba, you’re asking the ’show me the money’ question! 😂😂

Make I share one secret with you! I don’t do my calculations this way. It’s layman strategy.

From 2015, I started doing my costing by sqm

If you divide N20,000,000 by 70sqm, which is considerable size for a mid-range 1 bedroom apartment, that’ll give you about N285,000 per sqm. Too much nau! 😂

Regardless of whatever you choose for finishes, construction cost never reach that level for Naija.

The most expensive tiles advertised on this thread is still less than 30k per sqm and I’m not sure 3% of the potential customers here are buying it.

POP hasn’t gotten to 20k per sqm

What else will a one bedroom apartment require that’ll drive the cost to 285k per sqm?

Concrete per cubic meter from Lafarge is 75k


When you do your costing this way, it’ll help you know how much you should spend or budget on any project.

Now don’t forget economy of scale. The cost of production reduce as the number increases.

somehow:


As promised via our last discussion...

Sitting on my fingers...

You sha know my condition sir. I’m not getting jobs.

As an old member, you’ll know me well!

90% of everyone I’ve worked for here have not seen me physically. They don’t know my house nor visited my office and they have committed several millions in to my hands and we do our best on their projects.

A single year, I handled transaction well worth over N800m from people who do not know what I look like or where I live.

I always keep log of my projects from pre-construction to the end. I build in the eyes of the public and I’m never afraid to be criticized openly. I have not gone to beg Seun Osewa to help me delete any thread despite all the negative comments placed there.

Still?? I’m a fraudster to you!


May God give it to everyone of us according to our desires for others.

erico2k2:
The Brain I'm asking you to use is the one that can rightly acknowledge the fact that you owe p eople and misled others on this forum, DO not forget I am among the pioneers in property section so no one case of of yours I do not know, in all what I'm saying is this, your continued post on here is telling the people you owe that you got money to pay them but you don't care about what they got to say or do ,So kind of rubbing salt on injury. But I will leave you with this, I kind of get the impression that our brothers from the west love peace and project the love preach, if it was my Brothers from warri you owe, Bross by now you would have paid up or you won't have fingers to type, So whatever your game is Plzz take my advice stay clear from warri people if you gonna deal this way!

Thank you very much for sharing.

Once again, I won’t be able to say much on this as it’s not in my tradition to organize pity parties or seek public validation. Neither am I a double faced person.

If I tell you I’ll sell you blocks at N230 per block, I’ll sell the best quality and show evidences 😂😂
If I say I’ll build you a 3 floor building for N11.5m when it cost even more in other areas, I’ll do it and take pictures 😂😂


I do what I need to do and let God take care of the rest. If you say I’m something and I know I’m not, I won’t fight you, I’ll let God handle the issue.

Trust me, God is still God and he rule over the affairs of men. He is recompensing everyone according to their deeds. It just not visible to the naked eyes 👀

If God na man, na style style begging I go dey do by now or probably be changing Nairaland monikers like a piece of rag one is tired of wearing.

I am still Brabus the owner of NextHome Builders.

Godisgreatest1:
CHRONIC LIAR

There is NOT a single truth in all what was posted above. The Fraudster' is living in imagination and fantasy solidified with LIES.

ASK QUESTIONS ABOUT THE THIEF.

You get N50m?? Bring am come buy one bedroom flat to confirm if I am lying 😂😂

Ericko2k2, you said you know I have brain and you want me to be using that brain to do primary school calculations 😂😂

It’s wrong nau!

I’m not bothered about what anyone is doing and I don’t expect anyone to disturb me too if you can’t take me to court.


=====


A client asked me to make a business case for a N150m half plot of land in a prime location (I won’t be able to share).

I didn’t do anything. I just send him the picture below and told him the distance between his land and the location where the property is just 8 mins drive!

A good architect can conveniently get you 9 units of one bedrooms with good parking space space and other ancillary services on 4 floors

If he sells at N40m per unit, he’ll still make good profit from the investment in less than a year!

In these type of projects, the higher the price of building materials, the higher your return on investment.

If you want to big in life, you have to learn how to play big.