₦airaland Forum

Allen Onyema, Chairman of Paece Airline has 1 Gulfstream

Earnest Azudialu, Chairman of Nestoil PLC/Hammakopp has 2 Gulfstream

Dr. ABC Orjiakor, Chairman of Seplat has 2 Bombardier

Arthur Eze - Chairman Atlas Oranto/ Crown Energy USA has 1 Gulfstream

Andy Uba - Gulfstream

Emeka Okwosa, Chairman, Oilserv has 1 Gulfstream

Ifeanyi Ubah, Chairman Capital Oil has 1 Embraer

Cletus Ibeto, Chairman Ibeto Cement has 1 Embraer

Tony Ifeanyi Elumelu, Chairman Heirs Holdings/UBA has 1 Gulfstream

Jim Ovia, Chairman Zenith Bank has 1 Embraer

vimi:
Verily

Great. I shall confirm that. Thanks a lot

[quote author=vimi post=34728315][/quote]Thanks. I hope it's still in operation

coolsix:
Not true

Ok, i read last year they were about to start doing it?

Can someone clear the air for me. I once heard WU has begun transfering money from Naija to Europe/US. How true is this...Any idea of the rates?

spyder880:
N3m for a plot in the city? If you get a genuine one, let me know, I have clients waiting to buy genuine plots at areas with tarred roads for N10-N12 million now. The number of crooked plots in Enugu is regrettably high now.

I think most people don't believe this price of N650,000. Maybe they think it's too cheap? Well, it has to do with the location. If we are doing this in a very developed area, it will be much costlier. Eg. Golf course layout is selling for about N18 million naira. If you get to see any free land, they even have smaller plots averaging 400sqm. Liberty estates is over 100 million naira, Zoological gardens, over N150 million, same Enugu.

The merits or otherwise of the 650K is not even the issue.

My point is that giving the remoteness of the area and what it will cost each buyer to make it liveable,

the "7 million Naira" would be more than enough to buy 2 plots of land in other Enugu areas already inhabited by people, and rightly so.

What is the lease tenure and the size of each plot?

Are there buildings around the area?

spyder880:
5. I plan to reserve about 8 plots of land (already marked) for essential services like schools, health centre, a shopping centre, (this is subject to change, I suggested all these and asked for more suggestions on this page 3)

I have not started talking about roads, boreholes and drainages as this is for the future, it will be a major mistake to start making plans for building roads at this stage when we know the likely costs of doing so. This is what we should plan for in the second stage. If we add the cost of tarred roads, we might be asking for around N7million naira for each plot, who will pay?
estions for the good of the estate.

Finally, I don’t need any early investors as my financing plan is already getting positive response from ready buyers. Thank you for your suggestions.

I thought as much. Giving the location of this land, the hidden cost of one plot will ultimately rise to around the 7 million you quoted, all for one plot. Again, you asked 'who will pay', and you're quite right about it. Yes, but the truth is each plot owner will eventually end up paying it regardless of what he payed now.

And when this amount is multipled by 50 buyers/plots it becomes 350 Million Naira. This is not a chicken feed especially in the absence of government help or bank facility.

But on a second thought, looking at the 7 million, what would i miss investing in this estate if i ask Spyder to buy two plots of land for me at 3 million Naira each in the city area? I'd still have 1 million left. Or I could as well decide to buy one plot and invest the remaining 4 million in a bungalow at the back of the plot.

Just my thinking sha....it's not meant to serve as a guide to anybody.

@Spyder,

I assume the estate will be a very modern one. IMO, the issue of the plots to be reserved for the mall, kiddies play ground, park, swimming pool etc should be handled upfront. Thus, the number of plots meant for the above listed facilities should be known already. And the total cost of it spread to the cost of each plot of land. Price per plot can be adjusted that those who've already paid could be asked to pay the difference.

This is very important to avoid a situation of being tempted to sell them off. Even as the landowners must be paid for every space of the piece of land irrespective of whether it's designated for public use.


The tarring of the internal roads, foothpaths, sewage method and construction will depend on the pockets of the owners, but however a crucial factor. That said, permit me to compare the road leading into this estate with that of the video you posted on the other discontinued project.

Having seen the pictures on pg. 0, how many kilometers can one drive begining from the estate's untarred path to the nearest tarred road?

Please, could you post the full front view of this property?

cruxkhalif:
I hope, with the enthusiasm I see now, that many of you will buy eventually. Let it not turn out like the discontinued one where Spyder kept pushing the sales and response was resoundingly sluggish such that subscribers took up multiple/more slots to get it going. I have learnt that because everyone is clapping, one should not assume they are all listening to the same song.

They might eventually listen to the same song But don't forget there were two major disappointments in the past.
In the first project, Investors responded fairly well but divested after some scary developments.
The second one ended somehow as it was about to pick up steam. That was when i began to take note of the buzz here.

I hope this one will sail through, and no hidden problem will surface when the villagers would have collected the money.
But,again, I don't know why it's always 100 plots piece.
From what i have seen happen, smaller parcels of land say 20 plots or even less (Mini Estates) in different locations might be safer for Spyder. This will help reduce losses if there should be any unforseen circumstances, while personal target will still be met.
The bigger the parcel of land the more the unknowns. My opinion though.

Like you did before, would u mind giving us a video ride from the market to this site? So we can have a feel of the environment.

Pictures and number of years left in the lease, please.

POPdecorator:
APC has swagger

Oh! the Jihadists swagger you mean?

No, problem hang around with him but make sure you don't infest the guy with the deadly virus you guys spread around.

.

Just think about it, many of the couriers dying for drug cases would have only enjoyed a tiny fraction of it if they had succeeded.

4 to 5000 dollars at most for each suicide mission? Does it worth it.

These are amounts of money one can make in NIGERIA legimately with careful planning and patience, but no, they won't. Smart fools!

Linguistically close and yet dislike themselves so much, Yoruba and Igbo need to discover themselves more than they are so far doing.
There are thousands of words that mean the same and sound the same in both languages.
In this list i could pick names like:

OWL----Yoruba___OWIWI.... Igbo....IKWIKWI

OSTRITCH....Yoruba...Ogongo......Igbo.....Ogonogo Nnunu

ELEPHANT....yoruba.....Erin..........Igbo.....Enyi

CAT.....Yoruba....olongbo..........Igbo.....Onogbo

GOAT.....Yoruba....Ewure..........Igbo ....Ewu

SQUIRREL....Yoruba....Okere......Igbo....Oke

HEN/ROOSTER...Yoruba...Akuko....Igbo....Okuko

And so many......Other similarities like;

Eriri.....Yoruba...Extreme grief
Ariri......Igbo....extreme grief

Imu....yoruba....nose
Imi.....Igbo...nose

Agan....bareness..Yoruba
Aga...bareness....Igbo

Eti....Ear...Yoruba
Nti....ear...Igbo

Igba...calabash...Yoruba
Agba....calabash...Igbo

Okuta...Stone Yoruba
Okute....stone...Igbo

Eru...Slave ...Yoruba
Oru...Slave...Igbo

Orisa...God...Yoruba
Olisa...God...Igbo

Esu..Devil...Yoruba
Ekwe-Nsu...Igbo

Ogun....Twenty...Yoruba
Ogu....Twenty ...Igbo

O mi/miri....water...Yoruba
N miri....water...Igbo

Agbin....Yoruba...chin
Agba....Igbo....chin

Ifufe....Yoruba....breeze/wind/air
Ifufu/Ikuku...Igbo...Breeze/wind/air

Awi...Yoruba...grey hair
Awo...Igbo.....grey hair

Giripa/Igiripa....Yoruba...Man in in his youth/strong man
Dimkpa.....Igbo......man in his youth/strong man

Oogun...yoruba...medicine/poison/charm
Ogwu....Igbo...medicine/poison/charm

Apara....Yoruba...basket?
Akpara....Igbo...basket

Udu omi...yoruba...large water pot
Udu mmiri...Igbo...large water pot

Orun...yoruba...neck
Onu....Igbo...neck


Etc...

Onuokwu:
No matter what part of the country you invest in...annual yield on residential rental real estate ranges from 5% - 7%. Even if it is very good i.e. an outlier for say a luxury property, it is unlikely to exceed 10%. This is below the yield on government T-Bills and it is unlikely to ever catch up with it. I have not even factored in the cost of misuse of the property by tenants and need to repair before new tenants move in.

My personal opinion is that the market for real estate is more attractive in the "build to sell segment" which itself is severely limited by the underdeveloped mortgage market. The underdeveloped market also limits the cash flow potentials that one can leverage on to escape the tyrannical yield on rental property.

In view of all these, is it worthwhile to do residential rental real estate in Nigeria? My take away from observing the industry is that It may be. Especially for business men. They use this real estate as collateral to unlock monies from banks via loan and plough this into their other business (trading or manufacturing). Incidentally, it turns out that real estate, as long as it has good title, is one sure collateral the banks accept without too much grammar. Again, this benefit cannot be enjoyed by business men in every state, especially, Anambra, where successive governments have not been too enthusiastic about signing the "almighty" C of O or giving government consent to transfer title from one holder to another. There in lies the need for proper land reforms in the country.

Don't mind me folks...just random musings and ranting. Do not undertake any real estate investment (buying or selling) based on above as it is not meant to be an investment advisory.

Thank you very much. I have actually began to take a critical look at the real sector and the essence of it all. The underdeveloped mortgage financing, as you rightly pointed out, has impacted negatively in the sector. One is then left with the option of either building for rent within the percentages you stated above or to seek a bank loan - if you're lucky to have the property in a state where obtaining government title is less an issue. In view of all these, a very dynamic business person might not want to tie down his funds to invest in a rental property that will take say 15 years or more to recoup his initial capital inflow.

Worst case scenario, what is your take on a 40 million naira fixed deposit compared to the yearly rental income from a block of flats (cost of land included) at 40 million naira at say Enugu?

mufutau55:
Don't look at it that way... the process of buying or owning a land is too complicated in Nigeria...
You can even pay for the land and still don't own it yet.. even start building on the land and you still don't even own it..
Look at all the litigations involving land matter in Nigeria which could drag for many years... When you think you are done, you have just started.


Hajji M.

That is even more the reason thread titles should be carefully chosen so that all the interested parties will understand the nitty gritty of what they are into.

spyder880:
@ chiboy11, I have to open the thread with such title to whip up interest and see how people react with replies and calls before committing my money in the land. This is a public forum and in as much as I hope for others to participate in the purchase of these lands, then I have to advertize the land first. We call it "marketing" and its different from actual selling.

So when next we read "buy lands" from you, we should ignore and regard it as mere "marketing" and not "actual selling"
Now I know.

petikal:
That's cheap man; just 4mil/yr at full capacity, and one still has to factor in maintenance costs.

How much do you figure it'll cost in total to complete the property?

Even at that, how did you arrive at 4million per year?

250,000x8 flats should be 2 million naira per year or am i missing something?

mufutau55:
Do you guys really think that people renting this flats care about the color the house is painted?
You will be surprised that some of this flats are already rented... Tenants care about the amenities inside.
This is a rental flats people... The tenants don't own it.. Seriously.

Personally I don't like the colors either, it looks more like a school, but who cares, as long as the building is good inside.

Hajji M.

The reactions are only but natural. Some may have followed the project from inception hoping to see the building finished off with inviting color combinations. Well, like you said, it's all about the tenants being comfortable inside.

This guy, Adeshina, embodies focus, hardwork, articulation and erudition. Is it an aberation to have his type preside over the affairs this useless country?

What on earth will make any sound mind tinker with the idea of having a Buhari replace a Jonathan, even at GEJ's level? In this age?

spyder880:
What colours would you suggest?

The color on the upper part looks very good to me. But the dark green has dominated so much to make the building look like a military facility, too strong. A warm pink or purple in place of the green would have been calming.

cannonnier:
The prophet of Islam stated it clearly that; wherever there is more than two people, there need to be a leader.
And all muslims must acknowledge there leaders as long as they do not ask them to stray from the way of Allah.
Stop making your point base on christianity adealism.

What we say is he has to be loyal to Islam and thus to Sa'ad, as long as he(sa'ad) does not undermine the Islamic law.

Can you explain where a citizen of Nigeria, who is loyal to the constitution of Nigeria but refuse to be loyal to the president without any lawful reason from the constitution?

Your post failed to counter my logic even though you're aware the Koran made it clear there is only but one God, "Allah". Your insistence Asari must pass through a former soldier Saad before getting salvation is quite ludicrous.

F22RAPTOR:
no, u are missing it and u are refusing to learn. Even if they practice the religion in their various locations, they are still subjects to the Sultan. The pope is to the catholics what the Sultan is to the muslims in Nigeria.

You are the guy missing the point albeit deliberately. You can't rope people into being your subjects through the back door. Someone can be a good christian without loyalty to a worldly mortal. I repeat, Asari can be a practicing Moslim and 'good' one for that matter without Mr Saad Abubakar! Afterall Saad Abubakar will not open the gates of Aljannat for him except 'allah".

F22RAPTOR:
em..oga pls, dont display ur ignorance in public. If u are not absolutely sure of a matter dont say anything, u hear? That said, the Sultan Sa'ad Abubakar is the supreme leader of all muslims in Nigeria.

The matter is about spirituality. That someone did not pay obeissance to Saad Abubakar will not attract the wrath of "allah". Show me where it is stated in the Koran? Therefore, Asari or any other person can easily practice islam in their geographical space 2000 Km to Sokoto, do their hajj without anyone leading them from Sokoto. That is the essence of the debate.

Go! I say go! Our lord God, Chukwuabiama is with you. You shall live your name Ojiridike.

He has been able to keep the things in his life in their respective places unlike millions of Nigerians. First of all, this man is an Ijaw man by citizenship and he's not apologetic about defending that interest. Then his Igbo ancestry; does not care to tell any person that his ancestors were from Abam in Abia state. Then practices the Islamic religion in Nigeria without appending his political loyalty to Nigeria's Sokoto caliphate. Like or loathe him, he is one of a kind.

What a man!

olillywales:
The Labour Party Candidate in Ogun West Senatorial District, Prof. Solomon Olamilekan is dead.

Olamilekan, 54, was said to have died after he complained of stiff neck three days ago and was thereafter rushed to a private hospital where he gave up.

The Secretary of the party in the state Sunday Oginni who disclosed this yesterday, described his death as shocking.

Detail soon.

http://www.metronaija.com/2015/02/ogun-senatorial-candidate-dies-of-stiff.html

Meningitis

This is hilarious. INEC has finally found out the truth in what we non indigene Lagosians have been complaining all this while. Thank you Jesus!