₦airaland Forum

This was being installed when I got to the site yesterday

Aforxzy:
Another of our project. A shopping complex

Very nice . Where was this

Focusmind:
All Nigerian tiles are good. Just make proper enquiry. I was a pro Italian/Spanish tile before but the prices are on the high side and I needed to save money to do other things. I first bought a few Nigerian tiles to be used in the bathrooms and kitchen to see how it would look.

The tiler has completed the visitors toilets with the Nigerian Goodwill tiles and I am now constrained to use Nigerian made tiles 100% for the whole areas of the building. Attached is the first work did by the tiler (visitors toilet) using Nigerian tiles and it turned out good the way I wanted. I earlier wanted to use white Spanish wall tiles and brown wooden floor tiles. The Nigerian own still appeared ok.

If you are building on a budget, save yourself the stress and channel the extra fund to other things. Cement for the tiling is not smiling at the moment.

Why do you need the shower in the visitors toilet

topsy23:
Cable management and re-termination of existing distribution board

Visit Our thread for more of our installations

Always smooth

n3xt:
My goal is not to look rich but to be rich.

Below is my biggest competition and where I’m channeling all my energies now. I’m doing something nicer than what strucutracasa delivered near me.

Na here we go dey wey I go finish this and jump on something bigger.

I’ve left the dead to bury their dead

Happy Weekend NL!

Nice .will yours have a community pool

I think most of the 12 units strucuturasa built is not sold last time I checked

Naijapal:
This is the right and wise thing to do at a time like this. Unfortunately, this puts more pressure on the supplies pushing prices further up. And eventually, your stock will still finish and you'll still go back to the market. Even the manufacturers are affected too cos they have to buy raw material.

I'm seeing shops in my area not able to stock up to their usual level because they can't buy the same quantity to sell as before.

You still don’t get

You are also constantly reviewing prices of your products , there is something called replacement cost , that way you have hedged the loss in value of the naira , depends on your scale of operations also

I have RM of 6 to 8 month stocks , I still benchmark to present realities . Also atimes it’s about having stocks to produce when nobody else has or there is scarcity in the market , brands are established further in times like this

n3xt:
It's at the other side - the old Jericho side. It's just directly on the other side of Crimson Court by Structuracasa.

Relief

spyder880:
In this inflation period, one of the best responses is to stock up on needed materials and wait to use them on ongoing and upcoming projects before the costs can get out of reach. This has helped me keep a lot of costs down. I have spend the last 36 hours in and around Onitsha, buying as much building materials as possible to stock up for future use.

If you have some local funds, better tie them down on something as the naira is losing its value daily.

You my friend are very wise , more stocks in your store

In times like this , If you are doing buying and selling ,, most of your funds should be in the goods you are selling , always move funds quickly back into the commodity you are selling

If you are into manufacturing, most must be in Raw materials and packaging materials , I have never had as much stock of RM and PM as I have today in the 30 years history of our company

n3xt:
It has been a while that I shared stuffs on this platform. I've been busy lately working on my next project - Ibadan Nonuplets

Our construction journal will go now live on kobocity.com and nairaland in few hours. Watch out!

Link below.

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Project status: Pre-construction ongoing

Currently spending good time to check out similar builds around me while we also sort out materials delivery/stake out the plots and tidy up every other lose ends.

Many thanks to kobocity.com for this beautiful project.

Follow this build on kobocity.com -https://www.kobocity.com/d/211-construction-journal-the-nonuplets-by-nexthome

Follow this build on nairaland.com - https://www.nairaland.com/6576114/construction-journal-nonuplets-nexthome#102154949

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Ibadan be good to me

Interesting

Is the project in that particular estate with that gate ?

diordaves:
At this point, I have been crunching some numbers and the numbers don't add up for Residential and big-budget commercial projects. The cost and heavy reliance on rebar and cement should be looked into. The CBN exchange policy is fueling inflationary prices.

I'm now restrategizing and will be suspending ALL residential and two floors projects. The average cost of decking a Four-Flat including the appropriate water tower is 5 million. In some locations, the rent therefrom is even 350k for a three-bedroom and the land is about 3 million or less. Why spend 5 million to deck when I can get another land for 3 million to build lock-up stores with modern design and facilities without a second floor (cost of decking). A 4 X 5 meter store will easily rent on average for 180k in a depressed environment. Aggregate this as a no-frills Retail Park will fetch more in accumulative rent than a four flat. A good design, simple Retail Park (lock-up stores) will cost less than some four flats in certain situations.

Residentials and Shopping Malls are not looking good in the current climate.


https://www.ekapija.com/thumbs/gornji_milanovac_1_040918_tw630.jpg

Visual reminds me of a strip mall

diordaves:
At this point, I have been crunching some numbers and the numbers don't add up for Residential and big-budget commercial projects. The cost and heavy reliance on rebar and cement should be looked into. The CBN exchange policy is fueling inflationary prices.

I'm now restrategizing and will be suspending ALL residential and two floors projects. The average cost of decking a Four-Flat including the appropriate water tower is 5 million. In some locations, the rent therefrom is even 350k for a three-bedroom and the land is about 3 million or less. Why spend 5 million to deck when I can get another land for 3 million to build lock-up stores with modern design and facilities without a second floor (cost of decking). A 4 X 5 meter store will easily rent on average for 180k in a depressed environment. Aggregate this as a no-frills Retail Park will fetch more in accumulative rent than a four flat. A good design, simple Retail Park (lock-up stores) will cost less than some four flats in certain situations.

Residentials and Shopping Malls are not looking good in the current climate.


https://www.ekapija.com/thumbs/gornji_milanovac_1_040918_tw630.jpg

Nice , Always good to restrategize

For me have done a lot of purchases towards my own projects all in advance some since last year , all the iron rods to completion , transformers , generators, lifts , some wires , if it was possible would have paid for aluminum roof , if need be will import tiles , windows myself to keep cost down , done it in the past , nothing takes me by surprise . I adapt , adjust

Also Good to have streams of income that you can adjust with rising prices and inflation , if you are on fixed income or salary - it will be tough

One thing we definitely agree on is , you must do something , keep moving , , keeping funds idle is a No no in this climate

somehow:
not from that route sir.

And I don't even get more than 50% of whatever I put in for.

50 % is still impressive

Show me road nah

Abi Na route

somehow:
I have always gotten mine at ₦381, sometimes ₦379.

Currently getting at ₦410 and ₦411 due to the new update from CBN.

Interesting

For all your business transaction ? Thru Form Q or form m ?

Get a bit thru lc but negligible to my overall volume

Show me road

diordaves:
The CBN has always said that CBN sells at N300/$ or so. Now the CBN had officially devalued finally above N400/$ so expect the BDC to hit above N500/$ shortly.

Before this it was 381

For all intent and purposes, most business/people did not get to buy at 381 or even at the new 410
We all buy mostly at 485 to 500

Prices of all things in the market has been factored at 485 to 500

Agree things might move up a bit at the parallel market

kopell:
Yes the price as been running crazy since last year with almost all the building materials. You need to be specific what type you buy. TMT I believe is one of the best in market in time of quality and size. Even the so called local the sale 9 mm as 12mm and 11mm as 16 mm. Prices rocketing too. What is going on for God sake.

Na so , TMT is around 420 in my area , local should be around 370


Bought TMT late March for initially 340 then later 380

For all customers now, price list increased 8%
material cost increased crazily..

From my manufacturer/ supplier of led and solar lights in china this morning

diordaves:
Brilliant synopsis! Spot on.

You need a half decent consumer spending power and a healthy and growing middle class to sustain the footfalls in malls.

In Nigeria, the middle class is not growing, graduate entry jobs pay pittance and the State governments deliberately delay payment of salaries if they pay at all. There is no sustainable pension in Nigeria so majority of the elderly are destitute without spending power. The 18 to 25 years olds have next to nothing spending power as majority are unemployed.

In the developed economies, where some say malls are going out of fashion, it is the middle class, the graduate ( blue collar) jobs, young people and the seniors who sustain shopping malls. These we don't have in Nigeria in a true sense of the word 'have'.

The sectors that are growing are politics, political thuggery, internet fraud and kidnapping. These minority group cannot sustain malls up and down the country. The economy is at a low ebb that majority will rather go to Jankara market to buy live chicken than go to ShopRite to buy frozen chicken.

Vice economy is growing

diordaves:
Brilliant synopsis! Spot on.

You need a half decent consumer spending power and a healthy and growing middle class to sustain the footfalls in malls.

In Nigeria, the middle class is not growing, graduate entry jobs pay pittance and the State governments deliberately delay payment of salaries if they pay at all. There is no sustainable pension in Nigeria so majority of the elderly are destitute without spending power. The 18 to 25 years olds have next to nothing spending power as majority are unemployed.

In the developed economies, where some say malls are going out of fashion, it is the middle class, the graduate ( blue collar) jobs, young people and the seniors who sustain shopping malls. These we don't have in Nigeria in a true sense of the word 'have'.

The sectors that are growing are politics, political thuggery, internet fraud and kidnapping. These minority group cannot sustain malls up and down the country. The economy is at a low ebb that majority will rather go to Jankara market to buy live chicken than go to ShopRite to buy frozen chicken.

I agree with you , That’s why I always laugh when i read a lot of analysis based on our so called 200m population , when 80/90 million are living below the poverty line already and struggling , so called middle class are being decimated with inflation , devaluation , lack of good jobs and opportunities, shrinking purchasing power , poor economy etc

twinskenny:
lol was at shoprite the one close to challenge last month... the place was a bit scanty o not the lagos type of crowd

My take ...

Outside say 3 to 4 tier one cities in Nigeria , maybe another 6 or 7 state capitals , doing malls of 15 to 20k sqm lettable space or more will land you in a lot of trouble financially , maintenance wise etc , the market is not sustainable /the commercial retail tenants to fill the spaces are not there , our economy and consumer spending is not that robust . Add the rumored exit of struggling shoprite , the anchor tenant for most , you can understand the chaos that might come

I strongly believe there is market for compact malls , a few thousand sqm lettable space in fantastic location within the city at reasonable leasable price point

For the mall/ group u mentioned ,know some people there and they agree 100% with my summation , would also say it’s the only one that qualifies to be called a mall in the true sense in ibadan in my own opinion

EgunMogaji2:
They’re behind the curve

Definitely, North America and Europe are saturated / matured markets , we still dey Wild West here

rmx:
Very Interesting ,

I know 2 under construction , in addition to about 6 in operation
Agbowo shopping complex is under renovation and expansion , there is a lot happening in ibadan

What will determine sustainability in the long run will be location ,amenities offered , architecture , quality of build and subsequent facility management and pricing- the most important for ibadan

We dey wait for una

By the way we use the word mall too loosely in Nigeria , me included

By the way 100m mall too dey

michlins:
Yes I brah about my works because am good at it

Nice , seest a man diligent in his work ......

n3xt:
@michlins,

As I’m typing, I just received another request to design a massive mall in Ibadan.

Where’s all these money coming from? Dem no dey use N500m build malls. Let alone talk of a mall with 2 cinemas.

Walahi, I go so design this based on my experience working with the South Africans who designed and built some of the best malls in Nigeria.

Very Interesting ,

I know 2 under construction , in addition to about 6 in operation
Agbowo shopping complex is under renovation and expansion , there is a lot happening in ibadan

What will determine sustainability in the long run will be location ,amenities offered , architecture , quality of build and subsequent facility management and pricing- the most important for ibadan

We dey wait for una

By the way we use the word mall too loosely in Nigeria , me included

EgunMogaji2:
I feel that my land sale are very good partly because it doesn’t make sense to tie money down in a bank right now.

I concur , More like it

n3xt:
I think the major culprit is COVID19 which left a lot of half completed housing projects dotted our country like graveyard. So more people are trying to complete their near abandoned projects.

The rapidly increasing value of land is also an accomplice as most people are racing to avoid the risk of building their homes in downturns.

Lastly most developers who spent big on upscale developments are also pacing to avoid losing control of it.
Most projects suffered a huge setback last year and many are idling away.

______

Unlike never before, more people are building NOW because we have more disposable income.

Don’t think that is the major reason , COVID lockdown happened end of 2nd quarter to 3rd quarter last year

We don’t have more disposable income , for most Nigerians anyway , it’s the opposite , we have less compared to a year ago , the inflation rate and naira value tells us that

Beframia:
Do we say this is good news?

https://www.thisdaylive.com/index.php/2021/05/18/dangote-cement-unfolds-measures-to-meet-demand-reduce-price/

Been wondering about this surge in demand , is it possible people are rushing into construction and real estate to hedge loss in value of there naira ? Seems unwise to keep substantial idle naira in times like this

Let me drop this here

I want to start hustling for projects

EgunMogaji2:
Thank you Sir. He’s insisting on 10%

Everything is negotiable , most times it will also depend on the amount involved

It will be difficult for me to pay 5 - 10% for any transaction , what I do all the time from the onset before you buy or sell for me is to agree terms / % with you before anything else , I don’t presume or negotiate after
If we don’t agree we don’t roll . Simple

n3xt:
Looking great. I saw the build last weekend during my visit to Ibadan. I also saw JJ ... banner

I was particularly looking forward to see the construction of the glass elevator cabin. I saw the frame already in place.

Nice , please next time do enter and appraise /give advice /critique; tell them from me

The lift installation should start next week , behind schedule , but some of the mall tenants will start operation June 1st

Cement board partition

lastpage:
If l may ask: What exactly was the bone of contention, that was being litigated on?

I dont think the seller can put the place in vacant position before selling because the "selling process" takes time in some cases and those are periods the seller is loosing income.
Also, the decision to sell may come suddenly due to sudden need for money, No seller will want to wait till all occupiers are out, before selling..

But l agree with you that the Owner needs to come clean, the Buyer needs to see the Rent agreement of each Occupier in the building to ascertain the extent of the Seller's liability (which transfers to the buyer on purchase) to his occupiers.

Even after all that, the Eviction Process could still become cumbersome if the Owner does not have a very detailed Agreement, which stipulates what and how it happens, when the Seller/Owner needs his property (Surrender of Property).

Most Tenants will resist moving out in Peace (and l can understand that inertia to move, unpacking can be stressful) so, a House Owner must always factor that in, in his Rent dealings, from the onset and prepare an agreement which gives him the widest latitude to legally remove the Tenant, when that times comes, in the shortest, possible time. A Judge will honor a 'stamped,private rent agreement' that both parties have put their signature on, as long as it is not overly abusive of any of the party or outrightly unlawful

It is a delicate endeavor, even a Lawyer that is not sound, will bungle it with some smart tenant.


Lastpage!

Good you are beginning to see other possibilities, current agreement was not tidy and properly done with franchise owner who had been using the space for about 5 years and took over from the original long lease tenant , previous tenant was uac /mr Biggs who had used the building for close to 20 years on a long lease

We were told the rent was due November previous year , bought feb . Gave our own 6 months quit notice immediately after introduction letter/ quit notice from sellers lawyer stating we are the new owners etc

tenant went to high court saying his rent was not due as he just paid paid about 50% of rent sometimes in Sept for the new year , challenged the landlord , an old man , said it was a loan and not rent payment , needed funds for an overseas medical check up and that rent is not stated on the receipt he gave to him



Litigation also included offer for sale and first refusal was not given to them , and that we brought thugs and caterpillar to disturb /chase away clients and bring down the building ( something we dint do or even think about ) and asking for compensation and restraint

May we not see problems ,

The original poster needs tact and the wisdom of a good lawyer , I don talk my own , I can never buy a property the seller has not put in vacant position him/herself going forward

BuildingProject:
Am not cutting any deal with him cause I don't know him from anywhere before. I was even thinking of retaining him before so that he can sign a new agreement but he is not even responsive to my invite. Have been told náà people from that other side of the country dey do such nonsense.

What if I go back to the seller and tell her am no longer buying. She should refund all my money or send out whoever the tenant she collected money from?

Hmmmm, I was exactly in your same situation 2 years ago when i purchased a commercial building , did all the search at lands for the title documents , encumbrance if any , etc etc , a lawyer handled it , guess what , the only thing he dint do was talk to the existing tenant , we went with the landlords word that everybody rent was due , and it was just a case of giving them quit notice and 6months they will leave apparently that was not it

The landlady that sold to you is not straightforward, you / your lawyer dint do your due diligence well also

You will need tact like someone said , and hope that you don’t have a stubborn tenant , the law favors them , they can hold up your project with litigation , be ready to negotiate if need be , maybe even pay them off , you have more to loose with every passing day , I wish you the best

My own was held up for one year with litigation till my new lawyer reached out to the tenant/his lawyer and we negotiated and gave them more time and they eventually left , was a mr Biggs franchise .

Going forward always inform the seller to put the place in vacant position or do only part payment till the land lord ensures all tenants are out before u pay the balance . You also need experience, yours or a good lawyer , and prayers