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REDAN to hold national real estate data collation & management conference

Concerned on the need to reverse the dearth of data in the housing sector, the Real Estate Developers Association of Nigeria (REDAN), will organize a stakeholders’ conference on National Real Estate Data Collation and Management Program. The National Conference is scheduled for Thursday September 28, 2017 in Abuja.

A statement issued by REDAN stated that the focus of the conference is to comprehensively collate and manage data for planning and decision making relating  to preconstruction, construction and post construction activities in the nation`s  real estate sector.

The statement reads, “Specific areas will include land administration practices, formal and informal housing activities, housing affordability mapping and other key indicators that will aid effective policy and investment decisions.

“The objective of the program is to provide accurate and realistic data on the housing stock, housing types, Mortgage facilities/Institutions, occupied/unoccupied houses, tenement rates, selling/renting prices, skilled manpower availability, construction cost, prices for varying categories of houses in various locations and operational challenges. Others vital data to be collected include Cost of obtaining Title Documents, Access to Land and building materials, market prices for building materials, housing needs of various level of income earners and families, affordability profiling, housing deficit, housing development prospects. At the end of the exercise, it would be a worthwhile legacy that would be bequeathed to the housing industry for regular update.”

It states that the Central Bank of Nigeria, Federal Ministry of Power, Works and Housing and housing sector stakeholders will be in attendance of the 1 day event.

Originally published in Daily Trust

FMBN, FIRS partner on NHF scheme

The Federal Mortgage Bank of Nigeria (FMBN) has sought for partnership with the Federal Inland Revenue Service (FIRS) to get non-contributing corporate organisations to key into the National Housing Fund Scheme by accessing FIRS’s database to obtain list of corporate organisations in the country.

The Managing Director of the Bank,  Ahmed Musa Dangiwa said this when  he  paid  a courtesy call on the Management of the FIRS in Abuja.

Dangiwa said the data is required by the bank to expand its client base, boost NHF collection and increase the bank’s liquidity in order to provide long term housing finance to Nigerians.

The FMBN Managing Director  said that the partnership with the  FIRS management was part of the efforts of the bank to reach out to its customers, sensitize them on the activities of the bank and the benefits of the NHF scheme of providing decent and affordable housing to low and medium income group at soft interest rate of 6%.

The Managing Director highlighted some of the products market by the bank to include Cooperative loans, Rent-to-own, Home Renovation Loan and the National Housing Fund Loan. He said  that to enhance the affordability status of borrowers, the bank has recently reviewed downward the personal equity contribution.

Dangiwa who  lamented   the reluctance by some corporate organisations and state governments to deduct and remit 2.5% of basic salary of their workers to the bank, thus having an adverse effect on the operations of the bank and the NHF scheme. He said the bank is presently collaborating with relevant agencies of government to enforce compliance.

In his response, the Executive Chairman of Federal Inland Revenue Service, Mr. Tunde Fowler, assured FMBN Management of  readiness to partner with the bank in achieving  its mandate. He promised to allow the bank access FIRS database inorder to have list of all corporate organisations with a view to boosting the bank’s NHF collection.

Mr. Fowler also called on FMBN to offer its services to staff of FIRS to enable them own their houses.

Originally published in Daily Trust

Why monthly rent payment will not work, by experts

Amid the decision of the National Council on Lands, Housing and Urban Development (NCLHUD) to impose monthly rent payment on Nigerians, experts have urged the governments to tackle the inherent problems inhibiting housing rather than delving into issues expected to heighten problems in the industry.

The experts, comprising estate surveyors and developers who  expressed divergent views say, the proposal will increase house rents, discourage property investments, engender black market dealings, others argue that the government should launch social housing  programme to assist the low-earning and provide cheaper housing finance to developers at a single digit loan.

The Council which is the highest assembly of senior officials of the Federal and State Governments, and experts in the housing sector had declared that enforcement of a law on monthly rent payment across the federation would ameliorate the challenge of access to housing in Nigeria, which puts existing housing stock at 23 per 1000 inhabitant making home prices and rents to grow astronomically ahead of the nations’ general inflation.  Currently,
property owners/landlords compulsorily demand between one to two  years’ rents from their tenants.

Speaking on the proposed law, the Lagos State Chairman of Nigerian Institution of Estate Surveyors and Valuers (NIESV), Rogba Orimolade said the reality is that there is existing shortage of housing stocks hence bringing regulations will amount to imposing a black market situation.

According to him, the government has failed in all their projections for over a decade in housing delivery, adding that due to their failure, it is only the private sector that could be relied on to meet their yearnings for adequate housing.

He noted that the private sector in turn are not building houses for charity but to make profits from huge borrowing from the banks based on double digits loan.

“ It doesn’t work that way. Government should face the core mandate, which is involves jump-starting the housing sector especially in the area of housing finance and let sources of housing finance be cheaper for developers. We need a positive situation where they could take loans by single digit and individuals can still afford to take loans. As long as the housing deficits is still huge, and government on its own is not doing anything thing in reducing it. We have a long way to go, we can talk about social housing in which government can subsidize housing that are coming in. Government should rather focus on those areas.”

He said, although the resolution passed on to the Federal Ministry of Power, Work, and Housing is a populist song for anybody to clap for, but inherent is a bigger challenge.

He emphasized that the main issues, which revolve round the vicious circle of the challenges affecting the sectoo include finance, cost of building approvals, the cost of doing business in terms of building stocks of houses, titling, making registration of governors consent cheaper.

“Government must take social housing as more of their socially responsibility. You can’t expect the developer to take double-digit loan and be collecting rents monthly. We will look at it as professionals and take a position”, he stated.
For instance, he said less than 5per cent of all lands in Nigeria is titled due to the expensive nature of titling.

He added that this is the reason for the slow growth of the mortgage sector, “for mortgages to thrive, you must give loans withtitles. If the conditions are not right, the only thing that developer can do is to step out and move to a more friendly clime”.

For the Chairman, Faculty of Estate Agency and Auctioneering, NIESV, Mr. Sam Eboigbe, if such proposal is to be implemented, core professionals and relevant stakeholders must be consulted for effective implementation . According to him, if the cost of funding and other variables required in making housing available is still high, the reality of such resolution is in doubt for the housing sector.

“If there are so many things that the private sector cannot control like the price of cement and other building materials, government must put a law in place so that if anybody defaults in paying the monthly rent, it should be easier to get possession of the property back. There should be a legal framework for defaulters that would say for instance five days after defaulting the developer must get his property back. If there are no legal framework, the impact of such proposal could also be a lot of behind the scene dealing and discouragement for investors”.

The Managing Director/Chief Executive Officer, Tetramanor Limited, a property development Company Mr. John Beecroft observed that the initiative has been in practice in other countries such as the United States of America but remarked that Nigeria standard is not ripe for it based on some observable loopholes in Nigerian legal structure.

“For me, rent is even expensive when you pay within a shorter period, if my rent is N1.2million yearly, if you are paying per month, I would charge you N200, 000 instead of the actual N100, 000 however, the other side is that rent is more convenient to pay on a monthly basis. In one of our property, what we did was that we gave our tenants three options, you can pay one year, or six months or monthly with high premium and so a few of them opted for that but luckily for us because we have a good working relationship with our tenants, it has worked well”.

He explained that in the immediate term, nothing would change because people would just continue as usual, stressing that such proposal if implemented, would drive more people outside the legal system because the landlords and the tenants will not have the need to do any contractual agreement.
On whether the law would discourage developers from investing in the housing sector, he stated that a developer who has high-in clients with good jobs and more investment in the luxury sector of housing sector would not be discouraged from investing in the housing sector but for those in the lower segment with clients who don’t have steady jobs, it would discourage investors because such clients might not be able to pay their rents promptly.

Another developer Mr. Olukayode Olusanya of the Oaks Homes opines that government wants to implement such law as a social programme to assist the low-earning capacity of Nigerians but expressed worries that it might not be a good move for property owners who would expect to collect the one or two years rents in bulk in order to re-invest, take themselves and families on vacation and boost existing housing stock.

He said such policy might also cause fluctuations in house rents from the side of the landlords who will in turn respond to emerging hike in prices of goods and services in the market, to jack-up the price of rents to the detriments of the tenants.

Originally published in The Guardian

National building energy efficiency code launched

Nigeria’s first building energy efficiency code was officially launched Thursday by the Minister for Power, Works and Housing, Babatunde Raji Fashola.

The programme  is a partnership with German Development Agency (GIZ), Nigerian Energy Support Programme (NESP) and the Federal Ministry of Power, Works and Housing.

Speaking at the event, Fashola stressed the importance and relevance of energy efficiency in buildings in cost and power consumption saving.  He explained that adopting energy efficiency in building construction would lead to job creation, citing “retrofitting old, non-compliant buildings could create a new crop of jobs that previously were non-existent.”

He said that the building energy efficiency guideline informed professionals on how to design, construct and operate energy efficient buildings.

The national building energy efficiency code is a set of minimum standards for energy efficient building in Nigeria. It was developed and compiled by GIZ, in collaboration with South African sustainability consultants, Solid Green, who served as primary consultants on the code. Input was also received from the Nigerian Energy Support Programme (NESP) and the Federal Ministry of Power, Works and Housing along with allied professional bodies including but not limited to the Architects Registration Council of Nigeria (ARCON) and the Green Building Council of Nigeria (GBCN).

The launch was attended by representatives from the private sector, FCT Department of Development Control, professional institutes, regulatory bodies and ministries.

Originally published in Daily Trust

Real estate investments defy economic slowdown, begin modest recovery

Nigeria is expected to continue inching its way towards real estate recovery, as property investors are able to repatriate investment capital, pay dividends, conduct export related transactions and meet other financial obligations.

However, consolidating these relative improvements will require a sustainable regulatory framework that reduces uncertainty in the economy, coordination of monetary and fiscal policies to improve macroeconomic conditions, according to Broll Property Group, one of Africa’s leading property services companies.

The Broll Sub-Saharan Africa Snapshot 2017 – a half-year overview for both investors and occupiers, noted that there was also a silver lining with respect to inflationary pressure in the Nigerian economy. The snapshot contains overviews of the economy as well as the industrial, office and/or retail markets in Nigeria.

Although confidence is emerging in the investor market, it remains too early to determine the extent to which the improving economic indicators and improved dollar liquidity will drive investment activity in the office sector.

In the first half of 2017, no new office deliveries were recorded, however around 52,000m2 of A-grade office space is expected to be delivered to the core markets of Ikoyi and Victoria Island over the next 6 to 12 months.

For instance, the increased dollar liquidity in the economy and the opening of the forex window for investors has boded well for landlords. Transactions which hitherto faced constraints and difficulty, such as the repatriation of investment capital and the repayment of dollar based loans and dividends, are now able to be conducted with relative ease given the improved access to forex in this new window, according to the snapshot.

Specifically, relocations by corporates from B-grade and standalone buildings to better quality space in A-grade buildings in Victoria Island and Ikoyi remained a key theme in the first half of 2017. These relocations continued to be driven by more favourable leasing terms in the market as a result of the vacancies in recently delivered buildings.

In a bid to remain competitive, landlords continued to extend concessions by way of lower rents, longer rent free periods and additional fit-out allowances. Overall, demand from existing corporates as well as whilst most of these corporates opt for newer, better quality buildings in the core markets of Ikoyi and Victoria Island, there were also some enquiries for office space in secondary locations.

Throughout the first half of the year, there was also a resurgence in demand for larger office spaces in the occupier market. Whilst smaller office requirements of 200m2 to 500m2 held sway, enquiries and transactions for spaces exceeding 1,000m2 were noted in the core markets of Ikoyi and Victoria Island.

Average asking rents for office space within these core markets vary between approximately $33/m2/month to $41/m2/month for B-grade spaces, while A-grade spaces have average asking rentals of $54/m2/month to $64/m2/month.

Notwithstanding the respite reflected in some macroeconomic indicators, the harsh reality facing the retail sector remained largely unchanged. Amidst the challenging business environment, many landlords have sought innovative ways of driving performance and increasing the vibrancy in their centres.

Consequently, some landlords have undertaken the reorganisation of their tenant-mix by adding kids play areas and other entertainment activities. Retail schemes that did not have provisions for cinemas in their designs are also looking to retrofit cinema screens into their existing structures.

This slowing effect on the sector has been reflected by slower take-up rates in recently delivered schemes, which have taken much longer to fully let. Additionally, as retailers reassess their expansion plans, there has been more focus on older, more established shopping centres in core markets, causing recently delivered centres in both core markets and second tier cities to record slower leasing activity.

Currently, average asking rents for 100m2 – 200m2 of prime retail space are roughly US$62/m2/month in the core markets of Abuja and Lagos whereas rentals in secondary markets are around US$44/ m2/month. Whilst no new shopping centre developments were delivered in the first half of 2017, around 50,000m2 is expected to be delivered over the next 6 to 12 months

The snapshot noted that the new forex window opened by the CBN for investors is also expected to revive some confidence as landlords are now able to carry out dollar based transactions and meet other financial obligations much easier. As some landlords look to benchmark their rents with the rates offered on the forex window, rents which are quoted in dollars but paid in naira might trend higher as this window offers a devalued naira rate.

For the industrial market, Broll stated that there is a significant mismatch between the demand and supply of stock in the market, but increased activity in the industrial sector will hinge on sustainable policies to revive the industrial and manufacturing base of the country.

This would be strengthened by investment into adequate attendant infrastructure (roads, rail, ports, power, etc.) that can lead to the repositioning of the sector. Whilst the current government’s plan to diversify the economy and reduce the country’s dependence on imports is a step in the right direction, the full impact on the industrial sector will be better determined over the long-term.

The high cost and limited availability of land in desired locations such as Lagos as well as the lack of adequate infrastructure to transport goods from cheaper sites situated further away from commercial hubs reduces the investment potential of the sector. This is further emphasised by the rents commanded which are currently too low to attract much needed investment capital. Average asking rentals for prime industrial space ranges from US$1/m2/month to US$5/m2/month, depending on location.

Group CEO Broll Property Group, Malcolm Horne said: “As African property markets are maturing, tenants are seeking out professional advice and landlords are gradually embracing the needs of multinational and large national space users.

“Both are driving a growing trend towards outsourced property services to further their goals of extracting value from commercial real estate, growing with new developments and optimising financial structures.”

Elaine Wilson, Divisional Director for Research for Broll Property Group said: “Our research teams across Sub-Saharan Africa enable us to advise and provide our clients with knowledge based research across various commercial property segments in these countries.”

Wilson explains that markets across Sub-Saharan Africa differ from country to country, some are less sophisticated than others and what may work in Nigeria for example does not necessarily work in a market such as Mauritius.

Originally published in The Guardian

FG repositioning FHA, FMBN to meet housing needs – Fashola

The Minister of Power, Works and Housing, Mr Babatunde Fashola says the Federal Government is repositioning the Federal Mortgage Bank of Nigeria (FMBN) and Federal Housing Authority (FHA) to address the country’s housing needs.

Fashola made this known at the end of the sixth meeting of the National Council on Lands, Housing and Urban Development organised by the ministry on Friday in Abuja.

“ FMBN and FHA are being repositioned to play their role more effectively to address the housing problem.

“For example, officials of the FHA have been mandated by the ministry to be repositioned in order to be one of our champions of housing delivery.

“Similarly, the FMBN continues to deepen participation in the National Housing Fund, which forms a reliable pool of funding from which she lends money to contributors by way of mortgage loans to acquire houses,’’ he said.

The minister noted that FMBN had increased its granting of loans to estate developers to build houses for Nigerians.

According to him, the agency currently has 3,823 housing units available for sale in various states of the Federation.

Fashola said the ministry had directed the agency to improve on its visibility and transparency by regularly publicizing offers to interested members of the public.

“Such publicity would contain the housing units, prices, location and eligibility criteria,’’ he said.

He further said the next level of intervention which the ministry was developing would be to leverage on existence of registered co-operatives for the members to own their property.

According to him, experience has shown that very sizable parts of the population who are productive and self-employed have been excluded from formal processes that regulate access to funding, land or housing.

He noted that people could operate successfully and access housing through the co-operative societies.

Fashola said co-operatives had been very prolific and successful in sectors like agriculture and market organisations where the vulnerability of an individual could be transformed into the strength of a group.

“Our Government sees no reason why the successes of co-operatives in these sectors cannot be utilised to facilitate housing delivery.

“We are determined to place the might of government at the disposal of groups who can form themselves into co-operatives.

“This would no doubt provide them the enabling capacity to acquire the land, take loans, build for themselves and operate a rent to own policy.

“When our work on the review of the existing laws, and the processes for eligibility are completed, we will undertake a national launch and enlightenment programme for active use of co-operatives in housing delivery,’’ Fasola said.

The minister said the present administration had improved the concept and design of the national housing programme.

He said the pilot stage implementation had already created opportunities for 653 contractors, and created 13,680 direct jobs and 41,000 indirect jobs.

Originally published in Daily Trust

Architects call for FG’s audit of regulatory agencies

Piqued by the frequency of building collapse in the country, the President of Nigerian Institute of Architects, (NIA), Tonye Briade has called for an audit on the activities of regulatory agencies in the built environment, especially on their relevance to national development.

Braide spoke at the third Distinguished Architect’s lecture delivered by one of Nigeria’s distinguished architects, Olufemi Majekodunmi at Green Legacy, Olusegun Obasanjo Presidential Library in Abeokuta.

He lamented the frequency of building collapse in Nigeria, saying each building that crumbles to the ground is therefore a statement of failure on the regulating agencies and such may raise questions on their relevance.

According to him, if Nigeria is aspiring to be one of the leading 20 nations in architecture, we must rise to collectively stop the spate of building collapse in Nigeria. “The buildings are coming down at an average rate of one per month with great fatalities. This is totally unacceptable for a country repositioning towards becoming relevant in global affairs in the industry. It means that something is critically wrong with the structure of building construction administration”, he said.

Extolling the role of architecture in construction technology, Braide said architects are not taking the blame for the crumbling buildings in our cities away from design failures, but building collapse is also due to poor governance structures in the construction process than architectural design failure alone.

His words: “ So we may ask who has charge to establish and enforce good governance in the construction process. When a person presents himself for a job he cannot do, it is corruption and Nigeria has the mechanism to fight and contain corruption.

“This when extended to the regulatory process in the construction industry will create a pathway to stop the continuing collapse of buildings and make our Country Great Again Architecturally”, he noted.

He thanked Obasanjo for leaving a legacy for future generations and even onto eternity and pleaded that NIA make a little contribution within the complex where all students of architecture before finishing six years of studies must make a pilgrimage to understand the core of civic and moral education, good governance, discipline and decorum.

“We must all understand the full import of the exemplary leadership you gave to our country which will enable us, become good corporate citizens. Nigeria still has room for five additional Presidential Libraries, which should create work for us all as architects”, he added.

Braide also extolled the guest lecturer, Majekodunmi  for distinguishing himself in the area of architecture , saying he served the profession magnificently, having been a president of our Institute and rising to the Presidency of The International Union of Architects

On the lecture, titled: “Architecture as the cradle of civilization, Braide said although civilisation existed along with the architecture of the people, “we have left our manufacturing capacity to lag behind emerging civilizations, while our architecture now propels the economies of other nations.”

Majekodunmi said the cradle of humanity reside as in Africa, saying African architects should make sure that the Whites copy from them and not the other way around.

Citing the case of Eredo monument in Ijebu discovered by Patrick Darling in 1999 and described as the largest city in the ancient world, he said that such monument which measured a towering 70 feet, signifies that Africa is the birth place of human existence and original people and parents of all humanity.

He also disclosed plans to build a centre for the training of artisans in Abeokuta to address inadequate skill in built environment.

Builders tasked on innovative materials, construction technology

Professional builders have been urged to up their games in order to deliver quality buildings and affordable housing through a mixture of innovative building materials and construction technology.

Leading the call at the 47th Builders Conference and yearly General Meeting of Nigerian Institute of Building (NIOB) in Bauchi State, Bauchi State governor, Mohammed Abubakar, said there is need for builders to revitalize the ailing economy and fight corruption as well as reform the building industry with needed package to increase Gross Domestic Product (GDP) .

The governor, who was represented by the speaker of Bauchi State House of Assembly, Kawuwa Shehu Damina said attaining this required that builders in the industry be focused despite the present economic challenges confronting the country.

According to him, “today offers opportunity for builders to provide platform of understanding, relationship between the construction sector which account for 40 percent to 60 per cent of Gross Fixed Capital Formation (GFCF).”

NIOB President Tijani Shuiab called on the federal government and professionals in the built construction industry to take a holistic view on activity going on in the fields of construction .

The conference, he said is aimed at providing essential reading for built environment business leaders, policy makers, researchers and community influences to adopt advanced construction technology which requires an appropriate design, commitment from the whole project with suitable procurement strategies, good quality control, appropriate training and careful commissioning.

Shuiab opined that for built construction industry to grow in Nigeria , it will required advanced construction technology which cover a wide range of modern techniques and practices that encompass the latest development in materials technology, design procedures facilities management, services, structural analysis, design, and management studies.

“Incorporating advanced construction technology into practice, can increase level of quality efficiency, safety, sustainability and value for money therefore is often a conflict between tradition industry methods and innovative new practice and this is often blamed for the relatively slow rate of technology transfer with the industry”, he said.

He further outlined that the global competiveness of Nigeria’s construction industry will give concrete design and construction practices of today which is set to look into broad range of challenges faced by the performance of the materials to environment and safety issues, relating to materials and properties.

The Chairman, Marketing and Corporate Affairs Committee, Prof Y. Izam , said the institute has adopted a major resolutions, which include committed leadership, synergy between professional bodies and deliberate policies on institutional training and capacity building in the building information modeling, designers of building should utilize tourism potentials of the environment with respect to materials, culture and construction technologies.

Izam, who doubles as the second vice president of the Institute, stressed the need for a paradigm shift from conventional waste management practices to modern waste practices such as construction material recycling.

Originally published in The Guardian

Facilities Management: Why You Should Outsource

In 2011, statistics revealed that residential, industrial and commercial sectors used up 24.5% (131,000 PJ) of the world’s energy flow, with a colossal part of it wasted due to inefficiency (Business Insider).

Research has also proven that managing energy consumption and facilities in-house could deter your organization from achieving its business goals and strategic objectives.

Your facilities are part of your assets. Good management will increase its productivity, boost efficiency, ensure durability and enhance your competitive advantage.

Here are the top 3 reasons outsourcing is becoming more and more attractive by the day:

It is Cost-effective                                                      
Outsourcing will have a positive impact on your bottom line and this is definitely one of the most attractive advantages.

Industry Expertise
Hiring a professional facilities management service provider gives you the opportunity to leverage the experience these industry experts have.

Focus on Key Business
Not outsourcing your FM needs would distract your organization, especially if you are in an entirely different industry. Outsourcing this task will allow you focus on your core competencies and pursue your purpose.

Click here to see our  FM services.

 

Key global cities see prime property prices rise 4.4%

Prime property prices in key global cities increases by 4.4 per cent in the 12 months to June 2017, with Guangzhou in China recording the biggest rise at 35.6per cent, the latest index shows.

Although Guangzhou leads the rankings, the data from the Knight Frank prime global cities index also shows that all three Chinese cities tracked recorded a decline in annual growth compared with the first quarter on 2017.

Beijing recorded the largest drop, down from 22.9per cent year on year in March to 15per cent annual growth in the second quarter of 2017, the figures show.

In Toronto, a city affected by new regulation aimed at curbing buyers from overseas, the annual growth of 20.7per cent suggests a level of resilience but quarterly figures show a slowdown. Prices increased by 8.5per cent in the first quarter of 2017 but by 5.1per cent in the second quarter, according to Propertywire.

Overall, 28 of the 41 cities, some 68 per cent, recorded flat or rising luxury prices over the 12 month period and this figure has remained largely static in last two years.

According to Kate Everett-Allen, head of international residential research at Knight Frank, a more valuable an indicator is the market direction of each city. That shows that cities in Asia, Russia and the CIS account for ten of the 17 cities that have seen their rate of annual growth decline compared with last quarter.

Conversely, cities in Europe and Australasia are well represented within the group that have seen a rise in their annual rate of growth compared with last quarter. Cities such as Madrid, up 10.7per cent, Berlin up 9.7per cent, Paris up 8.8per cent, and to a degree Dublin with growth of 3.8per cent, have seen a marked increase in their annual rate of growth compared with a year ago.

“Whilst safe haven flows, Brexit and a recognition of these cities’ comparative affordability may in part be responsible so too is the recent delivery of higher grade stock in these markets,”said Everett-Allen.

Although prices in prime central London fell 6.3per cent in the 12 months to the end of June, the quarterly drop of 0.3 per ent was the lowest quarterly fall recorded since early 2016. “While there was an element of hesitation ahead of the general election on 08 June, anecdotal evidence suggests activity has been relatively healthy since this time,” she added.

Originally published in The Guardian

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