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Flats for lease in Victoria Island, Lagos

Location: Victoria Island
Status: Ongoing
Type: Residential
8 units 3 bedroom flat, located at 15B Waziri Ibrahim Street, Victoria Island, Lagos for lease

• 3 bedroom (All En Suite)
• Family Lounge
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FMBN, FHA launch inter-agency panel on housing

The inter-agency committee will further boost the dream of President Muhammadu Buhari’s drive to produce more housing units for Nigerians and thereby reducing the nation’s housing deficit
An inter-agency committee to ease housing delivery for Nigerians was at the weekend inaugurated in Abuja, courtesy of a pact between the Federal Mortgage Bank of Nigeria (FMBN) and the Federal Housing Authority (FHA).

The committee came on board, as it was said that about N9 billion was required to produce 30,000 housing units target set by the committee.

According to FMBN’s Acting Managing Director, Mr. Richard Esin, the newly inaugurated initiative would generate about 2million jobs.

Esin, during the inauguration ceremony, revealed that FMBN had acknowledged and accepted the proposal by the FHA.

The collaboration, which he described as a good step in right direction, was said to cover four areas including the discounted sales of existing federal housing units, financing of medium income public servants housing units through the Estate Development Loans (EDL), low income housing mix products scheme and FMBN-FHA North east shelter intervention for NHF contributors because the region has been ravaged by insurgency.

He, however, noted that for a broader collaborative framework, FMBN proposed that the initiative be aligned in these categories: discounted sales of existing Federal Housing Authority (FHA) housing units, joint development of the national housing model in all the geo-political zones, utilisation of FHA land bank for partnership for large scale developers of new towns and districts and a special business status for FHA mortgage bank.

The MD, who was represented by the Executive Director, Loans and Mortgage Services, Charles Nyor-Ajiva observed that, no housing model presently for the country. He added that situation has affected development of houses across the country.

According to him, the committee is targeting low cost housing for mass market in order to contribute to the actualisation of President Buhari’s vision on housing of building over 1million housing units annually.

In his remarks, the Managing Director of FHA, Professor Mohammed Al-Amin noted that the agency have lands across the country, which could be utilized for the project adding that, government has a target of providing one million houses for Nigerians annually in order to bridge the housing gap in the country.

He said, “We have land across the country, except in just three states and we are doing all we can to make sure that we deliver on the task given us by the minister, which is why this inter-agency committee is being inaugurated today. We can quickly start work on the lands we have across the country as most of them are in various states of development and design.

Al-Amin stated that FHA has drawn an action plan and called on the members of the committee to key into the initiative in order to meet the yearnings of Nigerians.

Originally published in The Guardian

Lagos awards contracts for four new master plans

Towards ensuring an orderly environment in the metropolis, the Lagos State Government has awarded contracts for the development of masterplans for four new settlements, namely Kosofo in Ketu-Mile 12 environ, Oshodi-Isolo, Ikorodu and Epe.

So far, the Ministry of Physical Planning and Urban Development has completed and published six model city plans of Alimosho, Apapa, Agege/Ifako, Mainland, Ikoyi-Victoria Island, Badagry and Lekki to ensure that information about the master plans and model city plans are properly documented for the use of professionals in the built environment and the public.

Another urban development project on the front burner is the development of Katangowa Market in Agbado/Oke-Odo Local Council Development Area. The market will accommodate businesses currently operating in the Ikeja Computer Village. The market, when fully completed, would boast of world class facilities that would enhance trade at the centre.

The Commissioner for Physical Planning and Urban Development, Mr. Wasiu Anifowoshe, who revealed this last week during a ministerial press briefing to commemorate one year in office of Governor Akinwunmi Ambode, said the present administration was determined to further strengthen the physical development issues in the state.

According to the commissioner, who is also a town planner, when these master and model city plans are completed and integrated with existing development plans of other axis of the state, Lagos State would have a comprehensive master plan.

Anifowoshe said the feat is part of the pact the present administration has with residents of Lagos, assuring that, every effort was being made to ensure that physical development and development control matters were given priority.

Speaking on development control, the Commissioner said his ministry had on several occasions taken the issue of land use, spatial order, design and infrastructural proposals very seriously.

“In shaping the pattern and scope of the physical growth of Lagos State as a region, the Ministry had at various times taken into consideration spatial order, design, land use and infrastructural proposals for either immediate or future development.

“Virtually all areas of the State have had one form of development plan or the other except Kosofe, Oshodi-Isolo, Ikorodu and Epe.
these areas.”

Also, in line with the plan to within every five years review model city plan, Anifowoshe said Ikeja model city plan was already under review.
“Similarly, the operative Ikeja Model City Plan, which became operational in year 2010, is currently being prepared for review. The review is expected to be undertaken every five years.”

According to him, the review, when completed would accommodate changes that were not anticipated in the existing plan; it will optimize government resources on development with satisfying returns socially and economically.

Speaking on the state’s urban development drive, Anifowoshe said the Ministry in conjunction with its Urban Renewal Agency (LASURA) was totally committed to giving the Lagos Metropolis a befitting physical development that would enhance 24 hours socio-economic activities.

Urban-based studies have revealed the need to re-direct some economic activities that are inhibiting planning process and having negative impact on the environment, as well as rid the City of slums, hence the decision of the government to relocate the Oko-Baba Saw-millers and its ancillary services from their present location in Okobaba to Timberville in Ikosi-Ejirin LCDA of Lagos State.”
He also hinted that plans were on ground for the state government to develop regional markets in different axis of Lagos.

Originally published in The Guardian

‘Prime real estate prices moderate, but disparities widen’

Global prime residential real estate continued its steady climb in the first quarter of 2016, according to a new report by Knight Frank.

The index increased 3.6 percent, within the 3-4 percent window observed every quarter since late 2014. However, this is a result of a handful of booming markets rather than stable growth across the board, meaning the 3.6 percent number obscures the fall of some markets.

“A lack of supply, combined with strong domestic and foreign demand, has driven prices higher [in Vancouver and Australasia] in the last two years,” she said. “Both markets have seen the introduction of ‘cooling measures.’ Arguably this is having a greater impact on rates of growth in Australia than in Vancouver.”

For “Prime Global Cities Index Q1 2016,” prime residential real estate is defined as being within the top 5 percent of the wider market.

Vancouver, British Columbia, Canada continues to lead the way, with 26.3 percent in the 12 months ending March 2016. It is the fourth consecutive quarter it has had the largest 12-month growth, and it has the largest six-month percentage change and second largest three-month change as well.

Inventory remains in very low supply in the city. As a result, February’s increase from a 2 to 3 percent land transfer tax on purchases over $2 million Canadian, or about $1.55 million USD does not appear to be hurting the market.

Behind Vancouver is Shanghai, at 20.3 percent on the year and an index-leading 9.3 percent increase from December 2015 to March 2016. While Mainland China did well, with Beijing and Guangzhou also trending upward, Taipei and Hong Kong are at the bottom of the list.

Taipei has fallen 7.6 percent over the yearlong period, with Hong Kong dropping 6.4 percent. Only Moscow has had worse changes over the six- and three-month periods. However, for the third consecutive quarter, no city is coded as having a significant decrease.

Thanks to Sydney and Melbourne’s growth of 12.3 and 12.1 percent, respectively, Australasia is the strongest performing world region, helping to buoy the global index to 3.6 percent growth. This is in spite of a new fee for foreign buyers.

Originally published in The Guardian



Global real estate sales down in first quarter of 2016

Global real estate transaction volumes fell in the first quarter of this year in line with weaker market sentiment, according to the latest capital market research.

However pockets of growth were registered in some regions with expectations for 2016 activity to stay broadly in line with 2015, says the report from Jones Lang LaSalle (JLL).

Based on JLL’s preliminary data on global capital flows, real estate investment volumes in the first quarter of 2016 dropped 17 per cent year on year to US$128 billion. This compares with US$154 billion registered in the first three months of last year, which was the strongest start to a year in this current six-year cycle.

“The heightened level of volatility and risk aversion that we experienced in the first four to five weeks of 2016 have combined with what is always the quietest quarter of the year to make the results for quarter one of 2016 look quite weak,” said JLL’s global capital markets research director, David Green-Morgan.

“Nonetheless, recovery has been particularly quick, equity markets are back to early January levels and credit spreads have narrowed again. Capital remains unspent and more is likely to be deployed as we move through the year, leading us to believe that 2016 activity will be broadly in line with 2015 at around US$700 billion,” he added.

A regional breakdown shows volumes in the Americas are 16per cent lower than a year ago at US$61 billion. The US mirrored the wider regional decline with a 16per cent fall but the Canadian market bucked the trend slightly with a more moderate 3per cent decline. The Latin American markets suffered most with falls of 81per cent in Brazil and 57per cent in Mexico.

According to Propertywire report, European volumes are 20 percent lower in US dollar terms at US$46 billion with France and the UK recording the biggest falls of the major markets with 30per cent and 37per cent declines respectively. Germany performed slightly better with a 7per cent drop while, elsewhere, there were gains in the Nordics, Benelux, and CEE.

Originally published in The Guardian

Afriland Properties PLC 2016 AGM: Shareholders Laud Directors Performance

Photos: Afriland’s 2016 Annual General Meeting

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Afriland Properties PLC Records N1.73B PBT in 2015; Increases operating Income by 44%

Afriland Properties Plc. has announced an operating income of N2.3 billion for the year ended December 31, 2015, representing 44 percent increase compared to the corresponding period of 2014. This was declared at the Company’s recently held 3rd Annual General Meeting.

During the meeting which took place at the Banquet Hall of Lagoon Restaurant, the Board of Directors and the Management also declared a total dividend payment of N499.6M translating to 40 kobo per ordinary share.

The Company’s total assets increased to N15.3 billion from N8.2 billion during the period under review representing 87 percent increase.

Afriland Properties Plc. achieved a profit before tax (PBT) of N1.72 Billion for the financial year ended December 31, 2015. This is 1 percent lower when compared to N1.74 Billion for the year ended December 31, 2014. Profit after tax (PAT) attributable to the Company was N1.15 billion, which is 24 percent below the position of N1.51 billion for the year ended 31 December, 2014.

While addressing the shareholders, the Managing Director/Chief Executive Officer, Afriland properties Plc, Mrs. Uzo Oshogwe stated that “Despite the economic headwinds during the financial year under review, we successfully kept the Company on a strong, stable trajectory and delivered a solid performance. The results in the fiscal year 2015 were possible due to “Effectiveness and Efficiency in the way we work and our ability to deliver excellent and innovative real estate solutions to our client. The reduction in profit over prior year resulted from the diminution in the value of the Company’s share investment and the increase in the level of tax provision.”

In her remarks, the Chairman of Afriland Properties, Erelu Angela Adebayo said “The 44 percent increase in our operating income is attributable to the increased level of activities in project directorate and project management, increased rental income and re-valuation gains on investment properties. We will continue to strike a good balance between our obligations of rewarding shareholders and the need to retain earnings to finance future reinvestments in the Company’s operations.”


Prime office rents fall in Lagos as real estate market sobers up

Recent developments in Nigerian economy are impacting heavily on the real estate sector, weighing down business and causing capital flight, says a new report released last week. But the situation has caused decline in office rents as developers are finding it hard to find premier tenants to occupy buildings.A few years of spirited efforts to rise above the dumps may be petering out for Nigeria’s real estate sector, which appears to have slipped into low ebb, courtesy of recent monetary and fiscal policies that have precipitated a gradual slowing down of business transactions.

A new report released last week confirmed the development and for the first time in recent years, the effect has been evident in the Lagos office market with demand for space dropping off.

Essentially, international firms have been cutting down on staff numbers as country’s currency weakened against the dollar and other major currencies due to the fall in global oil crude oil prices.

This has caused a decline in office rents from an average of $1,000 square metres to $800 sq.m as developers are finding it hard to find premier tenants to occupy buildings with occupancy rates remaining low in several new office buildings.

Over the years, developers along the axis have seen office buildings as lucrative business as rents are traditionally quoted in dollar on a sq.m basis for foreign firms. Rents in this market segment can range from an average of $850 sq.m – $1,100 sq.m which is quite astronomical and very few local firms can afford.

Due to the recent rapid devaluation of the country’s currency, rents can now be paid in the naira equivalent as agreed in the lease agreement between the tenant and the developer.

The report by Lagos-based real estate research company – Residential Auctions Company (RAC) on Lagos Island Office Construction Market Report 2016, noted that despite the success the market enjoyed in 2015 with regards to supply of new office buildings, the new stringent economic policies targeting corruption have affected business activities across all sectors and slowed economic growth.

Despite the current lull in the sector, the Lagos Island office market development pipeline remains strong with several office and mixed-use buildings still under-construction and set for delivery in 2016 and 2017.

It estimates show that about 150,000 sq.m of office and mixed-use development space in the Lagos Island office market are under development.
“We estimate that Victoria Island has the largest market share of purpose-built office buildings at 79per cent, which supplies an estimated 336,615 sq.m of office space, which makes-up for 79per cent of purpose-built office spaces. Victoria Island also has 67per cent of mixed-use development buildings on the market, which supplies an estimated 31,742 sq.m of mixed-use space, which makes up for 64per cent of mixed-used space in the market. Victoria Island in total has an estimated 368,357 sq.m of office and mixed-use space, which gives it a market share of 78per cent.

Similarly, we estimate that Ikoyi has 13per cent market share of purpose-built buildings, which supplies an estimated 79,523 sq.m of office space, which makes up for 18per cent of purpose-built office spaces. Subsequently, Ikoyi has 33per cent of mixed-use developments on the market, which supplies an estimated 18,000 sq.m of mixed-used space in the market, which makes up for 36per cent of mixed-used space in the market.

In total, Ikoyi supplies an estimated 97,523sq.m of office and mixed-use space, which gives it a market share of 14per cent.
The managing Director, RAC, Mr. Omorotimi Akinlose said: “the 2015 was a remarkable year for the Lagos Island office market.”

A total of 109,916 sq.m of purpose-built office and mixed-use space were supplied to the market. The sudden increase in the supply of office space triggered a rents to rise as developers were in competition for top tenants to occupy the new office buildings in the market which had unique features and built to high standards.

Over this period, Victoria Island supplied 53,912 sq.m of purpose-built office space which makes up 64 per cent of office space supplied into the market and it has a market share for new purpose-built office buildings.

70%. Regarding mixed-use space, it supplied an estimated 17,404 sq.m of mixed-use space into the market which makes up 69% of mixed-use space and has a market share of 67% for new mixed-use buildings.

Originally published in The Guardian

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