The Lagos Housing Development Marketplace - lastest Naija news
2016 Outlook Report by Residential Auctions Company (RAC) disclosed that "the next coming months and beyond will be testing times for programmers as demand will probably be curtailed with customers cutting back on spending until a clearer image of the economy emerges to restore consumer confidence in the market.
"It is expected that many latest news of Naija
developers will tread carefully when embarking on new jobs to start and location of selection is going to be a predominant factor. Additionally to hedge risks, developers will Nigerian Dwarf Goats For Sale Ky
scale back on the size of projects they embark upon and can seek to build up small size projects that'll supply not more than three - ten units, that will immediately bring sales even in the off-strategy period consequently eliminating the incidence of idle units waiting to be sold several months after completion that may raise the cost of keeping stock."
Given the present economic atmosphere, the report jobs that only a third of the 14,415 units currently under construction will be delivered this year resulting in 4,325 units, "but unless programmers can seek alternative funding asides from the commercial banks subsequently this amount mightn't be delivered.
"Some of those developments date back to over five years and there are lots of plausible reasons for the delay in delivery, among such reasons could be an insufficient funds that will hinder the capability of the programmer to finance the advancement of the development or it may be a litigation case between parties involved. Generally it's generally unless a source of financing emerges the development will remain in limbo until a solution has been found and the former that occurs.This could potentially present
a chance for programmers to pursue "Crowd funding" that is an alternate kind of raising finance from a group of investors through an online platform and is a relatively new concept."
The research says that 62 per cent of new home units in the development will be delivered in the Lagos Island market as demonstrated above. This must not come as a surprise since the Lekki- Epe axis still has a vast part of green field sites (un-developed property) in Lagos.
"The future of this market seems pretty much complete as supply will continue to rise with demand and infrastructure is improved to bring more businesses. We cannot categorically say that Lagos Island has more green field sites than Lagos Mainland or vice-versa as there is currently no data to show or demonstrate this theory, accordinng to RAC Managing Director, Mr. Omorotimi Akinlose.
He described, "Notwithstanding the fact that Lagos Island has got the majority of new components under going development, we can't fail or overlook that some places on Lagos Mainland like; Ayobo Ipaja, Badagry and Okokomaiko additionally have vast number of components in the development, a significant effect of a few mass housing schemes established under Joint-Venture (JV) organizations and are still awaiting completion.
RAC report said: "With the ongoing rehabilitation and expansion of the Lagos-Badagry Expressway as well as the building of the Blue Line Lagos Rail Transport (LRT) mass transit transport system from the Lagos State Government (LASG), the Okokomaiko - Badagry axis part of Lagos Mainland has the possibility to emerge as the next "Lekki" of Lagos Mainland in the future in terms of the delivery of new housing units in Lagos supplied infrastructures continues to improve along this axis."This will have a directive
favorable effect on commercial activities in the positioning and will act as a catalyst to lure more residents from some other locations on Lagos Mainland to migrate. The Blue Line is a 27km urban railway line which will run to Marina from Okokomaiko. There will likewise be a Red Line that will run to Ikeja International Airport
The report revealed that below the Eko Atlantic City project, a Public-Private-Partnership (PPP) initiative involving the Lagos State Government and a private company South Energyx Nigeria Limited (a subsidiary of the Chargoury Group of Companies) under the auspices of the Federal Government of Nigeria, over 1,000 units of apartments all Naija newspapers today
of various room sizes ranging from one bedroom to four bedroom penthouses are already under construction.
Leading the bunch of those developments are Eko Pearl Towers by ESLA International. Eko Pearl Towers are high rise residential buildings to be located in the centre of Eko Atlantic City.
It will comprise of five stunning residential towers on the seaport of Eko Atlantic. The towers are; Champagne Pearl Tower, Black Pearl Tower, Indigo Pearl Tower, White Pearl Tower and Aqua Pearl Tower. In total the towers will supply only slightly over 560 apartment units with one tower fully sold out and the initial group of current news in Naija units will be delivered as
early as 2016.
Another high rise development now under construction in daily trust newspaper nigeria guardian newspaper nigeria
Eko Atlantic City is Eko Energy Tower Estate being produced by gas and oil logistics company Orlean Invest West Africa a Nigerian group with over 25 years of supplying corporate
and real estate services
. Eko Energy Estate is a premium residential neighborhood that'll cover approximately 450,000 square meters of land and will be found in the Northwestern corner of Eko Atlantic City.
The initial stage of Eko Energy Estate will consist of three high rise 20 floors residential
towers that will provide about Naija news paper
260 apartment units of varied amount of bedrooms is anticipated to be delivered by 2018 and as illustrated above.
It is projected that by the total conclusion of Eko Energy Estate there
will be 5,000 flats in 50 - 60 residential towers.
Other famous Naija news latest
residential developments now in the works in Eko Atlantic City are Lagos Sky Tower, LeReve Tower and Azuri Penisula. Website URL: