Real Estate Professionals Association of Nigeria

12/11/2021

ABOUT THAT GERRARD/ONIKOYI 360DEGREES.

Sadly, the Owner is rumored to have died in the building, (I hope not), his pains seemingly wiped out, otherwise, were he to be alive, he would discover that multi-storey apartment buildings sales has gone into the abyss immediately his building collapse occured, he would have discovered that everyone who had paid for the apartment blocks still standing would want their money back and willing to sell for lesser than they bought.

He would have seen that LABSCA is a mean beast, as attempts to demolish the entire estate would be considered, that insurance companies don't pay for disasters which could have been avoided, moreover, where an expert report on the structural integrity bring an indictment as in the instant case .

The market for now will cool off for six months and up to about six years.

Once again, low rise buildings would see a surge in demand across board with detached buildings being the darling of the market.

I foresee harshest regime of buildings regulations for high rise buildings going forward whilst unknown developers may not get approval for highrise buildings altogether, financiers too would move away from apartment block funding unless they're probably specifying the contracting and building team.

Altogether, another blow to the real estate market.

On the Valuation side for the next 24months , I would apply a 16-32% discount on apartment buildings valuation in Ikoyi. Premium may reasonably be applicable for a range of 8-15% for low rise buildings with detached buildings receiving the higher band premium.

Regulations and Regulators deserve a sweeping review.

The Commissioner for Physical Planning and Urban Development ought to find a very acceptable and socially responsible public advocacy plank immediately. In saner climes , his ass would be singed. Reason being that the certification of building integrity at construction stages lies more with the Regulators and their perception.

Right now, all high buildings are suspicious and Lagos State Materials Testing Laboratory has a very tough public trust deficit and erosion of integrity to Manage for the Physical and Urban PlanningMinistry of Lagos State.

I saw a post also indicating that government sealed the building sometime in July 2020. We need to know what transpired which resulted in it's reopening. The unsealing process has probably been weighed more in the usual Nigerian context by our Civil and Public Servants. So yes, due to this assumptive , disturbing mindset, I will apply that discount over the value of all high rise buildings in Ikoyi and environs unless and until a structural integrity test proves otherwise.

Sincerely, I recommend that midrise and highrise buildings in Lagos State be tested for structural integrity and I align with the decision of HE Babajide Sanwoolu to this effect, however, Lagos State has the largest number of midrise and highrise buildings in the Country, but the tools to effect such a decision efficiently is the issue.

Of all the states of the Federation, Lagos State has the best equipment for Emergency Response and Management, no doubt more funds need to be ploughed into Disaster Prevention.

So far, on the disaster response and management of the Gérard/Onikoyi building collapse, HE Sanwoolu is moving in the right direction.

May GOD continue to be our guide!

President REPAN

12/11/2021

TRADING BLAMES ON FOURSCORE BUILDING COLLAPSE.

The Lagos State Government and some Federal Agencies could be culpable for breach of duty of care, dereliction of the public trust and heavy billions in compensation claims by victims of the 360° Building Collapse. The identified victims being the investors in the project and the families of those who lost their lives in the building.

Have you sat back to really see who's at fault with the building collapse? At least I have identified some Federal and State Agencies who are culpable for dereliction of duty and breach of the public trust. The main culprit is however Fourscore Ltd and I doubt if the company would have enough assets to cover the compensation claims in the event that victims take out a class action lawsuit against the company and government.

We have laws in this Country that are designed to provide institutional rectitude and to protect the public trust, non of these laws was enforced by the agencies of government saddled with such responsibilities at both State and Federal levels.

Not only the families of workers on the construction site are entitled to Compensation, the Investors who also bought into the apartment blocks are also victims as LASRERA which ought to have protected investors has seemingly no focus or clue on how to regulate a real estate market.

I don't see how the government can exonerate itself from responsibility to pay compensation. A class action litigation will make these identified federal and State Agencies of government look very bad. Essentially, our nation must move forward from this calamity and use the event to prevent all such future calamities.

It is better for government to seize the moment further by expeditiously seeking ways by which it would provide compensation to the victims across board. Otherwise, if these Victims were to rally together against the government, the story will be quite bad.

It has now become extremely necessary to put in place a Real Estate Market System that works in Lagos State.

President REPAN

12/11/2021

BUS RAPID TRANSIT IN SUB-SAHARAN AFRICA: PRIVATE SECTOR FEEDBACK ABOUT FINANCIAL SUSTAINABILITY AND COMMERCIAL VIABILITY by HONGYE FANPHILIPPE and NEVESXUANYI SHENG

Over the past decade, bus rapid transit (BRT) has been regarded as an effective solution to the challenges faced in many cities in Sub-Saharan Africa (SSA) as a mass transit system with the potential to be delivered more rapidly and at relatively lower cost. However, despite the increasing interest from African governments in engaging the private sector, the mobilization of private sector capital has been slow and difficult.

A new study explores private sector hesitancy to invest in bus rapid transit in Sub-Saharan Africa and what could motivate them to take this subsector on, along with key recommendations to make these projects more attractive to private sector investment.

12/11/2021

OSINBAJO, SOUTH-WEST GOVERNORS TO HEADLINE ODU'A INVESTMENT 45TH ANNIVERSARY LECTURE

The Vice-President, Professor Yemi Osinbajo and the six South-West governors will, on Friday November 12, 2021, lead discussions at the Odu'a Investment Company Limited 45th Anniversary Commemorative Lecture.

Scheduled to hold at the Lagos Airport Hotel, Ikeja, the event which is themed, "From Regional Player to Global Powerhouse", will have its keynote address delivered by the Chairman, Governing Board, Financial Reporting Council of Nigeria, Mr. Dotun Sulaiman, MFR.

see more...

https://www.proshareng.com/news/MSME%20-%20CONFERENCE,%20EVENTS%20&%20FAIRS/Osinbajo--South-West-Governors-to-Headline-Odu-a-Investment-45th-Anniversary-Lecture/59875 #

The Vice-President, Professor Yemi Osinbajo and the six South-West governors will, on Friday November 12, 2021, lead discussions at the Odu'a Investment Company Limited 45th Anniversary Commemorative Lecture.

12/11/2021

IKOYI BUILDING COLLAPSE; A TIME TO REVISIT COMPULSORY INSURANCE

https://www.proshareng.com/news/INSURANCE/Ikoyi-Building-Collapse--a-Time-to-Revisit-Compulsory-Insurance/59858 #

Ten days ago, a high-rise block of luxury flats under construction within the Lagos metropolis collapsed. The reported death toll is forty-four (44), and several other victims with injuries are currently being treated. The survivors are unclear of the funding source for their cost of treatment and r...

12/11/2021

FG PLANS BOND ISSUANCE TO CURB GROWING HOUSING SHORTAGE

To tackle the rising housing shortage in the country, the federal government yesterday disclosed that it had concluded arrangements to float a national housing bond for real estate developers and other operators in the sector.

The Director General of the Debt Management Office (DMO),Ms. Patience Oniha, who spoke during a housing investment forum in Abuja, organised by the Ministry of Works and Housing, explained that in spite of efforts by the government to reverse the trend, it was obvious that the public sector alone cannot fund the sector.

At the event tagged: “Exploring the Option of National Housing Bond for Housing Development: Public-Private Sector Collaboration”, Oniha lamented that affordable housing remains elusive.

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Fashola insists third mainland bridge not faulty Emmanuel Addeh in Abuja To tackle the rising housing shortage in the country, the federal government yesterday disclosed that it had concluded arran…

10/03/2021

2021 Annual Registration of Membership of REPAN kicks off in earnest.
Join the fastest growing Real Estate Professionals Association in Nigeria Now!
Apply here.
https://forms.gle/VvWcqfwn6ZSageGe6

26/07/2020

Around the world, 2020 has emerged as one of the most challenging years in many of our lifetimes. In six months, the world has endured multiple challenges, including a pandemic that has spurred a global economic crisis. As societies reopen, it’s apparent that the economy in July will not be what i...

25/07/2020

Dear members,

As a mandatory drive to our membership of REPAN and the public, the Rated Agent NG movement wishes to notify agents within our networks to participate in the SALES RRPRESNTATIVE course and hold their completion certificates for an eminent requirement for registering real estate on Rated Agent NG.

* Course is free and fully sponsored.

*Certificate to be issued on completion*

* Certificate issued is a prerequisite to submit an application for Rated Agent NG.

Deadline: Ongoing

*Register at:*
https://blogs.microsoft.com/blog/2020/06/30/microsoft-launches-initiative-to-help-25-million-people-worldwide-acquire-the-digital-skills-needed-in-a-covid-19-economy/

NOTE: Other trainings exists on the initiative but only sales representatives will be considered on Rated Agent NG.

For more information or guide, contact

Admin

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Around the world, 2020 has emerged as one of the most challenging years in many of our lifetimes. In six months, the world has endured multiple challenges, including a pandemic that has spurred a global economic crisis. As societies reopen, it’s apparent that the economy in July will not be what i...

29/03/2019

FIRM UNVEILS HOUSING ACQUISITION PLAN
by Zika Bobby

Miffed by the inability of regular income earners to own a house, a Lagos-based property development company, Real Estate Finance (REFIN) Homes, has introduced a new housing acquisition plan, with a target of 250 units of affordable houses, yearly, for the low and middle income earners, without compromising quality and standard.

Speaking at a Create The Future breakfast event in Lagos, Chief Executive Officer, REFIN Homes, Olatunde Macaulay, said through its platform, a subscriber could make a monthly contribution of N100, 000 for a duration of 36 months to own a home based on capacity, specification and guide by the company in desired locations.

Macauley said REFIN Homes was established to bridge the housing gap.
“Majority of the people affected by the housing deficit are the middle and low income earners, who are constrained by finance, and this is where our strength lies.

“We’ve come up with products and solutions both in the home and land ownership categories, whereby, buyers can take possession of a property even before making full payment, albeit, we hold the documents until full payment is made.

“For instance, one of our products, ‘Own a Home Scheme’ enables our clients select a house of choice and spread the payment over 36 months and move into the house even before making total payment, while the house and documents are handed over after full payment has been made.”

“We also have an arrangement where subscribers can pay half of the amount of a property and take possession while they spread the balance over a specified period and for those who have land but don’t have the where withal to build, we also come to their aid by assisting to build on their land on agreed conditions. We are saying with as low as N9 million, you can own a quality house in a choice area in Lagos and pay with convenience. This is our own quota of simplifying home ownership for Nigerians,” he said.

The company’s Chief Operating Officer, Kazeem Owolabi, said housing is expensive because so many hidden costs are built into the actual cost of construction, which the buyer pays for at the delivery stage.

He said with favourable policies on housing delivery, the cost of building units would reduce, with homebuyers paying less.

According to him, some of the firms’ offerings also include, site and service scheme, title perfection and legal documentation for land and property owners who have legal interests in property but have not registered it with the appropriate authorities.

“Most people get their homes through incremental building. They acquire land and build at their pace. Buildings like this on the average take time like five to seven years. Prices are based on request and housing specification starts from N9 million to N55 million,” he said.

Zika Bobby Miffed by the inability of regular income earners to own a house, a Lagos-based property development company, Real Estate Finance (REFIN) Homes, has introduced a new housing acquisition plan, with a target of 250 units of affordable houses, yearly, for the low and middle income earners, w...