paving stones -...

1December, 2017www.excellentpropertymag.com bulletin

LUXURY&

B E S T

SECURITY DOORS

PAVING STONES

(Interior and Exterior)

Call /Whatsapp on081-6903-2676080-3487-8750

DOORSLuxury security, external and internal doorsof different heights and widthsPAVING/INTERLOCKING STONESFor highway, Runway,Driveway/ Walkway.For residential and real estate developmentDESIGNS- I-shape ans S-shape COLOURS- Various colours such as black, grey, red and brown

Office Addresskm42, Lekki Epe ExpresswaySangotedo( by Corner B/stopIbeju-Lekki, Lagos Statewww.larpoloniang.com

For more information, contact [email protected], [email protected]

www.larpoloniang.com

Affordableprices

For Sale

2 December, 2017 www.excellentpropertymag.com bulletin

New CONCORDEhotel

ADDRESSImo concord hotel off portharcourt road PMB 2761,Owerri, Imo state.FOR RESERVATION, CALL070-6248-6720, 080-5466-2683Email: [email protected] or visit our website www.imoconcordehotels.com

FACILITIES AVAILABLEBusinessClassic RestrauntNight ClubOlympic sized swimming pool

NBA Standard basketball courtGym courtStandard tennis courtConcorde village

Sam Mbakwe hall(1000 sitting capacity)Owelle hall (350 sitting capacity)Concorde board room

NowOpen

3December, 2017www.excellentpropertymag.com CONTENTS

HOT LINES: 07039767429,09026875008

budget properties

property investment

foreign property

property guide

property finance

property news

Badagry, Ikorodu Land Prices See Slow Growth In 2017!

What do Celebs Look for When Shopping for a New Home?

Germany named most favoured commercial property market

11

20

21

LAGOS OFFICE: SUTIE B35 MAYFAIR GARDEN

SHOPPING COMPLEX, AWOYAYA, IBEJU LEKKI, LAGOS

STATE.

OWERRI OFFICE: MUNICIPAL PLAZA MCC ROAD

OWERRI, IMO STATE.

ENUGU OFFICE: SHOP B3&4, UNEGBE PLAZA

TIMBER MARKET. PLOT 553 NIKE LAKE ROAD,

ENUGU STATE.

ABUJA OFFICE: SUITE FF1, BUSY MART PLAZA,

JABI ABUJA, FCT.

OUR OFFICES:

OUR COVERAGE LAGOS

IBADAN ABEOKUTA

ABUJA P/HARCOURT

ASABAEBONYI ENUGUOWERRI

MAKURDIONITSHA

ABIAUYO

CALABAR

Dear Esteemed Reader,

Kindly note that EXCELLENT PROPERTY MAGAZINE is only an advertising platform for Real Estate Products and Services. We therefore advise that you make proper ver-ification and carry out all necessary due diligence before consummating a transaction as we shall not be liable for any fraudulent contract.

Please, LET THE BUYER BEWARE!!!

Thanks Management.

CAVEAT EMPTOR!!!

How To Run A Functional Mortgage System In Nigeria

Ajimobi Increase Housing Loans To Oyo Workers By 100%

Ambode’s Okokomaiko To Seme Border Road Plan Delight Property Investors

Understanding The Word ‘Gazette’ In Lagos Land Transactions!

Important Facts About A Deed Of Assignment In Land Transaction!

22

23celebrity homes

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4 December, 2017 bulletinwww.excellentpropertymag.com


LAGOSSALESVICTORIA ISLAND1. A Fenced parcel of land located at a corner piece measuring

2200sqm at Ahmadu Bello way beside Silver bird gallery. Price: N670Million. Title C of O

BANANA ISLAND1. 19unitsof4bedroomterracehouseon4floorswith2BQ,am-

ple parking space in ocean parade road in Banana Island. Price: N180Million asking.

LEKKI RIGHT (ONIRU)1. 2 units of 4 bedrooms semi-detached duplex with 2 rooms Bq

each,Kitchen+Store,Spaciouscarpark.Prices:N175Millioneach (asking)

2. 9unitsof4bedroomssemi-detachedhousewithfittedkitchen,all rooms ensuite. Price: N80 Million asking.

LEKKI PHASE 11. 5unitsofFullyFurnishedandservice3bedroomluxuryflat

withfittedkitchen,TV,Cctv,Dstv,internet,StandbyGenerator,SwimmingPool,Boyquarter,Recreationpoint,Childrenplayarea,Settee,Dinningset,Cutleries,refrigerator,GasCooker,Microwaveandallroomfittedwithairconditioners.Price:N60Mil-lion Each. Title: C of O.

2. 4unitsof4bedroomterraceswitharoomBQeach,swimmingpool,fittedkitchen,ampleparkingspace.Price:N125Million

3. Tastefullybuilt7bedroomduplexwith2bedroomBQ,fittedkitchen,moderninteriorfitting,suspendedspeakersandampleparking space. Price: N400 Million. Title: C of O.

4. ALuxury5bedroomfullydetachedduplexwith2roomsBQ,fittedkitchenandampleparkingspace.Price:N290million.Title:C of O.

5. A4bedroomsemi-detachedhousewithfittedkitchen,allroomEnsuite,aroomBQandampleparkingspace.Price:N150Mil-lion.

6. 5bedroomsfullydetachedduplex,2roomsbq,allroomsensuite,centralsoundsystem,CCTVcameras&Inverterpannel@Providence axis. Price: N210Million asking.

7. Aspacious5bedroomsfullydetachedduplex,2roomsbq,swimmingpool,[email protected]:N220Million asking

8. 4bedroomSemi-detachedduplexwith2roomsBq,Kitchen,allroomsensuit,@OmorinreJohnsonaxis.Price:N170Million.

9. A nicely completed 4bedrooms semi-detached duplex with a roombq,Jacuzzi,allroomsensuite,fittedkitchen,[email protected]:N75Millionasking.

10. 24unitsof3bedroomsflatswitharoombqeach,swimmingpool,2bigJMGgenerators,2bigsurfacepumpingmachines,Transformer,2gatehouses&averyspaciouscompound@Ikate. Price: N1.080Billion asking.

11. Afullyfinished3unitsof5bedroomsdetachedduplexwith2roomsbqeach,fittedkitchen,visitorstoilet,ampleparkingspace. Price: N220 Million.

CHEVY VIEW ESTATE1. Tastefullyfinished5bedroomsdetachedwitharoomBQand

fittedkitchen.Price:N75MillionTitle:CofO2. Tastefullyfinished4unitsof4bedroomsemi-detachedhouse

withfittedkitchenandaroomBQeach.Price:N65million.Title:C of O

JAKANDE1. 2units’5bedroomsemi-detachedhousewithBQandafitted

kitchen.Title:CofOPrice:N65Million.2. Anexpanseoflandabout8hectares@Victoryparkestate.

Price: N80 Million/ plot asking.

AGUNGI1. 2nosof4bedroomtastefullyfinishedduplex+1roomBQat-

tachedtoeach,Price:N40million2. Aplotoflandmeasuring750sqmoppositeFriendscolonyin

Agungi. Price:N60Million3. Averynice2&3bedroomflats.Price:N25MillionandN30Mil-

lion.

OSAPA - LONDON1. Tastefullyfinished5bedroomduplexwitharoomBQandample

parking space. Price: N70 million per wing2. Exceptionalfinishedduplexof4bedroomwitharoomBQ,fitted

kitchenandampleparkingspace.Price:N75millionperwing3. 6unitsof4&5bedroomdetachedhousewitharoomBQ,fitted

kitchenandampleparkingspace.Price:N65&75each

IDADO TOWN• Newlyfinished4bedroomssemi-detachedduplex,1roomBq,

Fittedkitchen,allroomsinsuites,watertreatmentplant.Price:N45Million.

CHARLTON GATE ESTATE:• 5bedroomdetachedduplex,with1roomBQ,ampleparking

spaces,spaciouscompound,fittedkitchen,Balcony.Price:N260Million asking.

IKOTA1. Tastefullyfinished2nosof4bedroomsemi-detachedhouse

withfullyfittedkitchen,aroomBQandampleparkingspace.Price:N47millionaskingTitle:Governor’sconsent

2. 5bedroomdetachedhousewitharoomBq,fittedkitchenandampleparkingspace.Price:N62million,Title:DeedofAssign-ment.

3. 4bedroomsemi-detachedhousewitharoomBQandampleparkingspace.Price:N45million,Title:DeedofAssignment.

4. 4 bedroom semi-detached with a room bq and ample parking spaceinAtlanticEstate.Price:N45Million.

5. 3bedroombungalowwithspaciouscompoundinanicearea.Price: N26Million

6. An expanse of land about 1 hectare along Lekki/ Epe express way. Price: Call.

VGC1. Fullyfurnished6bedroomsdetachedduplex,2roomsBq,all

roomsensuites,fittedkitchen,andSpaciousParkingspaceupto 10 cars conveniently. Price: N200 Million asking.

ABRAHAM ADESANYA.1. 2 plots of land. Price: N17 Million each asking

IBEJU-LEKKI / ISHERI1. 6 Plots of land located on a strategic location. Price: N6 Million

per plot.2. Aparceloflandmeasuring723sqm2atBlock46,Plot12Isheri

North.Title:ElectronicCofO.Price:N150million.

FARMVIEW ESTATE (SANGOTEDO).1. Fullyfinished3unitsof4bedroomsterracehouse.Price:

N35Millioneach

MAINLAND SALES1. 6bedroomduplexallEnsuite,ampleparkingspace.Price:N-

45million.Title:CofO.2. 7bedroomdetachedhouseallEnsuite,ampleparkingspace+

a2rooms,BQ.Price:N50Million.Title:CofO.

OGBA.1. 3bayindustrialwarehouseswithanofficeblockontwofloors.

Landsize:7562sqm.Title:LagosStateCertificateofOccupan-cy. Price: N1.6 Billion asking.

IKEJA1. Anice4bedroomsfullydetachedhouse,maturedgarden,

4roomsbq,2bedroomsguestchalet,swimmingpool&Lawntenniscourton3562sqmland.Price:N750millionasking

LETTING.LEKKI PHASE 11. Tastefullyfinishedandfullyfurnished3bedroomluxuryflatwith

fullyfittedkitchen,swimmingpool,gazebo,aroomBQandam-pleparkingspace.Rent:N3.5million/annum.S/C:N1.8milliondeposit.

2. [email protected]:N3Million.

3. 3bedroomsservicedflat,Kitchen,[email protected]:N2.8million

4. Easily accessible open shop in service mall with ample parking space.RentrangesfromN1.5million-N3.4million.Servicecharge:N600kperannum@Admiraltyway

5. 3unitsofminiflatandampleparkingspace.Rent:N1.5millionper each

6. Ablockofflats;2nos2bedroomsflats,allroomsensuitePrices:N2.5Millionasking

3nos1bedroomself-contain,allroomsensuite.Price:N1Millionasking

4nos1bedroom+parlorself-contain,allroomensuite.Price:N1.5Millionasking.

7.Anice3bedroomdetachedhouse,2sittingroomallroomsensuit,spaciouscompound@MarwaaxisPrice:N3Million(Foreigner preferred).

8.Ablockof10flatsofvarioussizesforofficepurpose@FolaOsi-boaxis.Pricerange:N1.5Million,N1.9MillionN2.8Million.

9.4bedroomssemi-detachedduplexwithspaciouscompound@Oladimeji Alo axis. Price: N4Million asking.

10. Fullyfinished5bedroomsduplex+1roombqonfirstand2ndfloorsand3bedroomsflatongroundfloor@Ikate.Prices:N4Million&N2.5MillionP/A(SingleTenant=N6Million)

11. Aspacious5bedroomsdetachedduplex,allroomsensuite,fittedkitchen,visitorstoilet,[email protected]:N5Million

LEKKI RIGHT (ONIRU)1. Anice2no2bedroomsflatsandaroom+pallorself-content@

T.FKuboyeaxis.Prices:N2.5m&N1.2m

VICTORIA ISLAND1. 2unitsof5bedroomsemi-detachedapartmentwithaBQand

amplespace:Rent:N5Millioneach

SANGOTEDO1. 2unitsof3bedroomflat:Rent:N800,000eachP/A

ADDO & BADORE1. 4units3bedroomflatwithampleparkingspace:Rent:

N800,000&750,000P/A

MAINLAND1.VarioussizesofofficespacesatTheLordReignethPlaza,Apa-

pa.Rent:N450,000–N2mP/A.2.2unitsof5bedroomduplexwitharoombqandampleparking

space.Rent:N2.5mperannum.3.8unitsof3bedroomand4unitsof2bedroomflatallrooms

[email protected]:N800K&500KP/A.

EGBEDA1.3bedroomsflat,visitor’stoilet,kitchenavailableinablockof6no

[email protected]:N500,000P/A,asking

ABUJASALESASOKORO1. A Fully completed 4 bedrooms Terrace houses with a room

bqeach,convenientparkingspace,penthouse,gascooker,extra-largegascylinder,Airconditioner,washingmachine,Microwave,fridgeetc.Price:N130Millionasking

2. Afullyfinished3unitsof4and5bedroomsterracewithspaciousparkingspaces.Price:N250millionandN300million.

PRINCEANDPRINCESS2NDGATE.1. 5bedroomfullydetachedduplex,2BQwith,fittedkitchen,spa-

ciousparkingspace.Price:N130MillionAsking.

GAMES VILLAGE1. A4bedroomdetachedduplex,3roomsBqwithexcellentfacili-

ties.Price:N65Millionasking.

KADO 1. TastefullyFinished3Unitsof4bedroomsDuplexand1unitof

5bedroomsDuplex.Price:N1.2Billionasking

AREA 2 GARKI ABUJA1. 4bedroom Terrace duplex for sale with excellent facilities. Price:

N80 Million asking.

GUZAPE1. A spacious 14units of 4bedrooms Terrace house with 1 room bq

each. Price: N120 million each.

KARU1. Awellfinished6bedroomsfullydetachedduplex.Price:

N300Millionasking.

LETTINGGWARIMPA1. Anicefinished4bedroomsfullydetachedduplexwith2rooms

bq.Price:N3.5Million

JABI1. Aspacious4bedroomsflat,allroomsensuite.Price:N3.5Million

For enquiries on the above listed properties, please contact: LETTING (LEKKI AXIS): 08053696307, 08053696311, 08159193954, 08053696300.

SALES (LEKKI & IKOYI AXIS): 08159193954, 08053696300, 08053696311.SALES & LETTING (IKOYI & MAINLAND): 08053696310, 08053696307, 08159193954, 08053696300.

SALES AND LETTING (ABUJA): 08053696323, 08053696300, 08053696311.


FOR SALE – V/ISLAND1.Ablockof6flatsof3-BR+BqatMarinhoDrive,on

1,167m2LandCert.N750M2.2unitsofD/HatA.JMarinhoDriveV/IN450Mper

unit3.2,000m2atWatercooperationDrive,OniruN250M4.Landappr.1,160m2atRafiajiTinubuStr.N160M5.3,000m2alongCityofDavidRd,N200,000/sqm6.3-BRonhighrise1004V.I70m7.5-BRDetachedHouse+2roomsbqonBraimo

KenkuStr.N350M8.A6-BRDetachedHouse+3roomsbqoffLigali

AyorindeN350M9.HighRiseBuildingof16floorsatAdetokunboAde-

molaStr.$30M10.6-BRDetachedHouse+bqonSamuelAdedoyin

Str.N300M11.(a)3-BRflatN65M(b)4-BRDet.terraceN135Mat

OrisaStoffPalaceRd,Oniru12.3,800m2atLigaliAyorindeStr.V/IN1.6Bn13.36,000m2AmaduBellowayV/I$80M14.4-BRTerrace+2sittingrooms+1BqatIhuntayi

OniruN125M15.12(nos)3-BRflats+2(nos)4-BRpent/Hat

YusufuAbiodunStr.OniruN850M

IKOYI/BANANA ISLAND1.2nos4-BRDuplexonBodeOlajumokeCrescent,

Parkview N260M2.3,500m2onAlexanderRd,FedC.ofO.N1.25Bn3.2,000m2ZoneMFedC.ofO.N600M(approved

forHighrise)4.10,700m2onCornerRumens/BourdillonRd,Fed

C.ofO.LagReg&appN5.5Bn5.W/Fplots(a)5,200m2sandfilledplot2withem-

bankmentLag.Reg.N1.3Bn(b)4000m2N1Bn(c)2,500m2N600M6.1500m2onAcaciaDrive,OsbornePhase2N330M7. 880m2 on Olagunsoye Oyinlola Str Abacha Estate

N250M8.600m2W/Fat2J77offNasarawaStrBanana

IslandN230M

LEKKI 1. 2700m2 facing Lekki Epe Expressway Ikate Ele-

gushiC.ofO.N350M2. 600m2 Lekki 1 Blk 140 Plot 6 C. of O. N70M3.7Hectares(70,000m2)atElegushibyworldOil,

Glob.C.ofO.130k/sqm4.PlotsoflandatPeriwinkleEstate,LekkiPhase1

formixeddevelopment500m2,5.6plotsbehindthe38plots(BehindRubyEvent

Center,C.ofO.N300M6.13HectaresatMaiyegunC.ofO50k/sqm(b)80

Hect.EkoAketeN50kpersqm7.10,000m2besideSilverbirdatJakandeGov.Cons.

N60k per sqm8.20,000m2Chevronalt.Rd,Gov.Cons.N2.5Bn9.40,000m2Chevronalt.Rd,Gov.Cons.N550M/

Hectare10.4plotsoflandatBeachResortestateN80k/sqm(a)908m2=N73M(b)902m2=N73M(c)897m2=N72M

(d)897m2=N72M11.A3-BRDuplexstructureon1800m2atIkotaVilla

Estate,Gov.Cons.N130M12.4nos5-BRDup1rmbqeachObaTijaniAkinloye

St.OralEst,IkotaN60M/unit13.650m2(1plot)atOralEstateSurveyCofO.

N37M14.2plotstogether,newconservationRd,nearChev-

ronGazzeteN30Mperplot15.4plotsonOrchidRd,opp.EleganzabyTollplaza

Lekki,Gov.Cons.N40M/plot16.Landmeasuring2,000m2atTwinLakeEstate,

ChevronN250M17. 680m2 bare land at opposite Estate playing

groundRoyalGardenEstateN55M18.FullyD/DuplexatRoyalGardenEstateN75M19.FullyD/DuplexatOlumegbonCrescentRoyal

GardenEstateN80M20.5-BRfullyD/HouseatRoyalGardenEstate

N120M21.5-BRfullyD/HouseatPrivateEstateOlukolaoff

JubririAminuN45M22.7-BRSemiD/H+5-BRSemiD/H2wingsat

ThomasEstate,Deed/Assgt.N75M23.6-BRDetachedhouse+3-BRbqlargeground

SangotedoN150M/acres24.17Hect.landbehindGreenspringSchool&Co-

scharis Motors C. of O. N6M p/p25.7,412m2alongAdo-BadoreRd,Lekki/AjahGov.

Con.N300M26.3-BRbungalowon650m2atLamgbasa/Ajah,

Deed&SurveyN15M27.669.770m2atOguntayoVillage,EputuTown,Rgd.

DeedN10M(asking)28.744.798m2atAddo-BadoreRd,AjahSurveyExci-

sion N12M (asking)29.2,066.312m2atAlabekoVillageOgombo,Regd.

Survey) N7M per plot30.5plotsatOke-IraNlaofAdo-AjahRd,N3Mper

plot31.2plotsatOke–IraKekereAdoAjahRd,Regd

DeedN20M(asking)

MAINLAND1.2nos4-BRtownhouses(allroomsensuite)2

sittingrooms/study1roombqatAdenijiStr.Off

WemcoRdoppCountyHospitalOgbaN55M/unit2.750m2W/Hwith300m2twostoryofficeblockon

2400m2onoregunRdN450M3.1024m2fencedplotoflandoffOregunRd,behind

ElizadeN120M4.3(nos)4-BRDup.on950m2byNikkyAfricana,off

AllenAvenue,IkejaN320M5.2(nos)4-BRDuplexesonAdebayoSolankeStr,

OffAllenAvenueN80Meach6. (a)IsheriNorth663m2cornerpieceplotatBlock

84plot36ChannelsTVRd,(N10M)(b)688.58m2atBlock54plot53(N8M)

7.LandedpropertyMeasuring21,000m2atObaAkranAvenue,N60M

8.7,840.22m2landatAdeniyiJonesAvenueN2Bnasking

APAPA1.6,000m2oflandedpropertyatCreekRd,ithas

factory&officeaccomm.N900M

EPE: 1.500acresatEpewithGazette/ExcisionN3Mper

acre2.300acresoflandatEpeRegisteredSurveyN4.8M

per acre

ADAMAWA STATE - Farm land for sale 100HectatGokra,GireiAdamawaState.9func-

tionalfishponds(approximately1Hecteach),withnaturallyflowingboreholewater-N200M(negotia-ble)

EDO STATE Hectaresoffarmland(a)Igieduma-Uhumwode/Be-

nin(b)UtokaoffSilokoRdOviaNorthEastL.G.A(c) Oloten before Abudu Title: Family Survey

1.50plotsof100×100feet(5hect)Benin-AbujaRd,UhunwodeL.G.AN400kp/p

2.2,787plotsof100ftby100ftwithinBeninforinvest-mentN300,000perplot

3.AbuildingatUgbighokoQuarters,BeninCityN20M

ABUJA (1)Plot177about750m2N7M(2)Plot180600m2

N6M(3)Plot180A600m2N6MallC.ofO.inGba-zangoNorth

(4)7-BRDuplexatmainMaitamaC.ofO.N1Bn(5)6-BRDuplexwithswimmingpoolatAsokoroC.of

O.N300M(6)22Hectares(220plots)atKujeC.ofO.N450M

PROPERTIES FOR SALE LAGOS ISLANDFOR JOINT VENTURE AND TO LET

visit website: www.osagimachambers.org

OSAGIMA CHAMBERS (LAGOS) ABUJA OFFICE BENIN OFFICE: 27AkinnagbeStr.Addo-Ajah. ShopA12FCDA 33,NewLagosRd,BeninCity.Tel:08085403754, ShoppingComplexKubwa.Abuja.F.C.T. 0805596403909080423910. 08033482548,08079775828. 08091737728, E-Mail:[email protected]:www.osagimachambers.org.

Our recent finding have shown that unlike the pre-vious five to ten years, land prices in the two most ac-

tive outskirt locations of Lagos (Iko-rodu and Badagry) saw slow growths in the year 2017. While pundits at-tributed the situation in Ikorodu to growing security concerns in the area, those of Badagry were linked to the failure of government to fulfill on its promises.

Over the last five years, land pric-es in Ikorodu and Badagry have seen consistently 50% to 70% rise annual-ly and in some years up to 100%. For example, between January and De-cember 2016, land prices in the main parts of Ikorodu rose from between N2million-N3million to N3.5mil-lion-N4million, while in outskirt ar-eas like Agbowa, Imota and Ogijo prices moved from between N700k-million-N1million to N1.5million. In Badagry, the situation was the same in 2016. In more accessible areas like Mowo, Aradagun, Mosafejo, Ibere-ko and Ajara, average land prices rose from between N500K-N700k to N1million-N1.5million.

However, over the course of 2017, the trend seem to have slowed down. In easily accessible or main parts of Ikorodu land prices which stood at between N3.5million-N4million have

remained the same way or by a little margin of N200k and 500K. In the outskirt locations prices stayed the way they were at the beginning of the year. Also, in Badagry, land pric-es only moved by marginal values of between N100k-N200k and in some cases, the prices remained stagnant.

On the reason for the slow growth of prices in Ikorodu, pundits say the tensed security situation over the course of the year did not help mat-ters. “The Badoo Killing affected the demand for land in Ikorodu” says Babajide Odusanwo a real estate developer. It was really difficult to convince people to come and buy land in Ikorodu. Everyone was scared of the Badoo situation. You know se-curity of lives and properties is always at the heart of all real estate invest-ments. The Ikorodu property market suffered badly from the high level of insecurity and it was extremely bad”, Odunsanwo says.

“Now that the situation is under control and Badoo seems to have been tamed, we are hoping that there will be renewed confidence and high demand for Ikorodu properties. 2018 should be better than 2017 if the level of security that we have now is sustained. The local vigilantes are also helping and we as developers and real estate players in the area are

hopeful for a better 2018”, he added. Ajagun Pentho a real estate agent

in Badagry says the hype about the Badagry property market was based on the promise by the Lagos State Government to complete the first phase of the Lagos-Badagry Express-way expansion and mono rail lines. “The work has seen little progress and a lot of people who had hitherto

hoped that the government was go-ing to meet the timeline for the com-pletion of the first phase of the pro-ject were extremely disappointed. Now the road is now so bad. It is even more difficult to ply the road now. That has significantly reduced the demand for properties in Badagry”, Pentho says.

“We are hopeful. We believe things will pick-up again. We tell people not to wait and that this is the time to move into Badagry. The road will be completed one day and smart inves-tors know they do not have to wait for the project to be completed. 2018 will be better now that it seems the contractors on the road have started serious work again”, he added.

11December, 2017www.excellentpropertymag.com budget properties

Badagry, Ikorodu Land Prices See Slow Growth In 2017!

We are hopeful. We believe things will pick-up again. We tell people not to wait and that this is the time to move into Badagry. The road will be completed one day and smart investors know they do not have to wait for the project to be completed. 2018 will be better now that it seems the contrac-tors on the road have started serious work again

Now that the situation is under control and Badoo seems to have been tamed, we are hoping that there will be renewed confidence and high demand for Ikorodu properties. 2018 should be better than 2017 if the level of security that we have now is sustained. The local vigilantes are also helping and we as developers and real es-tate players in the area are hopeful for a better 2018

20 December, 2017 www.excellentpropertymag.com celebrity homes

What do Celebs Look for When Shopping for a New Home?Celebrities think nothing of dropping a few million bucks on a new home. For them, it’s the equivalent of shopping for a designer purse or prestige car. Since they probably own a few homes already, there is less of an emotional investment in the process. Nevertheless, there are a few features that all celebs look for when shopping for real estate.

Privacy and SecurityTop of the list is privacy and security. Celebrity buyers are not going to snap up a palatial home in Martha’s Vineyard or a condo on Venice Beach un-less it comes with an extremely high level of secu-rity. Many celebs buy homes in gated communities where security is high and access is restricted. This reduces the possibility of a deranged stalker or am-bitious paparazzo gaining access to their home.

Whilst a high-security perimeter is essential, a home also needs to be protected from curious neighbors and paparazzi with zoom lenses. Moun-tainside locations are popular, especially if the property is higher than every other home on the block. The higher you are, the more difficult it is to be overlooked.

Beach homes with a secure stretch of private beach are another popular choice, as are high-se-curity penthouse apartments in a prestigious neighborhood.

Lastly, if none of the above works, high walls, and dense foliage are just as efficient at keeping out prying eyes.

Luxurious DécorLuxury is not optional. Celebs have money to spend, so they expect the best of everything, from acres of Italian marble and designer furniture to indoor pools and hundreds of guest bedrooms. Celebrities don’t design their own homes. Instead, they hire a professional interior designer with good taste. A celebrity home has to be suitable for a magazine photo spread at a moment’s notice.

Showcase KitchenThe kitchen is the heart of a home and for celeb-rities it is no different. Whilst many of them hire a Galor personal and private chef to prepare their organic, low fat, gluten-free vegan meals each day, they still want a beautiful designer kitchen be-cause it looks great in their Instagram photos. As with most things celebrity-related, the larger the kitchen is, the more desirable it will be.

Outdoor DiningAn outdoor dining area is a must-have feature. You or I might be happy with a BBQ, but a celebrity will expect a full-fitted outdoor dining kitchen with an inbuilt barbecue area, refrigerator, and ample seat-ing for friends.

Swimming PoolAll celebrities love swimming pools, even if they hate the water. Lounging next to a beautiful heat-ed pool is an essential angle for any body-con-scious social media celebrity. One pool is essential, but two pools – one indoors and one outside – is even better.

Great ViewsA great view is desirable and money always buys the best views. Celebrities are willing to pay a pre-mium for an ocean front property or mountainside location because the views are always stunning, whatever the season.

21December, 2017www.excellentpropertymag.com foreign property

Germany named most favoured commercial property market

Overseas property in-vestors are less inter-ested in British com-mercial real estate

with the latest research show-ing that Germany is currently the favoured market.

Some 33% of investors are looking to Germany but the UK is still in second place with 27%, followed by 17% for the Unit-ed States and 15% for France, according to the latest com-mercial property investment barometer from BrickVest.

It is the first time that Ger-many has come top and the re-search also shows that overall, the average investor risk ap-petite for commercial proper-ty increased to 52% from 48% last year

The UK saw a drop from 33% to 31% in the third quarter of 2017 and from 32% in the same barome-ter 12 months ago. Some 17% selected the US, a slight 1% increase from 12 months ago, while there was no change for France year on year.

The Barometer also revealed that UK, French, German and US investors are now less favourable towards the UK since last year. Some 45% of British inves-tors, 21% of American, 19% of French and 18% of German investors said they favour the UK this quarter, a decrease from last year across the board from 46%, 26%, 28% and 21% respectively.

According to BrickVest’s investors, the average risk appetite for commer-

cial real estate continues to rise to 52% from 49% last quarter and from 48% this time last year, meaning a sentiment shift from low to balanced risk.

German investor risk appetite increased significantly from 50% last year to 62% while the US saw an increase to 54% from 47% in the third quarter of 2016. UK in-vestor risk appetite also increased from 46% to 47%. However in France, average risk appetite de-creased significantly from 62% to 45%.

BrickVest’s Barometer also showed that the investment ob-jective for the majority, some 55%, of its online investors is capi-tal growth compared to 33% who said income.

‘Investor risk appetite contin-ues to rise as commercial real es-

tate offers opportunities, especially in the form of debt like investments which offer good risk adjusted returns in a volatile market environment,’ said Emma-nuel Lumineau, chief executive officer of BrickVest.

BrickVest is the only pan-European online real estate solution platform that allows its community of investors to invest directly and actively manage their investment in institutional grade commercial real estate investment oppor-tunities. BrickVest also offers proptech and regtech corporate services to real estate developers.

22 December, 2017 www.excellentpropertymag.com property guide

Before the Land-Use Act in 1978 was enact-ed, Traditional families who had so much land power under their control benefited from taking pleasure over all the rights giv-

en to them as land owners. Because of this me-ga-power they wielded over their land, they gave out land to individuals under a tenancy system for them to use the land either for fishing or farming while they still maintained control over the por-tion of the land given to such individuals.

It wasn’t until the creation of Lagos Executive Development Board in the 1950s that individuals where now able to acquire land from the board directly in exchange for a sum of money instead of going to meet the traditional families to ob-tain land. This led to the Traditional Families now splitting their lands to keep some for the family use and others for sale to individuals directly to compete with the Lagos Executive Development.

This system still made the Traditional Families total top dogs in exercising exclusive rights with lands they chose to sell and the ones they chose to keep. This eventually led to the birth of land speculation in Nigeria because lands were very expensive to purchase and difficult to obtain. Be-cause of this and other ancillary reasons, it finally led to the promulgation of the Land Use Decree on the 28th of March, 1978 that vested all lands in every state of the Federation under the control of the State Governors. People could now directly obtain land from the Governor and the Governor could allocate land to the individual or Compa-nies inquiring about land and issue Certificate of Occupancy to the people it has allocated land to.

The Land Use Act coupled with other laws made it possible for the Governor who was now the owner of all lands in the state to actually have the power to acquire more lands compulsorily for its own public purpose to provide Amenities for the greater good of the citizens. The Acquisition of land from the Family by the Governor who is now the custodian of all lands in the state was now empowered by the Land Use Act to take the general control and management of all URBAN land and any area designated as an Urban area by the Governor shall be published in an Official Government Record book known as the Gazette.

Any area, community or village the Governor designates as an Urban Area is an Acquired land and the rest of the land it has not Acquired may be given back to the community it was acquired from in the form of an Excision. So in a nutshell an Excision means basically taking a part from a whole and that part that has been excised, will be recorded and documented in the official govern-ment gazette of that state.

So now that we know that a Gazette is an Of-ficial record book where all special government details are spelt out, detailed and recorded, we would now focus on Special Gazettes that deal with Land purposes only and its features.

A gazette will show the communities or villag-es that have been granted excision and the num-ber of acres or hectares of land that the govern-ment has given to them. It is within those excised acres or hectares that the traditional family is enti-tled to sell its lands to the public and not anything

outside those hectares of land given or excised to them. If they decide to sell anything outside the excised land, then that land is under acquisition by the government and it is not a totally safe land to buy.

Special features of a Gazette shows that the first page of a Gazette must have the following unless it is a dubious or fake Gazette: the Logo of the Country and the inscription of the title (LAGOS

STATE OF NIGERIA OFFICIAL GAZETTE) and under-neath it must have the Number, Volume, Page, Date and the Location it was signed into law e.g No 26 in pages 200 to 291, Volume 87 dated 14th of August 2011 and have the contents of the list of the Villages, Settlements and parcels of land ex-cised back to the community.

The Inner pages will also show the following: the description of the Area or Village excised, b. the number of Acres or Hectares of land excised to the Village, where the boundaries of the beacons start and stop as well as the page the description of the Village excised is.

A Gazette is a very powerful instrument the community owns and can replace a Certificate of Occupancy to grant title to the Villagers. A com-munity owning a gazette can only sell lands to an individual within those lands that have been ex-cised to them and the community or family head of that land has the right to sign your documents for you if you purchase lands within those excised acres or hectares of land. If the government based on some reasons best known to them decides to revoke or acquire your land, you will be entitled to compensation as long as it’s within the Excised lands given to that community.

The best way to know whether a land is under acquisition or has an excision that has been cov-ered by a Gazette is to get a surveyor to chart the site and take it to the surveyor general’s office to do a land information to confirm whether it falls within the gazette and spell out which particular location it can be found.

Understanding The Word ‘Gazette’ In Lagos Land Transactions!

Important Facts About A Deed Of Assignment In Land Transaction!

A Gazette is the most bastardized word Land Sellers have peddled around to Purchasers. It is also the most confusing document that non-land experts may have likely heard of and know absolutely nothing about. They neither know what it looks like nor understand why it is one of the most important document you must be connected to. Now before we talk about what a Gazette is, we have to Know what an Excision is and how they are both connected.

One of the most mentioned documents by parties to a landed proper-ty transaction is a Deed of Assignment. However as important as this document is to any landed property transaction, there are people who still don’t understand what a Deed of Assignment is and why it is one of the most important documents to show that a property has been sold to them other than a receipt. This article explains in details all the im-portant things you need to know about a Deed of Assignment in Land Transaction.

23December, 2017www.excellentpropertymag.com property guide

It’s baffling that everyone seems to have the title documents to their cars showing who the seller was and how it was transferred from

the Seller of that car to them the new owner but when it comes to landed properties which are in reality more valuable than cars, they fail to ask for this one simple important doc-ument that can prove ownership to that land; A DEED OF ASSIGNMENT. So what basically is a Deed of Assign-ment?

A Deed of Assignment is simply an agreement between the seller of a land or property and a buyer of that land or property showing evi-dence that the seller has transferred all his rights, his title, his interest and ownership of that land to the person that has just bought land.

The Deed of Assignment acts a main document between the buyer and seller to show proof of owner-ship in favour of the seller. The per-son or Seller who transfers his rights or interests in that property is usually called the Assignor and the person who receives such right or interest from the Seller is called the Assignee.

A Deed of Assignment therefore is an Agreement where an assign-or states his promise that from the date of the assignment or any date stipulated therein, the assignor as-signs his ownership in that Land to the assignee. The deed contains very pertinent information for a real es-tate transaction. For one, it spells out the date when the ownership of the property transfers from one owner to the other. The deed also gives a specific description of the proper-ty that is included in the transfer of ownership.

In most situations, when the Deed of Assignment has been ex-changed between both parties, it has to be recorded in the land regis-try to show legal proof that the land has exchanged hands and the public should be aware of the transaction. Such recorded Deed of Assignment come in the form of either a Gover-nor’s Consent or Registered Convey-ance. The Deed of Assignment spells out the key issues in the transaction between the Seller and the Buyer so that there won’t be any confusion or assumption after the property has been transferred to the new owner. Such Key issues includes first and foremost the Parties’ to the Agree-ment e.g between Mr. A and Mrs. K and also the addresses of both par-

ties and how it is binding on their successors, friends, colleagues and those representing them in any ca-pacity.

The Deed of Assignment also shows the history of the land in question; how it was first obtained down to the moment it is about to be sold including documents it pre-viously had till the point when it is now being resold. The agreed cost of the land and the willingness of the seller to finally accept that price paid for the land as well as the description and size of the land to be transferred will be clearly stated.

The covenants or promises both parties choose to undertake to per-fect the transfer of the document, the signature of the parties to the Assignment and Witnesses to the Transaction and finally the section for the Commissioner of Oaths or Governors Consent to sign and val-idate the agreement will all be indi-cated and presented clearly in the Deed of Assignment.

These are the important features of a Deed of Assignment and must be included in all Documents for it to be valid. It is important to mention

that you don’t listen to any Omonile who tells you he doesn’t or the fami-ly doesn’t sign a Deed of Assignment and that it is only a receipt you need. Such Omoonile is only looking for a way to resell your land to another person and to use receipt as a ploy to

prevent you from establishing true ownership of your land. It is advisa-ble that you always consult a prop-erty lawyer before you buy a land to help prepare a Deed of Assignment. It will be your greatest mistake if you don’t have one.

HERE A PHYSICAL FEATURES THAT YOU WILL FIND ON A DEED OF ASSIGNMENT * The cover of the Deed of Assignment must show the

parties to the transaction and the description of the land sold.

* ThefirstpageoftheDeedofAssignmentmustcontainthe parties to the transaction and the brief history of how the land became the Sellers property.

* The third page must contain the description of the land to be sold, the surveyor that did it, the cost of the land, the acceptance of the cost of the land and the promises both parties will make to themselves to abide with after the deal has been sealed.

* The last page must show the signatures of the parties andthewitnessestothattransactionandfinallythesection for the commissioner of oaths to endorse or the Governor to assent his consent to this transaction

The Deed of Assignment also shows the history of the land in question; how it was first obtained down to the moment it is about to be sold including documents it previously had till the point when it is now being resold.

24 December, 2017 www.excellentpropertymag.com property finance

How To Run A Functional Mortgage System In Nigeria*Quant Capitals Limited Boss, WALE GOMEZ

Why is Mortgage not working in Nigeria as it does in other developed parts of the world?Funding is the major to problem to running an efficient mortgage system in Nigeria. In advance climes, there is a plate of funds that is available for mortgages and that is through what is called a Real Estate Investment Trust Scheme (REITS). RE-ITS has three areas, you have the Equity REITS, the Mortgage REITS and the Hybrid REITS which is a combination of the two. Mortgage REITS has the quantum of funds that could be used for mortgag-es and they are perpetual in nature. What I mean is that there are so many lifelines. As one mortgage is taken, another mortgage is taking-off. It goes in a cycle. So if I have any company and I have a REITS, I can go to another company, buy their own port-folio and release my own funds to them at a dis-count. The National Housing Fund (NHF) and the Federal Mortgage Bank of Nigeria (FMBN) work in unison through the Primary Mortgage Institutions (PMI) and if you have invested in it for six months, you will be eligible to have access to a mortgage. Now, let me tell you how Mortgages work. When you approach the PMI, they build a portfolio for you and take it to the FMBN to finance, while they would have had their mortgage set up. So the Federal Mortgage Bank takes it up. The problem with this structure is that the FMBN itself has limit-ed funds and from my last research, there are lots of defaults in payments running into billions of Naira and if they don’t have money to refinance, the PMIs would have their monies trapped and so what most of the PMIs have been doing is going for short term mortgages that they can recoup as fast as possible. Whereas if they have a secondary outlet that they can refinance through like REITS, it would have been easier for them to recycle those funds and give others the money. That is the basic reason why mortgages are not working in Nige-ria. There is no recycle of mortgage disposal. The problem is majorly about refinancing.

The maximum amount that can be accessed through the NHF is N15million which really can-not buy a decent home. Don’t you see that as a problem?Yes it is also a challenge but the reason why they put the N15million cap is to give room for more people to be able to access the funds. But it is con-strained because as at the time they created the NHF in 2007, N15million was reasonably ok, but we are now in 2017 and there has been inflation. There is now a need to have an inflation adjusted upper limit for it to make sense. So if they decide to up it to N30million, it will be ok and then anoth-er problem will set in. There will be a new problem of payback. How many persons can afford a mort-gage of N30million based on the average income levels of ordinary Nigerians? How many persons will be able to pay back? If you look at the under-writing metrics for mortgages, the maximum an-yone who earns N500k a month can buy should not be more than N10million. The income levels of Nigerians are really low and that is a major prob-lem. The Labour Union for example is asking for N50k minimum wage, to achieve that it means the current minimum wage of N18K would have to be adjusted up by almost four times. It ultimately

means that whoever is earning N500k wage now would have to be earning N2million monthly, and in reality the income level of N2million monthly will only be able to buy a mortgage of N30mil-lion. Look, the solution to this particular problem is to have what is called a NO INCOME, NO ASSET MORTGAGE STRUCTURE (NINA). The idea is that if we want to do an underwriting the way it should be done, most Nigerians will not qualify. So since the culture in Nigeria is that which in which peo-ple don’t want their homes taken away from them; under NINA a husband and wife who earn N500k and N300K monthly respectively, can be adjusted to qualify for a mortgage. So when you start build-ing the NINA metrics, what it does is that whatever a person says he or she is earning is what is ac-cepted; you don’t need to verify it. All you do is to tell them to drop a 10% down payment as against 30%, so if they default on their mortgage you have the 10% back up. Also you will request that they have a 3months upfront payment. So when you are closing, there must be a clause which says that “my property is subject to foreclosure without re-course to the courts, should a default happens af-ter a second month. That is the solution here.

Let’s go a bit practical. How does REITS work with Mortgages? There is no real difference between REITS Mort-gage and Equity Mortgage. The only difference is that while one is geared towards rental income, the other in geared towards mortgage income. The equity is geared towards rental income and mortgage is geared towards mortgage income. So REITS work by getting a mandate from a compa-ny. REITS itself is a company, so you get a mandate from subscribers who say I want you to set-up a REITS for me, then you go to the Security and Ex-change Commission for approval, then you pick

your Trustees (Board of Directors), you pick Fund Managers and then also pick the people that will ensure that the Mortgages are running as they should. REITS is a collective investment scheme. So at the end of every year, there is always a fund for distribution, after all expenses have been tak-ing care of, what is left is shared amongst inves-tors. The beauty of Mortgage REITS is that you can dispose of it by selling your own share. You can also use it as a Collateral to get a loan. Look, Ni-gerians all over the world are looking for where to put their money. There is no Nigerian abroad that is not thinking about investing in a portfolio back home if there is guarantee that their money is secured since it is tied to a mortgage. But there is also a problem here. The Land Use Act. In ad-vance climes, there is nothing like a Land Use Act. We need to expunge the Land Use Act from our laws. For foreclosure reasons, you have to make sure that from the onset, every single mortgage in a portfolio have a release clause so you don’t have to be doing a back and forth in court.

You have just mentioned the Land Use Act as a problem. Many real estate practitioners also fin-ger this particular law as being one of the big-gest obstacle to the growth of the sector. How does the Land Use Act really hamper Mortgage REITS? Let us go back into the history of the Land Use Act. It was created in the 70s to assist States and Gover-nors get easy access to land for major projects. In the case of Mortgage foreclosure, as a result of the Land Use Act, you will be needing permission from the government to foreclose and that is a problem. So like I said earlier, the way to do it is to sign a dis-closure that say if you don’t pay in three months, you can foreclose without the courts. Look, for Mortgages REITS to work here, we have to first clear all legal and legislative ambiguities. Nigeria have always been a sleeping giant. Remember that before the telecommunications sector picked up here, South Africa already had a solid telecoms sector but when Nigeria started, South African in-vestors started running down here. I believe that when Mortgage REITS takes-off effectively here in Nigeria, many investors all around the world will be jumping at it. It is a big market waiting to be explored.

Interest rates is also another problem not only to Mortgages but all types of bank loans in Ni-geria. Why can’t we achieve the single digit just like in other developed parts of the world? The cost of funds here are high. Most of the loans you have here in Nigeria even on real estate are high. A friend of mine wanted to get a house for N30million recently, they were asking him to pay 30% for 5years. For me, that is not Mortgage. The beauty of Mortgage REITS is that it comes to op-erators at zero cost, because you are investing in a pool of funds so it can be given easily at single digit. It breaks down the cost of funding real estate and mortgages.

So why is REITS not working in Nigeria? The issue is that the people that wrote the laws about REITS in Nigeria went to pick the idea from 25

Mr. Wale Gomez is a renowned Mortgage and Real Estate Investment Practitioner with demonstrated years of experience in the United Kingdom and the United State of America. He is currently the MD/CEO of Quant Capitals Limited and Quant Properties Limited. I sat down with him recently to talk about how we can run a functional mortgage system in Nigeria.

25December, 2017www.excellentpropertymag.com property investment

Ambode’s Okokomaiko To Seme Border Road Plan Delight Property Investors

Property Investors in the Badagry axis of Lagos State have expressed delight at a recent hint by the Lagos State

Governor, Akinwunmi Ambode that the State is ready to partner with any investor to take up the second phase of the Lagos-Badagry Express-way Ten Lane Road Project. While expressing the readiness of the State Government to partner with any in-vestor willing to key into his admin-istration’s massive infrastructural re-newal drive in critical sectors, saying such would be a win-win situation for the overall benefit of the people, Governor Ambode at a recent inter-active session with members of the business community and informal sector, said public private partner-ship was critical to accelerate devel-opment, and that the government is open to collaborate with interested investors.

For instance, Governor Ambode said the State Government would be willing to partner with any investor interested in taking up the second phase of the Mile 2 to Seme Border ten-lane road project. He said: “At the moment, work is already ongo-ing from Eric More to Okokomaiko but we are willing to partner with any investor interested in taking up the construction of the second phase which is ten-lane road from Okoko-maiko to Seme Border. “If we are able to achieve that, it will open up and transform the western axis, especial-ly Badagry forever, and the project will also complement the massive projects being undertaken in the axis,” the Governor said.

It will be recalled that Ambode sometime last year had assured residents that the ongoing La-gos-Badagry Expressway Expansion project would be completed before the end of 2019. The Governor while speaking shortly after embarking on extensive inspection of ongoing projects, said the project was a ma-jor economic catalyst for Lagos and therefore his administration was to-tally committed to seeing it through. He also recalled that his visit to Denmark was to finalise plans with APM Terminals to fast-track the com-

mencement of work on the $2.6bil-lion Badagry Deep Sea Port saying it was important for the road network to be completed within schedule to accommodate the anticipated in-crease in economic activities within the axis.

Explaining the progress of work done so far on the road at that time, the General Manager of Chinese Civil Engineering Construction Company (CCECC), South West, Mr. Guan Shuai, said extensive work had been done on three Flyovers and Interchange Bridges in Alaba, Agboju and Alakija. He noted that the challenge of relo-cating pipes and cables belonging to the Nigeria National Petroleum Corporation (NNPC) which hitherto slowed down the project had been resolved through the intervention of Governor Ambode.

Meanwhile, property investors in the Badagry axis are already feel-ing buoyed by the plan of the Gov-ernment to not only complete the first and second phase of the La-gos-Badagry Expressway Project but the plan to immediately take-up the

third phase with a willing investor from Okokomaiko to Seme Border. “Honourable Abel Sonayon the CEO of PACDES Global Resources; a real estate investment company with a number of Estates in Badagry says the real impact of the project cannot be felt until the road project gets to Seme Border. “Areas where investors can really get large expanse of land for meaningful real estate develop-ment are located in the main parts of Badagry Town and not in the already densely populated areas like Mile 2 and Okokomaiko. For real estate investors to really benefit from the project and also for the Lagos State Government to drive the Badagry Property Market effectively, the road must be extended to Seme Border”, Honourable Sonayon says. He added that most of the other landmark pro-jects slated for Badagry like the Deep Sea Port and International Tourism Hub are also in the main towns of Badagry and it would not be wise not to have decent roads networks to their locations.

John Hunsu, a real estate agent in

the axis says, beyond real estate, the commercial and investment pros-pects of having a decent and well expanded road to the main border of Nigeria to many other West African neighbours cannot be overempha-sized. “A lot commercial activities in Lagos State from many of the other West African Countries are ham-pered by the poor state of the road. Stopping the project in Okokomaiko will not change the current scenario completely and so it is only wise that the Lagos State Government ensures that the road project gets to Seme Border”, Hunsu said.

24

the wrong places; UK and South Africa. We need to go to the masters of REITS which is the Unit-ed States of America. They are the biggest REITS operators in the world. Title is also key to suc-cessful operations of REITS. We need to set-up a Title Company in the states so that transactions can be easily tracked, traced and monitored. We don’t have a perfect title structure in Nigeria and that is also a problem. We are already on the verge of forming what is to be known as the NIGERIAN ASSOCIATION OF MORTGAGE OPERATORS. The as-sociation will be training people on the standard

ways to run mortgage.

Beyond Mortgages and REITS, the high cost of homes is an issue that has hindered the ability of Nigerians to becoming home owners. How do you think we can bring down the cost of homes? The solution is to encourage Economies of Scale when homes or estates are being constructed. There is what is known as Construction to Per-manent Finance System. What that means is that a Construction Bank is set-up to give real estate developers short term loan at maximum of let’s

say 3%. So if as a developer, I have a plot that can take 50units, all I need to do is to approach the Construction Bank get what it takes to deliver the homes and start the construction all at once. It will push down the cost of materials and even the logistics. What we do here is build homes unit by unit as money comes to the developers and that naturally pushes the cost of the homes up. We have to do all we can to encourage economies of scale in the construction of our homes and prices will reasonably come down.

A lot commer-cial activities in Lagos State from many of the other West African Countries are hampered by the poor state of the road. Stopping the project in Okokomai-ko will not change the current scenario completely and so it is only wise that the Lagos State Government ensures that the road project gets to Seme Border


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MAINLAND3 – BDRM Flat for office Accommodation @ Gbaja Street, Surulere- N1.2m pa.Purposed Built Kitchen on Ground Floor @ Gbaja Street, Surulere – N1.5m pa. 3 – BDRM Flats @ Fubara Allison Close, Off Igando – LASU Road, Akesan, Alimisho – N350, 000.00 pa / Flat.LAND AVAILABLE FOR JOINT VENTUREPlot of Land measuring 1429sqm @ IKota Villa, off Lekki – Epe Expressway, by Mega Chicken - CALLProperty ideal for Redevelopment on land measuring 900sqm @Mende Maryland, Lagos. - CALL

AVAILABLE FOR LONG LEASEBLOCK OF 4 NOS. 3 – BDRM FLAT @ HUGHES AVAENUE, OFF HERBERT MA-CAULAY WAY, YABA, LAGOS. – N7.5m pa.

PLOTS OF LAND AVAILABLE FOR SALE.LAGOS ISLANDIKOYIWater Front Land measuring 5,104sqm @ Oyinkan Abayomi Drive, Ikoyi – N2.5bCHEVRON AXIS, LEKKIWater (Lake) Front Land measuring 1000sqm @ CHEVRON TWIN LAKE ESTATE, CHEVRON ROUNDABOUT, LEKKI – N220mNon-Water Front Land measuring 978 sqm @ CHEVRON TWIN LAKE ESTATE, CHEVRON ROUNDABOUT, LEKKI, - N170m

AGUNGI / OSAPA LONDON, LEKKIPlot of Land measuring 4200sqm & Sand Filled by Pinock Beach Estate, Lekki – N350m

NORTHERN FORESHORE ESTATE, LEKKI20,000sqm Already Sand filled behind CHEVRON – N130k / sqm.10 Nos. Developers Plots measuring from 3200sqm - 4000sqm @ NORTHERN FORESHORE ESTATE – N110k / sqmVGC, LEKKI 2 /AJAH/ABIJO GRA & ENVIRONPlot of Land measuring 946 sqm @ Melrose Estate, By VGC - N75mPlot of Land measuring 650sqm @ Orange Island, Lekki – N110mPlot of Land measuring 791sqm @ Peace Garden Estate, By Crown Estate, Lekki – N40mPlot of Land measuring 800sqm @ Block 14, Ajayi Akpata Estate, By Crown Estate, Lekki – N20mPlot of Land measuring 51,710m2 @ Eko Akate Estate, Ibeju – Lekki, - N1.5b.6 Nos. Plots measuring 4345sqm (Fully Fenced with gate) @ BOGIJE VILLAGE, IBEJU LEKKI – N40m

LAGOS MAINLAND. IKEJAOne (1) Acre Land @ Oregun Road, Ikeja – N600mBEACHLAND ESTATE, APAPA2 Nos. Plots of Land measuring 934.07sqm each (side by side) @ Beachland Es-tate, Apapa – N85m / PLOT.Plot of Land measuring 511.2sqm @ Ladipo Oluwole Street, Apapa GRA – 40mPlot of Land measuring 782sqm @ Ladipo Oluwole Street, Apapa GRA – N50m

OTHER PARTS OF THE COUNTRYIBADAN – OYO STATEIndustrial Land measuring 2.376 Acres @ Lagelu Estate Scheme, Ibadan, Oyo State. – N30mFarm Land measuring 100 ACRES of land @ Adegbola Along Sokoto – Badagry Road, Wasinmi Area, Iseyin Local Govt. Oyo State – N60m

ABUJAPlot of Land measuring 443.97sqm @ KARSHI, Cadastral Zone E02, Abuja - CALL

CONTACT:

EKINE & ASSOCIATESSUITE 404, 4TH FLOOR, NEC BUILDING

1, ENGINEERING CLOSE, VICTORIA ISLAND, LAGOS.TEL: 01-4533902, 08023078145, 08069587477, 07067754090.

EMAIL: [email protected], [email protected]: www.ekineassociates.com

Twitter: @Boma65 Instagram: bomaekine

27December, 2017www.excellentpropertymag.com property news

Governor Abiola Ajimobi of Oyo State has increased housing loans to civil serv-ants by 100% so as to make

housing affordable and easily acces-sible for workers in the state. Isaac Omodewu, the State Commissioner for Lands, Housing and Survey made this disclosure at a recently held min-isterial briefing held in Ibadan.

In the briefing which was initiated by the State Government to acquaint the people with government’s activ-ities, Omodewu revealed that, work-ers in the state at all levels, who ac-cess from N400, 000 to N1million as housing loan before will now be able to access from N800, 000 to N2mil-lion.

He urged interested workers to visit the ministry for the information regarding the housing loan, saying that workers who met the stipulated requirements could access the loan in a week.

The Commissioner also urged the people of the state to take advantage of the Certificate of Occupancy (C of O) issued by the government at N120, 000 within 60 days to per-fect title documents on their properties. He affirmed that the N120, 000 C of O to be processed in 60 days will run for three months under the state government’s initiative tagged `Home Owner Charter Pro-gramme’. “The N120, 000 for the C of O includes Application Fee, Sur-vey Plan, Building Plan, Tax Clearance, Administrative Fee, Registration and Stamp Duty”, he says.

Meanwhile, Mr. Omodewu through a press statement made avail-able to the press by the Commissioner for Information, Culture and Tourism in the State, Mr. Toye Arulogun just last week reiterated that the state government has moved from analogue Certificates of Oc-cupancy to electronic ones for efficiency and technological advance-ment while also disclosing that about 245 Electronic Certificates of Oc-cupancy (C of O) are ready for collection at the State Ministry of Land, Housing and Survey.

He stated that the electronic C of O has security features and en-crypted security code which is unique to the owner, adding that the picture of title holder would appear on it with the survey plan of the land printed at the back of the certificate in order to prevent fraudu-lent productions. Omodewu urged the members of the public to take advantage of the electronic of C of O to have proper title documents, noting that this protect land owners from land grabbers.

In a related development the Oyo State Government also an-nounced the immediate dismissal of all ad-hoc staff at various State Town Planning Offices in the state. Director-General, Bureau of Phys-ical Planning and Development Control in the State, Tpl. Waheed Gbadamosi stated that the all ad-hoc staff were issuing fake receipts and bank tellers to defraud unsuspecting members of the public, as well as posing as Town Planning Officers at the various Town Planning Offices in the state.

He explained that after the Bureau got a tip off about the circula-tion of fake receipts and Bank Tellers by these unscrupulous people, it delegated some officials to carry out investigations on the matter which eventually led to the arrest of one of the culprits. Gbadamosi explained that the government has therefore given a directive that all ad-hoc staff at various State Town Planning Offices to vacate the premises, stating that they will be arrested and handed over to the Law Enforcement Agents if they don’t.

Ajimobi Increase Housing Loans To Oyo Workers By 100%*Releases over 200 Electronic C of Os

The N120, 000 for the C of O includes Application Fee, Survey Plan, Building Plan, Tax Clearance, Administrative Fee, Registration and Stamp Duty

30 December, 2017 www.excellentpropertymag.com property tourism

As part of plans to transform Marina and the Onikan re-gion into a hub for tourism and recreational activity, La-

gos State Government has started the remodelling the John K (JK) Ran-dle Arcade into a recreation/tourism center dubbed the JK Randle Centre for Yoruba Culture and History. After being demolished in Q3:2016, the Lagos State Government announced the renovation of the center as well as the development of museums, cultural theatres and heritage centers under the tourism segment of the proposed budget.

Lagos based architects Si.Sa es-tablished their concept for the design of the property on the idea of libera-tion; the weave as an inconspicuous but visible facet of Yoruba existence and the South West, which is made up of forests and plains.

Construction Kaiser Limited (CKL), who have significant experience in the development of bank branches and industrial schemes, were ap-pointed as the main contractor to the project in September 2017. The center is located at the loop of the Onikan roundabout and covers an area of approximately 11,000 square.

It is expected to not only reflect the culture and tradition of the Yoruba’s and contemporary African Art, it is designed to bring about first class sporting, relaxation and social activ-ities.

Chief Joseph Kosoniola Randle (1909 - 1956) was a Nigerian busi-nessman and socialite from Lagos. He was Cheif de Mission of the Ni-gerian Olympic team to Melbourne and was connected to various public activities in Lagos. Chief Randle was a social crusader and philanthropist who started the Nigerian arm of the

Anti-Tuberculosis Society, a member of the Lagos Town Council but his politics discouraged extreme nation-alism and was a sportsman.

He was born on July 28, 1909, his father was John K. Randle, a medical doctor and his mother came from the Aguda side of Lagos. He was educat-ed at CMS Grammar School, Lagos and King’s College, Lagos. In college, he loved playing football cricket and was a member and first captain of Zik’s Athletic club. Born to a well to do father but when his father died, much of his estate was left elsewhere

for philanthropic purposes. At the time of his father’s death, Randle was in the senior year of King’s College and his dream of attending a univer-sity became financial infeasible. He worked for a brief period as a junior clerk with the treasury department, in the same office with Adeniji Adele. Randle later moved to Ilesha to try his luck in gold mining. He was not suc-cessful in the mining business and returned to Lagos and engaged in trade, contract and business promo-tion where he earned some income. He held the title of Lisa of Lagos giv-en to him by Oba Adeniji Adele and was a founding member and later chairman of the Island club. He was a sports enthusiast who was vice pres-ident of the Nigerian Olympic and British Empire and Commonwealth Games Association and a trustee of the proposed National Stadium. Ran-dle was the Cheif de Mission of the Nigerian Olympic team to the 1956 Summer Olympics. He was awarded the medal of Victorian Order. He took ill on his flight from Melbourne and later died at the Lagos General Hospi-tal in December, 1956. He was chair-man of the Lagos Race Club in 1956.

LASG & The JK Randle Centre Tourism Hub Project!