Auctioneer set for N8.9b Abuja Royal Tropicana Hotel, others

Amid high rate of foreclosures, loan defaults and stressed assets in the financial market, an Abuja-based independent real estate consultant is establishing a first-of-its-kind property auction in Nigeria to sell distressed and non-distressed assets at almost half the price of their value.

The auction market offers a chance to buy property at a low price. Reportedly, auctions are the proven and popular way of buying and selling properties in many countries such as Australia, New Zealand, UK and the US owing to their speed, certainty and simplicity.

Under the platform, Real Estate Auction Network has unveiled plans to dispose three prime property valued at N8.9 billion at half the price. The property all located in Abuja include, Royal Tropicana Hotel valued N5.5 billion, auction price N2.5 billion; and Mall valued N2.5 billion, auction price N750 million and Filling Station with shopping mall valued N850 million, auction price N350 million.

Chairman of the Auction Network, Felix Osuji, described the offer as an outstanding opportunity to own properties in the Federal Capital Territory, “Auctions like this are great opportunities for owner occupants and investors to name their price on properties with great upside potential.

“Auctions continue to be the number one asset disposition strategy for banks, corporate bodies and individuals all over the world. With registration for the auction already commenced.”

According to him, interested bidders and buyers in the auction scheduled for August 20, could view the properties by attending one of the on-site inspections scheduled from July 30 to August 6 and 13, 2016.

One of the banks involved in the auction process and a Regional Manager, Abubakar Mohammed, said: “We are using the auction to dispose these properties. This would not only provide buyers with a quick sale but also assure them of that the properties will close.”

Real Estate Auction Network is an asset acquisition and disposal organisation that have worked on auctions with banks, brokers and agents, real estate developers, individuals, REITS, Fortune 500 corporations and others.