Notwithstanding the instability in the property market, a developer is cashing on the devaluation of naira to unveil new housing projects.
One of such investors is Cribs and Castles Realty, which performed a ground-breaking of its luxury apartments at Ikate area of Lekki.
The project, comprises ten units of four-bedroom terraces with boysquarters, Gym, swimming pool, barbecue hut, 24-hours light, uniform security and constant water supply.
Managing Director of Cribs and Castles, Mr. Ted Ojukwu, said the project is tailored to meet the needs of subscribers.
He stressed the need for government’s partnership with private developers to tackle housing challenges in Nigeria.
According to him, housing irrespective of class is still a challenge as the needs have not yet been met.
“This is the right time to participate in housing, hence the need for partnership with other real estate companies.
“ As stakeholders, we are determined to deliver houses in Nigeria, irrespective of the downturn of the economy, the coronavirus pandemic and other economic challenges.
“ We encourage people to invest now and take advantage of the low exchange rate of the naira,” he added.
On the issue of land titles and documentation, Ojukwu lauded the Lagos State Government for introducing a seamless process, which ensure that genuine developers build without problems.
He, however, identified funding as one of the greatest challenges in housing delivery and called for a new funding mechanism that would make developers deliver affordable houses.
Also, the Project Director, Mr. Okey Okoro, said the firm would provide quality and enduring houses to its clients.
According to him, the firm is conscious of incessant cases of building failures in Nigeria and has resorted to build right to give subscribers rest of mind.
He stressed that the firm is targeting both Nigerians in the diaspora and at home in its new luxury apartments, which goes for N75 million per unit.
