Saturday, 23rd September 2023

Provision of functional housing is the foundation of our success

By Nnamdi Nwokolo
24 February 2017   |   3:34 am
Housing is an essential component of our existence and that was why successive administrations have repeatedly said they the need of about millions of Naira to take care...

Dr. Kennedy Okonkwo

Housing is an essential component of our existence and that was why successive administrations have repeatedly said they the need of about millions of Naira to take care of the about 17 million housing deficits in the country. The implication is that we are in dire need of housing, considering that the figure is ever changing. Provision of adequate housing is a vital feature of our hope to become one of the top 20 economies in the nearest future. Not only that, creating the right environment for investment in the housing sector would no doubt serve as a lubricant and vehicle to attaining that vision, considering the sector’s potential for growth in the country.

The role of the private sector in the provision of adequate housing cannot be overemphasized as government alone will be unable to fully provide all that we need. One organization that has taken the bull by the horn is NEDCOM OAKS Properties and Development Company Limited, a real estate company that stands totally on the trust placed on it by its valued clients. The company returns this trust by continuously working to provide functional housing units that carry enduring mark of excellence and a vigorous technical team working behind the scene to ensure a timely completion of projects. The company is the prime promoters of Housing Estate Development projects in Lagos and across other Nigerian cities, conceived and developed to meet the growing market need for functional accommodation of acceptable international standards by Nigerians at home and in Diaspora.

NEDCOM OAKS properties and development company Limited has in its significant life cycle proved to be a force to be reckoned with in the real estate sector of the Nigerian economy as they have successfully completed several functional housing needs in the country. The company has continued to enjoy exceptional market acceptance and growth, which has enabled the company to establish a profitable niche market, based on its superior service and delivery styles. The bulk of their success is centered on effective project delivery and the way they handle customers as they are guided by values that are very essential to their existence. NEDCOM OAKS property portfolio includes Victoria Crest 1 and 2 which comprises of several units of apartments that have been completely sold out and 85% delivered and they hope to deliver the outstanding units by April 2017. There’s also a 4 bedroom fully detached apartment tagged Ryan court as well as Sandton Court.

The Managing Director/Chief Executive Officer of the Firm, Dr. Kennedy Okonkwo is a passionate professional who saw opportunities in the real estate industry and quickly grabbed it with both arms. In a recent chat, he emphasized that basking in the euphoria of the successes of Victoria Crest 1 and 2, the organisation has come up with a new project in 2017 tagged Victoria Crest 3. According to him “Victoria Crest 3 is a project that we hope will surpass the success of Victoria Crest 1 and 2. Apart from having all the features of Victoria Crest 1 and 2, Victoria Crest 3 is a uniquely designed project with eco-friendly features and we believe that subscribers will be able to enjoy the aesthetic values as well as have a return on their investment”. Continuing, he said “the project consists of several units of 3 and 4 bedroom terrace duplex as well as 4 bedroom semi detached duplex with a room boys quarters at an affordable premium of N32.7M, N36M and N52M respectively and some of the facilities in the estate includes; power generating sets to ensure they have uninterrupted power supply; a mini astro turf for football and a playground where children could play; an industrial borehole to provide portable drinking water; 24hours security guards” “in all, Victoria Crest 3 is an aesthetically designed luxury terrace apartments with structural integrity at an affordable premium”.

Dr. Okonkwo believes that the housing outlook in the New Year is very bright looking at the different steps the government is taking. “The year is opening out bright and the federal government has its input in the sector as they have indicated interest to invest in the social/affordable niche of the industry. With this development, a lot of real estate developers will have the opportunity of partnering with the federal government to bridge the gap in the industry. Lagos state on its own is doing a lot in the industry with LSDPC as a vehicle to deliver on the housing needs of the state. Don’t forget that work is seriously ongoing in the Eko Atlantic City and the Lagos Home Ownership Mortgage scheme are all going to have real impact in the industry.

Nwachinaemelu as he is fondly called believes that there is no better time to invest in real estate than now. Hear him, “The smart ones buy real estate and wait while others wait to buy real estate. For Nigerians in the diaspora, this is the ideal time to invest in real estate leveraging on the strength of foreign exchange. Don’t also forget that housing being an essential need of mankind will continue to make real estate the preferred investment vehicle”. “Our organisation, is poised to contribute its quota towards reducing the 17million housing deficits in the country and the foundation of our success lies in the provision of functional, innovative and affordable housing to Nigerians”.

On what the government can do differently to bridge the gap in the industry, Dr. Okonkwo said the Minister of Housing is doing a lot despite the lean resources available and the dwindling oil revenue. “I think the government should pay critical attention to construction financing, real estate financing and mortgage financing. Unfortunately, mortgage financing is practically nonexistent in this part of the world. Government should formulate policies that will encourage the financial institutions to set aside funds for mortgage and construction financing. The Government should be sincere enough in bridging the housing needs by accelerating the amendment of the land use act as this will help in reducing the housing deficit in the country. Currently we have housing deficit of about 17million and the foundation of bridging this gap is to restructure the land use act as it will accelerate housing development in the country” he concluded.