Developer urges long-term funding, unveils residential projects in Lagos

A Lagos-based property development firm, Messrs Oak Homes, has charged the government to provide long-term funding for real estate developers at low interest rate.

The firm also urged the government to consider establishing a price regulatory board for building materials for developers to effectively plan and executive projects at affordable prices for Nigerians.

The Chief Executive Officer, Oak Homes, Mr Olukayode Olusanya, made the call at the unveiling of ‘Oak residences’, a 14-units luxury residential project located in Victoria Island, Lagos. The project which started in 2020 consists of 14 family units of three bedrooms with unique features such as ample parking spaces, greenery, swimming pool, gym, good access road, constant power supply and other facilities.

The Oak residence is a world-class luxury apartment and penthouse villas. Each unit is designed with high ceilings that create an airy, expansive feel, while offering breathtaking views of the city from every floor. Penthouse residents also enjoy the added exclusivity of a private rooftop lounge and Jacuzzi, offering them a lifestyle of unparalleled luxury.

Olusanya explained that to cushion the effect of the housing deficit in the country, access to financing for developers was crucial.

He said: “The more money a developer is able to access, the more the developer can build. Developers cannot build with the current double digit interest on loans, which is about 37 per cent. There is little a developer can do when there is limited access to financing. Also, the predictability of the market is important in terms of foreign exchange rate and inflation impacts. With the current reality, anybody who is still in construction space is not doing badly especially with the high cost of materials. Iron rod is about N1.2 million, cement price is high and other materials. We are determined that irrespective of conditions, if we start a project, we will deliver it. The simultaneous commissioning of three projects; the Oak Residence in Victoria Island, Oak Mews and Hamilton Court in Lekki, Lagos demonstrate unwavering commitment to redefining luxury living in Nigeria, even amidst economic challenges.”

He added: “By navigating economic headwinds and leveraging innovative solutions, we have not only delivered homes of immense value but also set new standards that will inspire the next generation of developments. The completion of these developments signals a bright future and serves as a beacon of what can be achieved through resilience and purposeful innovation.”

Also speaking, the Executive Director, Globus bank, Nixon Iwedi, noted that the firm has demonstrated great understanding of project execution and capacity to bridge the deficit in Nigeria’s housing sector through the construction of high quality and affordable luxury projects.

He disclosed in real estate, funding, location of project and the capacity of the developer to see through various stages of completion are crucial for success, adding that Oak Homes has demonstrated the institutional track record to execute such projects and hence, the need to support its efforts.

Earlier, a subscriber to the project, Mr Abiodun Azeez, commended the firm for its commitment to transparency, high quality service and ensuring that projects are promptly delivered according to timeline in contracts.