Firm targets 40,000 houses yearly, unfolds estate
An investment holding company with interest in real estate, Lifepage group plans to kick-start a housing investment fund to increase creative ways of addressing the nation’s housing deficit.
Chief Executive Officer of the firm, Mr. Oladipupo Clement, who disclosed this in a media chat, said the programme to be launched at the second quarter of the year, will address the housing problems both from the supply and demand ends.
He noted that the programme, the first of its kind in Nigeria, would target one million houses in 2041, which translates to 40,000 houses yearly.
According to him, the programme is aimed at making the real estate sector, a major contributor to the nation’s Gross Domestic Product (GDP).
Clement stressed that the programme will provide a long time funding, which will ultimately lead to cheaper fund for the growth of the real estate sector.
Regretting that the potential in the sector is still untapped, he called for the re-organization of the sector to add more value to the nation’s economy.
According to him, the unstructured real estate environment in Nigeria is not encouraging investment in the sector. He said: “the sector is plagued with several challenges, which include lack of funding and infrastructure, which has made the deficit coming more from the base of the pyramid rather than from the top of the pyramid.
“ Government should provide the infrastructure and cheap funds, while developers can come in with creative ways”, he added.
The Lifepage boss said right now, all odds are against developers as they are often forced to construct roads to their estates, stressing that roads should precede development not the other way round.
“The real estate should be organized in order to reduce employment significantly by employing more people, while subscribers will access cheaper fund”, he added.
Clement further hinted that Lifepage has introduced several innovative programmes, which include the boot camps held to train people on real estate potentials and Dubai trips as part of rewarding partners’ performance.
According to him, the innovation is to demonstrate that the real estate could offer better opportunities if well planned.
He said, the firm launched a landmark project, the Millennium Estate, Gbagada, comprising Zeder Pavillion and terrace apartments as part of the urban renewal programme of the Lagos state government.
The estate, he said, is an affordable luxury that comes with 12 units with four blocks, three in each block as well as eight units premium plots.
He stressed that the urban regeneration option was geared to meet the middle class in environment with existing infrastructures rather than going to new areas with infrastructural challenges.
The premium plots, he said, come with four bedroom duplex and studio apartments to accommodate the bigger class.
The firm is also marking its seventh year in real estate development and investments with expanse of land in Lagos, Ogun, Rivers States and Federal Capital Territory FCT, Abuja.
These include over 60 acres of land in FCT, Over 100 acres of Land in Lagos State, over 400 acres of Land in Ogun State and over 30 acres of land in River State.