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Knightstone delivers duplexes


Managing Director, Knightstone Properties, Adeniyi Adams

As part of its strategy to tackle the prevailing housing deficit in the country, Knightstone Properties Limited has delivered a 20-unit three bedroom terrace duplexes to Addax Petroleum Cooperative in Lagos.

Located at Rose Garden Estate, Lekki, the units are the first part of 56-housing units, the company agreed 13 months ago to build for Addax on a flexible payment plan.

While speaking at the handing over ceremony, Managing Director, Knightstone Properties, Adeniyi Adams said the company decided to focus on building houses for residential purposes because of findings, which indicated huge deficit in the affordable unit for the middle and low-income earners in the country.


Noting that many empty houses abound in highbrow areas in Lagos, Adams stated that the company decided to serve Nigerians in the low-income category due to dearth of houses for them and allow them to spread payment over a specific period of time.
He identified multiple taxation, bureaucracy, financing and mortgage facilities as some of the problems militating against housing in Nigeria.

Other problems facing the industry, he said, are instability in the polity, fluctuating exchange rate and diminished number of skilled artisans due to low remuneration and discrimination.

“If government is serious about tackling housing deficit and delivering affordable accommodation to Nigerians, it must stop paying lip service to challenges facing the sector”, he said.

To ensure adequate housing for Nigerians, Adams stated that government at all levels must ensure acquisition of land becomes ease for the citizens and streamline the process of documentation to favour property holders.

He also called on government to go into joint venture with developers to bring down the cost of land and ultimately the cost of building houses.
He however urged stakeholders to address the issue of the mortgage system in the country to cater for the informal sector noting that majority of Nigerians affected by it are limited to access it.

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