Private developers seek capital market fund for housing

Property developers have advised the Federal Government to consider the use of existing capital market fund to kick-start massive housing development programme.

The experts, who spoke at 2019 Abuja International Housing Show, explained that when such initiative is fully operational, financial challenge, which impede construction of housing for the citizen would be a thing of the past.

Leading the call, the Managing Director, Eximia Realty, Mr. Hakeem Ogunniran said Nigerian housing sector needs funding opportunities through capital market bonds to drive sustainable finance models in Nigeria.

He argued that real estate is a financing game and utilising the market to get long-term funds should be the focus. Ogunniran said “We cannot grow the sector when a chunk of money is going back to government.”

Contributing, Olufemi Ajulo of Enarxis International, applauded government for embarking on infrastructure development, stressing that monetary policy for developers should be looked into.

“Government has done enough to bring the housing industry out of its present condition, though developers want to concentrate building of houses in Abuja and Lagos”.

On his part, the President of Real Estate Developers Association of Nigeria, Ugochukwu Chime, said there are factors that would lead to massive housing, like development code, which few states have domesticated, among other policies.

Chime stressed that the industry has a lot to offer but what needed to be done to make it works, remains a challenge to developers and homeowners, adding that operators should speak the truth at all time.

Muktar Aliyu of Urban Shelter, listed finance, land and infrastructure, as the biggest impediments,saying that should be urgently addressed.

Meanwhile an indigenous firm, Cosgrove has acquired twelve hectares of land to construct a smart estate at Maitama/Katampe, Abuja.

This makes it the fourth estate being developed in the Federal Capital Territory due to increasing demands from inhabitants seeking smart homes. The firm also plans to embark on Mabushi and Guzape smart projects.

Speaking with The Guardian at Abuja Housing Show, Marketing Executive, Ochua Umoru, said after delivering Wuye Smart Estate, the company plans to apply for land, for the construction of another housing units.

Unoru also added that progress made by the company in less than two years of operations include, the Wuye Smart Estate which consists of, over 160 smart homes, that were sold to buyers within three months.

She said the projects are signature homes that showcased the latest designs and advancements in housing technology, adding that ‘the estate would be super-smart, and would consist, about 300 housing units.

“We are offering various types such as, seven-bedroom luxury villas, five bedroom fully detached, five bedroom semi-detached, four bedroom terraces and two bedroom luxury apartments with maids room and elevators,’ she added.

Contributing, Chief Executive Officer of Cosgrove, Umar Abdullahi said that every home in the estate will be fully automated and will feature the latest innovations in housing technology.

Umar said the firm has constructed over ten estates so far pledging to continue to get the best-known brains in research that would work to provide sound ideas for implementation.