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Stakeholders lament absence of legacy real estate projects


Olajumoke Adenowo

Stakeholders have lamented the absence of legacy real estate projects, which will create returns on investments.

At the 2017 Fusion of Real Estate, Interior Design and Art (FREIA) conference in Lagos, organised by Luxury Villas Group, they said that legacy projects well thought out should be encouraged irrespective of the drive to recoup investments.

Expounding on the theme: “Building to create a legacy or for returns on investments”, and moderated by the founder of MOE Identity Assets, Mosun Ogunbanjo, the stakeholders stressed that the need for government to create enabling environment to attract investors

Leading the discussion on the topic, renowned architect, Olajumoke Adenowo said legacy project begin with evolution of thought and should left a lasting impact on the people.

Adenowo said while there is need to get returns on investment, legacy projects must be inculcated as a way of maintain a balance as well as protecting brands and heritage.

She regretted that they’re no enough focus on good designs in the real estate sector in relation to returns on investment.

For co-founder and managing director of Elalan Construction Company, Andrea Geday, said their development at Bourdilion street is a premium luxury development that can be termed as a legacy project.

He stressed that the iconic building primed as the tallest building in Nigeria was conceived during recession and that subscribers will have value for their investment

He stressed the land mark building will bench mark the rental market in Ikoyi and environs.

But the executive Vice Chairman of Regus in Nigeria, Ayo Akinmade, said for a building to qualified as a legacy, it should be iconic and enduring as well as being impactful

He therefore called for the listing of building to be backed by law as done in Britain to encourage legacy building in the country.

Speaking earlier on the conference, the convener and chief executive officer of Luxury Villas Group, Tommy Odama, said the event explores the dynamic relationship between real estate, interior design and art and the opportunities that come with it.

Also the keynote speaker and chief executive officer of Alpha Africa Advisors, Mustafa Chike -Obi extolled the resilience of operators in the real estate, saying they work in the most difficult circumstances all over the world

He lamented that banks are very wary about enforcing their property rights and stressed the need for all to bear the cost of evicting clients, who refused to pay their rents.

He also lamented lack of available financing for the sector saying there is a need to find a way to make it profitable for banks to lend to the mortgage houses.

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