Real Estate News

The concessionaire, New Festac Development Company limited has said that the land reclamation and infrastructural development of the second phase of the FESTAC Town is expected to cost N401bn. The company’s spokesperson, Mr. Uche Edeani, said the preliminary stage would cost about N100.25bn ($500m), while the main construction work would be done at the rate of N300.75bn ($1.5bn). He said ...

Worried by incessant building collapse in the country, the Federal Government has concluded plans to review the National Building Code (NBC) as part of measure to end the menace. Speaking on the NBC, the Minister of Lands, Housing and Urban Development, Mrs. Akon Eyakenyi, said that serious moves were being made to curb the menace of building collapse in the ...

In its bid to encourage the private sector to assist in reducing the nation’s huge housing deficit, the Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with BASAP Ventures International Limited/JS Neoplans and Artemis Angel Global Limited. The agreement will usher in a total of 15,000 low cost housing units which is expected to cost $1.5 billion ...

Two people, a man and a woman have been arraigned at the Federal High Court in Enugu State for property fraud up to the tune of N58 million. Adaobi Ofoma Chuke and Chief James Ofoma are facing a four-count charge bordering on conspiracy and obtaining properties by false pretence. The offences allegedly date back to 2010. The accused pair however ...

As faster, smarter and affordable mobile phones continue to saturate the Nigerian market, real estate developers and professionals are gradually shifting attention to mobile technology for marketing in order to reach a wider population for their products (houses). From iPhone to iPad, Blackberry and other smart phones, real estate developers and agents have been caught in the web of mobile ...

The Nigerian Institution Estate Surveyors and Valuers (NIESV) will begin its 45th annual conference today in Osun State to meet its professional obligations and relevance in the build industry. Essentially, the realtors would be considering ‘‘Urban Regeneration as a Catalyst for National Development”, with a view to discussing key issues related to city development. Also to be considered at the ...

In a move to boost the nation’s real estate industry, Nigerian investors are exploring opportunities with a Chinese firm to promote housing developments in the South West part of the country, especially Ondo, Osun and Ogun States. Senior officials of the Chinese firm, Messrs Sinafri-Hongye visited Nigeria last week to hold discussions with the private investors led by Niger-Sino and ...

Members of the House Committee on Environment have urged the Federal Ministry of Environment to take the core responsibility of coordinating the Nigeria Erosion Watershed Management Project (NEWMAP), maintaining that environment remains the line ministry in the implementation of the project. They argued that stakeholders have made tremendous counterpart contributions towards the success of the project. For instance, World Bank has already ...

The Chief Executive Officer, Triumphant Gate Properties, Mr. Peter Ubuwere, has described the real estate business in the country as challenging. Ubuwere spoke during the allocation of 30 plots of land to one of its major subscribers to its Alexander Acres in Lekki in Lagos, C&I Co-operative Society. He said Real estate business in Nigeria is challenging but it is ...

Set to checkmate foreign incursion into its territory, the Nigerian Institute of Architects (NIA), Lagos Chapter has begun extensive audit of all projects going on in the state. This is specifically to ensure that no foreign counterpart practices in Nigeria without fully complying with the International Union of Architects (UIA) Professional Practice Accord, and where deliberate disobedience to the pact ...