The construction sector in Nigeria has been brutal in these past couple of years, the Group Managing Director of Elalan Construction, Andrea Geday has said.
He stated this at the launch of Blue Water Sapphire Penthouses in Lagos, recently.
Geday stated that the market had been very rough and things slow in the standard market, but that they survived as they had sold 50% already.
Blue Water Sapphire Penthouses has been described as the definition of luxury, top of the world living. It has duplex penthouse apartments on the 17th and 18th floors, and there are just four of these penthouses.
The penthouses feature some of the best views in Lagos, with both the Atlantic and the Lagos city in sight. It has double height reception and sitting room with large dining area and kitchen.
One also gets to enjoy the outdoor living room with refreshing sea breezes, with magnificent master bedroom suite with large dressing area and luxury bathroom.
Geday commended the quality of the project, its promoters, African Capital Alliance, ACA, and Elalan Group, who have gained the trust of the people and are known to provide quality services.
He attributed the fast demand of their products to its unique project design, location, luxury lifestyle and many facilities.
“Despite how brutal the sector had been, we survived by managing the recession well, by reducing prices, margins, taking jobs at some loss to keep the structure together. We also had to freeze salaries, which the team agreed. It was a collaborative effort,” he said.
He stated that the government can assist developers by providing affordable mortgages. The cheapest rate is 19% which will double the loan obtained in three years, this is not encouraging, he said.
“Also, technical education should be reviewed as it is fast disappearing. We had to set up our own in-house vocational school for the group. There is a big shortfall in the availability of skilled workmanship. We had to buy experts, train people as well as setting up a school in order to meet up,” he said.
The project, which was developed by Elalan Group and African Capital Alliance construction and civil engineering companies in Nigeria, defines the ultimate lifestyle community.
“Blue Gate Lagos guarantees to make you experience beautiful views of the sea, harmonic waves, and soothing breeze, courtesy its waterfront living, as well as its ample open exterior spaces, gorgeous resident’s recreational park offers interaction with the environment and promotes passive recreation,” Geday said.