A frontline real estate investment company in Nigeria, Landwey, has warned that external factors such as inflation, shortages of skilled workers and FX fluctuations that affect the purchasing of materials for construction are now having an adverse effect on the timelines of construction and development.
Landwey was recently accused of failing to deliver a property 21 months after receipt of payment by a customer. While the company reassures the general public and other stakeholders to resolve all pending deliveries to clients, it cited challenges ranging from contractors’ time inefficiencies, inflation, and the fluctuating FX as the main factors behind the setbacks and project delays in a recent press statement.
These factors, the company averred are coupled with the setbacks and other resulting problems from the pandemic that cut across every industry globally.
According to Seun Eyitayo, COO of Landwey these newfound challenges in the industry affect all stakeholders and have also been identified by the Federal Housing Authority (FHA) in past press statements.
“It is rather distressing that we are now seeing shortages of competent local talent at the different levels of development in construction coupled with all the current economic realities which invariably slows down the pace of work. We realise how valuable time is in our industry as it often translates to monetary value, however, we hope our clients remain understanding as we adapt to this shortage”, Eyitayo said.
She mentioned that with the increased interest in the real estate sector in Lagos, we have come to see many preventable disasters occur predominantly as a result of human error by incompetent workers or the use of inferior materials.
She added further that Landwey citing the new challenges in the industry chose to slow down on its construction of certain key projects at the risk of missing delivery timelines, to ensure consistency in the quality and standards of all its homes.
The company boasts of a track record of developments of reputable quality predominantly in the Ibeju-Lekki axis such as Millennial Town, The Apartment, Urban Prime, Northville Estate, and The Milton Estate to name a few.