.To build more commercial, residential property in 2023
Bennett Oghifo
The CEO of Riel Homes, Amb. Kolade Adepoju, has appealed to the Lagos State Government to increase its intervention in the provision of infrastructure, particularly in underserved new development areas, to enable them build more residential and commercial property for the citizenry.
Adepoju said commercial and residential real estate are becoming huge attractions for discerning investors in property, and that they are a big boost to any economy.
Riel Homes, he said, has seen a future in that segment of the market and that they plan to build more commercial and residential property across Lagos.
To realise this commitment, the company has moved its corporate office headquarters to a central location- Akin Ogunlewe street, Victoria Island, Lagos. from Abraham Adesanya, Lekki.
According to Amb. Adepoju, they have a huge task on their hands and that working from an accessible location was important to what they plan to achieve, saying they would bring their touch of excellence to the property market.
Adepoju said the company’s portfolio is being expanded from site and services schemes to construction of buildings both commercial and residential and that these would be sold off-plan.
“So, this year, we have two premium products, a 10-storey building and another one, coming up in Ikoyi in the heart of the city; both with top-range facilities. We’re working on building some ultra-modern shopping malls.”
The company, he said, will launch five estates for the middle class, saying that one of them will be launched next month in Abijo, Ibeju Lekki. “It’s a very lovely place, and you can trust us that whatever we are bringing is of high quality and we’re never going to go back on our word.”
The firm already has a site and services scheme at Epe on 20 acres that is expected to be sold out next month, considering the high rate of patronage, Adepoju said. “We have estates planned in Awoyaya, among others, but these have been put on hold because of infrastructure issues. The fact is that the type of infrastructure needed in those places cannot be done without the government’s intervention. So, we’re appealing to the government to get involved in infrastructure provision so that real estate developers can provide homes and commercial places for the citizenry.”
One of the major reasons the company is engaging in massive construction of buildings- two premium and five middle class- he said is to help bridge the housing deficit, adding that they can do more with the government’s intervention in infrastructure development. “We’re building to house more people. For instance, the Ikoyi building will have 48 units and you can now imagine the number of people that will be living there.”
In the mainland, he said, the company would build commercial property and that it will have several shopping malls in this axis of Lagos. Their developments will be eco-friendly, smart and futuristic, even in the shopping facilities, stating that they cannot sell what they cannot buy.
Adepoju said technology plays a big role in modern housing, particularly in access control and automation of systems for lighting, elevators and water, among others. “We already have systems in place to use technology and human resources in securing our property. We have security cameras, and the whole estate or home can be locked down within seconds. These things are not what we should negotiate, we don’t joke with excellence, as a company.”
Giving an idea of how much an apartment in their premium estates would cost, he said the least is N600 million. A plot in the site and services scheme in Epe is N3.5 million, adding that they are having a promo presently with 20 percent discount. It will end on February 29. In the Abijo estate, a plot is between N20 million and N40 million, depending on whether it is commercial or residential. The shops in the complexes, which will be of contemporary design, with lounge and good parking space, will sell between N6 million and N12 million, and there will be a payment plan.
Riel Homes will begin the construction of a shopping complex in Ketu next month, adding that they would explore a partnership with mortgage providers for uptakers.
