Rivers Property

19/07/2017

Real estate in port harcourt? What you think is it time to buy or to sell get involved and give reasons

19/05/2015

23/01/2014

Real transportation. The rail sector of Nigeria is being revamped. Opening up new frontiers to the real estate market. Leadership isn't rocket science. How do you think this will affect real estate at the city centres?

10/01/2014

Obstacles of the Real Estate Market in Nigeria
Leave a reply
Of all the segments of Real Estate, growth has been most visible and activities most upbeat in the retail sector across major city centres of Nigeria. Analysts estimate that the sector, in the past 12-24 months, has seen about 30 percent rise in international interest.

Nigeria being a trading economy, demographics, strong spending power, growing sophistication and changing shopping culture among the growing middle class are frequently cited as drivers of this growth which, unfortunately, is being threatened by entry barriers into this market.

Close watchers of this sector say that Nigeria has a thriving market, offering opportunities that are not seen anywhere else in sub-Saharan Africa, making it attractive to international retailers.

“Some of these international retailers, mostly South Africans, are here, but a lot more are not yet here because of lack of appetite to work in Nigeria’s operating environment which is not enabling,” a Real Estate Expert with an institutional investment firm told BusinessDay on condition of anonymity.

According to the expert, South African retailers are here because they are close enough to understand the opportunities here and again, they are more venturesome unlike their counterparts from London or America.

The expert agrees with Chudi Ejekam, director, real estate at Actis, who says land is a major obstacle to the growth of this sector. Ejekam had told BusinessDay that getting land at the right size and price was a major issue, adding that even where available, documentation and charges made projects unworkable.

“Experience at the port is enough barrier to kill a business. You need to see how ports work elsewhere. What we have here are not ports. Ports are where you get out your goods within 24-48 hours; people have paid millions of dollars for their goods and they need them to trade,” the expert noted.

He argued that if you do business in an environment where you spend 3-4 months to get your goods out of the port, you would go bankrupt, adding: “These investors come here, walk around, go to the ports and see that they can’t cope and so they go back.”

Erejuwa Gbadebo, a Real Estate Consultant, agrees, pointing out that these foreign retailers are used to working in environments where the infrastructure is working such that you just read your meter every month and pay your bill, not needing to pay for diesel, water treatment and other extra costs that make their business model unsustainable.

Gbadebo, former CEO of Broll Property Services Nigeria, advised that those of them like South Africans who have the courage to come by themselves should be commended and the operating environment made enabling for them.

Recently, the growth of this sector suffered a major setback with the exit of Woolworths, a South African retailer with three outlets, including one in Ikeja City Mall. The retailer left Nigeria for its over 59 outlets in other African countries where it is relatively successful.

10/01/2014

Globally, the outgoing year was, indeed, a defining moment for the Property Market with many regions of the world, notably Africa, Asia, Europe, United Arab Emirate (UAE), etc, recording significant recovery and growth across various segments of the market.

In Africa, particularly in sub-Saharan Africa including Nigeria, Ghana, Sierra Leone, Cote d’Ivoire, among others, 2013 saw continued growth driven by demographics, rising spending power and the softening in the economy of the developed world.

In South Africa, the story was, however, different with Price Index for medium-sized apartments falling by 2.01 percent year-on-year to third quarter (Q3) 2013 and, according to Global Property Guide’s Q3 2013 housing prices survey, prices declined by 15.5 percent in the country during the global financial crisis.

Dubai, Nigeria, UK and the US markets which were badly affected by the global economic crisis had struggled through that period to the last quarter of 2012 when, in a dramatic way, prices started climbing with investor-appetite growing to appreciable level.

Global Property Guide, a research house and website dedicated to residential property, reports that of the 24 European housing markets included in their survey, 19 performed better in Q3 2013 than the previous year, disclosing that prices rose 1.8 percent in the UK.

Dubai, the survey adds, remains the best performer, explaining that house prices soared by 21.37 percent during the year to Q3 2013, such that luxury residential towers in Dubai now sell like pancakes. It cited Skai Properties, a new luxury apartment complex located on the Palm Jumeirah that sold 98 percent of its 702 units in September 2013.

The survey says United States saw prices rise by 6.1 percent, adding that overall house prices rose in 32 of the 51 advanced and emerging market economies in the IMF’s Global House Price Index.

In Nigeria, it was not just a story of visible recovery, but also of growth, especially in the commercial segment of the market where analysts estimate that investor-confidence and interest soared, seen in the quantum of investment in the development of retail centres and office buildings.

“Across the country and also West Africa, there has been continued growth in retail. It is happening most in countries like Nigeria, Ghana, Cote d’Ivoire, etc. New retail facilities are being built and new retailers are coming in. That is one major thing that has happened in 2013,” said Obi Nwogugu, head, real estate unit, Africa Capital Alliance, an institutional equity investment firm.

Nwogugu, who spoke in an interview with BusinessDay, added that the office space market has also seen continued growth, estimating that “in Lagos, between Ikoyi and Victoria Island where you have business hub, there are close to 250,000 square metres of office space coming into the market”.

Across various segments, there was some level of movement, even though Erejuwa Gbadebo, former CEO, Broll Property Services Nigeria, sees “a bandwagon thing” in the movement in some of the segments. She, however, agrees there was a difference from what obtained in the market in 2012.

In the residential segment of the market, UAC Property Development Company (UPDC) plc and Lekki Gardens were quite bullish, addressing the narrow upper-end market with their mega million naira products.

Estate Links Limited, a local and international real estate services provider, also made a little impact with its 18-unit ‘The Lofts’ which targeted the middle-income earners, selling at N25 million per unit.

Growth in low-income housing was quite remarkable as a few developers found meaning and sense in addressing this largely un-served market with blocks of flats, apartments and bungalows. Analysts observe that this new interest was driven by rising vacancy rate in the high-end market.

A good number of low-cost housing came into the market from Common Sense Company with its 100-unit Signature Estate comprising one-bedroom bungalows available in detached, semi-detached and terraces at N3 million as minimum entry level.

Avenue to Wealth (A2W), a cooperative partnership scheme, also offered studio apartments selling for N3.4 million on outright payment, while Multi-Purpose Infrastructure Development Construction (MIDC) also came into the market with 1,000 low-cost housing units at its Teju Royal Garden in Lagos.

In what Chudi Michael Ejekam described as a revolution, the commercial properties were a toast of investors in the outgone year with retail malls and office buildings delivered and new ones initiated.

Heritage and Cocoa Malls in Ibadan, Oyo State, opened for business; Omais Homes’ Trinity Mall in Lagos also opened for business, while UPDC started construction on its N5 billion Festival Mall in Festac Town, Lagos. Actis, an international private equity investment firm, is building the Ado Bayero Mall in Kano and the Jabi Lake Mall in Abuja with Duval Properties.

While The Mansard Place and The Brook were completed within the year by Mansard Insurance and BusinessDay Media Limited, respectively, Actis started work on its 14-floor Heritage Place in Ikoyi, and RMB Westport also took off with its 15-floor The Wings.

Another significant development in this market was the mortgage sector reform which saw the primary mortgage banks (PMBs) migrate from the statutory N100 million to N2.5 billion and N5 billion for state and national operations, respectively.

Of more significance was the setting up of the Nigerian Mortgage Refinance Company (NMRC), a private sector-led secondary mortgage refinance company being promoted by the Federal Government with $300 million seed capital provided by the World Bank. It is expected that when the company becomes operational from the first quarter of this year, it would change the face of mortgage banking and housing finance in the country, giving hope of improved homeownership level in the days ahead.

08/01/2014

REAL ESTATE PROJECTIONS FOR 2014.
Arguably, 2013 could be regarded as a good year for Nigeria’s Real Estate Industry. The successes were not those worth a tea party, but the stories definitely are worth telling. While some analysts observed that the industry nose-dived to some extent in 2013, none disagreed that the market remains one of the safest havens for investments in 2014.
One of the most gratifying developments especially for operators in the advisory and advocacy spaces is that the discourse of Real Estate, as one of Nigeria’s economic power-houses keeps souring out of year-long oblivion. This has placed the sector at the centre of economic debates in recent times, and resultantly increased business interests for service companies. The development has further attracted international interests, giving government and global financial institutions reasons to energize the sector in the twilight of dwindling oil revenue.
For example, between 2012 and 2013, infrastructure and housing remain constant on Nigeria’s annual budget and keep attracting significant government and private sector interests; with the Minister of Finance, Dr. Ngozi Okonjo-Iweala, religiously making case for the Mortgage Refinance Corporation, MRC, as one of the windows of creating more jobs and encourage investments in the housing sector. This sector, the Minister opined is to argument the nation’s economy as more African countries are discovering crude oil.
However, in the face of market indifference and growing commercial Real Estate Market, 2013 was not a roller-coaster year for luxury apartments and hospitality. Speaking on CNBC Africa, Mr. Olu-Abayomi Sanya, Managing Director of GoldBanc Management Associates, argued that the major issue with the fall in prices of luxury apartments is partly over-price and partly liquidity. “Most of the takers (of luxury apartments) are moving away to where it is cheaper… again, there is no liquidity in the market for these transactions, therefore there are lots of flats in the market to take”, he said.
What Operators Should Brace up for and Why
1. The Residential Real Estate Myth: Any Tom will agree that a sector that wields N160tr in investment potential should be taken seriously. Besides, housing remains one of the basic needs of man and Nigeria’s population is estimated to have increased from 10% in 1960 to 50% 2012. By the foregoing, this sector is on economic watch-list for 2014.
The Myth: In a market where the minimum wage is N18, 000 and a significant percentage of its population lives on less than N154 per day, it is only a myth that the market predicted by analysts will be met by demand. Also, the high-end market is received a serious hit in 2013 with four bedroom apartment cascading from an all-time $100,000 to $75,000.
2014 in View: If the MRC and the Federal Mortgage Bank roll out differently this year, the construction sector will take a leap with development and marketing companies bracing up to meet a middle, middle-low housing market. Other things being equal, our best guess is that developers, architects, manufacturers and service companies will get busy this year.
2. The Commercial/Retail Space: With the meteoric growth of Nigerian middle class, urban regeneration moves and the shopping culture that comes with it – showing an estimated $115 billion annual consumption spend; it is almost automatic to predict that this sector is a space to watch this year.
The Myth: It is instructive to note that locations investible for commercial Real Estate are selected and few. While locations such as Lagos, Abuja, Port Harcourt, Enugu, and Ibadan remain on the investment map, investors will still develop cold-feet in putting money in northern cities such as Kano and Zaria due to insurgent challenges.
2014 in View: Due to the calibre of tenants and investors in this space, our prediction is that the Facility Management sector will reap greatly. Also, marketing and media services will see a boast with global brands contesting not just for the best space, but the highest number of customers.
3. Construction: One needs no analysts to know that Nigeria suffers from a huge infrastructure deficit. From roads to rails, power to aviation sector, water and energy. In 2013 alone, this sector gulped a whopping N497 billion of the nation’s annual budget, plus significant investments from the private sector. If these figures are anything to go by, construction and manufacturing should start blinking in the green, creating more jobs and encouraging more investments in other sectors.
The Myth: Most of the visible achievements on infrastructure are still on paper. The figures are mouth-watering, while the roads remain unmotorable and the only news about rail available in public space is the Abuja-Kano route. Power remains epileptic and the citizens still remain the provider of drinkable water for themselves.
2014 in View: However, with most of the major roads in Nigeria requesting attention, the aviation industry reform, and the privatization efforts in the power sector; we advise Facility Managers to begin to brace for asset management strategies that can sustain the life span of these projects. Also, the manufacturing sector will have a filled year with these projects demanding huge material investments.
4. Industrial Real Estate: Analysts have suggested that this sector will be at its lowest ebb this year, especially has the production sector remains unchanging because of unstable power supply. In view of this, Real Estate assets in industrial areas such as Atan and Agbara have taken a leap for life in residential. The proposed 10-lane Badagry expressway and the Lagos Light rail project are two USPs Real Estate developers spin to their customers.
The Myth: That electricity, which is the fulcrum of industry, remains a mirage thereby discouraging production companies from coming into the country; and the few ones available are finding their way to neighbouring countries.
2014 In View: President Jonathan recently announced that power will be stable in the country mid-2014. The privatization of PHCN is also a testimony to this. From the foregoing, we see a development in property titles where some areas are marked as industrial. Realtors, legal practioners, and government agencies will as a result, be busy this year should production industry find its way back to the centre stage.
On the whole, if all things work according to projections and analyses, Nigeria’ Real Estate will interestingly operate as a system in 2014. This will become imperative as the entire spectrum of the industry will require interaction to sustain it. Also, the financial sector at both primary and secondary markets will receive a boost. And finally, the nation’s Gross Domestic Product, GDP will have a huge feel.

08/01/2014

Okafor Ofiebor/Port Harcourt

Governor Chibuike Rotimi Amaechi, Governor of Rivers State took political pundits by surprise today when he presented the 2014 budget to the members of the Rivers House of Assembly at the Executive Chambers of the old Government House, an annex to the new Government House Complex.

The budget of 485.524 Billion was consequently passed by the House at a plenary, with the Speaker Otelemaba Dan Amachree, presiding.

The Governor presented an aggregate Budget of N485.524 billion, which is N4.797 billion (0.98%) lower than the 2013 budget of N490.320 billion.

Ministry of Works has the highest allocation of 60 Billion naira, Education 30Billion, and Transport subsector was allocated 10 Billion

Amaechi said the focus of the budget will be on completing ongoing projects in Health, Education, Roads, Transport, power, Water and Agriculture and other critical infrastructure.

Capital and Recurrent provisions are N247.573billion and N237.950billion respectively.

The Governor said the budget will be funded by N241.243billion federal allocation, N92 billion Internally Generated Revenue; Prior year balance of N10.717billion; loans N100billion; credit from World Bank- N6.983billion, EU grant of N0.660 billion and sale of assets of N33.5billion.

Twenty three members of the Assembly were present at the budget presentation today out of the 32 members. One of the members, Tonye Harry died last year, while Chidi Lloyd, the Leader of the House is in Police custody after a traffic accident.

04/01/2014

Our client an ICT Service provider seeks proactive, focused, intelligen'and resourceful ICT Support personnel to fill the following vacancy:

Position: Service Desk Engineer
Location: Rivers
Ref Code: SDE.PHC


Requirements:
A first degree in Computer Science, Electrical/Electronic Engineering, Information
Technology or related discipline with a minimum of 2nd Class Honours from a reputable
university 2-3 years of post-qualification cognate experience in Networking, Telephony, Desktop &Server
Operating System Administration, Application Software support, Internet/Email
Support, Spares management, preventive maintenance; Web programming - Java
Scripts, HTML, CSS, ASP. Net etc
Comp TIA A + and/or ITIL 3 Certification shall be an added advantage

Additionally, The Candidate Shall:
Be results oriented with good troubleshooting skills
Have the ability to work under pressure and with minimal supervision
Possess good interpersonal relationship


Method of Application:
Interested and qualified candidates should please send their applications and detail curriculum vitae. The remunerations attached to these positions are quite attractive and negotiable.

04/01/2014

Job Vacancy !! Share for others to apply.
Arbico Plc - Founded in 1958 and quoted on the Nigerian Stock Exchange since 1978, is a full service building and civil engineering contracting company. The company is involved in the construction of a broad spectrum of projects for Government, Multinational Companies, Industrial Groups, as well as High Net-worth Individuals. As part of our strategy to drive growth in the coming years, we are seeking to employ qualified individuals to fill various positions within the Organization.

Arbico Plc is recruiting to fill the position of:

Job Title: Construction Project Manager

Location: Any City, NG

Job Description
Oversee the development and implementation of the project management plans including: Ex*****on Plan, Quality Plan, Health & Safety Plan, Environmental Protection Plan, Documentation Management Plan and Risk Management Plan.
Coordinate, direct and supervise personnel through delegated subordinates, consultants, subcontractors, and vendors engaged on projects.
Manage the establishment of the initial project baseline to provide effective measurement and control.
The baseline will encompass; project documentation; key deliverables; delivery strategy; resource requirements; outputs / measures; risk dates and cost information.
Manage client relationships and ensure that the work is completed on time, safely, within budget and to the quality specified.
Requirements

Educational Level:
First degree in Engineering, Architecture or Building Construction or equivalent experience.
Membership of Accredited Professional Bodies such as NSE, COREN, RIBA, NIA. AIA, RICS, LEED,
PMI desirable.

Experience Level:
Minimum 12 years post qualification progressive construction experience.
Must be a team player but also able to work on own initiative.
Other Requirements:
Thorough knowledge of construction contract administration, costing, scheduling, land surveying, estimating, engineering principles and techniques, as well as accounting principles.
Must he familiar with various modern construction methods and materials, their characteristics, installation procedures and tolerances.
Ability to read, understand and interpret contract documents, drawings, specifications, scopes of work and project schedule.
Ability to implement leading-edge technologies such as BIM to benefit the project.
Proven written and verbal communication abilities; proficiency with computer applications including Microsoft Office suite are a must.
Knowledge of Prolog Manager, Primavera or other ERP systems desirable.
The candidate must show prior experience working on projects with value in excess of $20 million and involvement from design commencement through construction completion including commissioning & handover.
Previous EEC experience in the oil and gas industry a must.

Application Closing Date
7th January, 2014.

03/01/2014

Where is the best place to buy fresh vegetables and fruits in Port Harcourt? Ideas please

03/01/2014

Urgent property request!! 2 plots of Land needed in Old GRA area Port Harcourt.

03/01/2014

On 21st December Gov. Godswill Akpabio comfortably placed the tranquil state of Akwa Ibom on the World map. Hosting an epoch making Event, the state played host to God and dignified believers from all walks. Now Akwa Ibom is a Guinness world record holder and has become a destination of choice. Becoming famous for good. you can't but be awed by the transformation in Akwa Ibom. The Christmas Carol celebrations of 2013 in Akwa Ibom has been known as the Major Nigerian Event in 2013.