Real Estate

Engineer Urges Lagos Residents to Obtain Building Approvals

The Chairman, Apapa Chapter of the Nigerian Society of Engineers (NSE), Ola Taiwo, has called on Lagos residents to always obtain proper building approvals to help avert fire outbreaks.

According to Taiwo, the lack of proper approval and lack of fire sprinklers in building, as recommended by the government, have caused several avoidable fire outbreaks.

“What I will just implore our people to do is to ensure that they have proper building plans approved by the state government.

Bridging Housing Deficit in Nigeria via Housing, Mortgage Initiatives

By most accounts, shelter and food are the predominant needs of man.

However, observers insist that many Nigerians are still lacking decent accommodation in spite of the designed efforts of the government to provide shelter for the citizens, the News Agency of Nigeria reports.

For instance, the Federal Mortgage Bank of Nigeria (FMBN) initiated the National Housing Fund (NHF) scheme to facilitate the provision of houses to Nigeria and bridge the housing deficit in the country.

LafargeHolcim Sees ₦9b Savings in Nigeria by 2018

Lafarge Africa expects to generate cost saving synergies of 9 billion naira ($46 million) over the next three years in Nigeria, after its parent firm agreed to merge its business with Holcim in a plan to create the world's biggest cement maker, it said.

According to Reuters, Switzerland's Holcim and France's Lafarge agreed terms for their plan to create the world's top cement business in February.

Expert Calls for Enforcement of Town Planning Regulations

Femi Olomola, President of Nigerian Institute of Town Planners (NITP), has called for enforcement of town planning regulations for well-organised settlements in Nigeria.

Mr Olomola, who made the call in an interview with the News Agency of Nigeria on Monday in Lagos, said that a consortium of professionals from both public and private sectors could do the enforcement based on specific modalities.

Dangote to Build Cement Plants in 18 African Countries

The Chief Executive, Dangote Industries Limited, Aliko Dangote, has said the firm would build cement plants in 18 African countries, including Nepal in Asia to make the continent import-dependent free.

A statement by the company yesterday said Mr. Dangote made the announcement at the commissioning of 3.0 million metric tonne per annum (MTPA) cement plant at Mgao Village, Mtwara, Tanzania.

He said the entire Africa firms, which would produce more than 80MTPA of cement, was to make Africa an export continent rather than import-dependent.

Lafarge Nigeria Unit Takes Control of United Cement

An affiliate of Lafarge Africa has completed a 100 percent acquisition of Nigeria's third-largest cement manufacturer United Cement Company of Nigeria (UNICEM), the local unit of the French cement maker said on Monday.

Lafarge did not disclose the purchase price. It said its affiliate Nigerian Cement Holdings (NCH), owned a 70 percent equity in UNICEM before agreeing a deal last November to buy the remaining 30 percent stake from Flour Mills.

Caterpillar Could Cut 10,000 Jobs

Caterpillar, the US maker of construction and mining equipment, has said it could cut its workforce by more than 10,000 by 2018.

According to BBC, the company - which employs more than 126,000 worldwide - said it would cut up to 5,000 jobs by the end of 2016.

It is looking to reduce annual costs by $1.5bn by the end of 2016.

Caterpillar has been hit by the collapse of commodity prices which have affected its key customers in the mining and energy sectors.

Reduction in Demand of Properties in Northern Nigeria as Insurgency Escalates

The increasing rate of terrorist activities in the Northern Part of Nigeria has lead to the reduction in demand of properties as well as a reduced rate in property values by 30-40% resulting in a downturn in the property market in parts of the Northern States.

Most of the residents of the areas usually attacked by the insurgents have relocated to comparatively peaceful places in the region while those who are not from these states have completely relocated to workable states down south.

Joint Venture Real Estate Initiatives, Driven by Shrinking Bank Lending

Investigations revealed that the Real Estate Developers in the country are responding to the shrinking of bank credit to the sector by embracing joint venture initiatives. Industry experts say this shrinking of bank credit, which is undermining housing delivery and supply to the market, is part of the lasting impact of the 2008/2009 global economic meltdown on the real estate market in Nigeria. In some cases, banks have demanded that developers provide off-takers ahead of project completion as a pre-condition for accessing credit, which some developers find difficult.

Luxury Property: Price Growth Slows Across the World

Prices of luxury property in cities across the world slowed in the third quarter of 2013, with growth of just 1.2% compared with the 6.6% year-on-year growth, reported.

But the Chinese market is bucking the trend with a quarterly rise of 7.9%, according to the latest index from Knight Frank which tracks prime prices in 27 key cities.

On an annual basis, average prime property prices in Hong Kong remained unchanged while Jakarta and Dubai saw the strongest year-on-year growth at 27.2% and 21.8%, respectively.