The Executive Director, Grenadines Homes, a Lagos-based front line real estate development company,Mr. Adesope Adeyinka, has urged stakeholders in the nation’s real estate sector to see Nigeria’s housing need as cutting across various economic strata, adding that they should not be misguided by the belief in certain quarters that housing need is limited to the middle class.
Market segments Mr. Adeyinka who disclosed this while speaking recently about the country’s housing deficit and the several intervention initiatives by different stakeholders including his organization, Palton Morgan Holding Company, said “When we talk about housing deficit, people actually think it is limited to the lower class of the society.
It would not be fair to look at the housing deficit challenge in Nigeria from one side. The deficit actually exists in all the market segments. That is, the top, the middle and the lower class”.
Explaining concerted efforts aimed at managing the deficit by his firm,he revealed that his organisation is heavily involved in some initiatives that aim at strategically catering for the needs of specific segments of the real estate market, using modern innovative technologies.
According to him, “We have Grenadines Homes and Propertymart as companies under the Palton Morgan Holding Company. They provide for different segments of the market. Propertymart caters for the lower income earners and the middle class of the market. It develops affordable property that civil servants and young executives can afford to buy while Grenadines Homes was specifically established to provide for the housing needs of the As and Bs in the social economic class. That is, the upper class of the society whose projects are usually in exclusive areas”.
He pointed further that, as part of measures to reduce the housing deficit in the country, Grenadines Homes is currently undertaking a new housing project, the Atlantic Resort, which is expected to add 165 residential housing units to the upper end of the market upon completion.
Commenting on the project, Mr. Adeyinka, said it was conceived in response to the demand for mixed-use development driven by the rise of the Nigerian middle class and a thriving business environment in Lagos.
“The Atlantic Resort concept is basically around live, work and play in one beautiful environment. We are looking at a model that will achieve self-sufficiency in terms of necessary facilities that will make the residents to be productive in their respective endeavours. There will be recreational, educational, shopping and tourism facilities among others. In other words, you can control the world from the estate. It is already attracting foreign direct investments. The phase one alone is going to cost 150 million dollars. It is a project we need at a time like this”, he said.
Adeyinka noted that it is projected that the real sector will add about 7.6 million households in the middle class by 2030, stressing that this is a fall out of the growing middle class and the need to cater for their housing needs, maintaining that these prospects have huge investment potentials, and consequently highlight the demand for commercial space in Lagos.
Speaking in the same vein, the marketing manager of Grenadines Homes, Ms. Francisca Dyegh, said Atlantic Resort is a well conceptualised project which is different from all other projects in its category.
“What other companies are doing is different from what we are doing, they are selling land to developers to develop, but what we are doing in Grenadines Homes is that we are directly responding to need of people within this vicinity. Atlantic Resort is about the only mixed used development that can give you the opportunity to live, work and play in one serene, beautiful environment.” she stated.
While speaking on the brand architecture of Atlantic Resort, the Managing Director, Brash Brands, Dubai, Kiran Gill, said her company is coming into this project to tell the story of Atlantic Resort to Nigeria in a compelling way that will attract potential investors both locally and internationally.
“So, we understand what the ambition and the hopes are for Grenadines Homes, what they are planning to do with the development. And for us at Brash, we look at how we can tell that story in a compelling way to consumers and to investors who are looking for where to buy and invest”, Gill said.