Richfield, a real estate company, has launched an investment platform called PropVest to boost innovative model for real estate financing.
The real estate development company with estate projects across Lagos, Abuja and Ogun also said it plans to reduce housing deficit by 500 units by 2022.
Speaking during the launch of the platform, the Founder and Chief Executive Officer, PropVest, Samson Odegbami, said PropVest was an income generating investment platform designed to help individuals make short to medium term cash flow from real estate investment.
He said the company would also help to provide the much-needed funds for real estate developers to help mop up the massive housing deficit in Nigeria.
Odegbami said, “The real estate industry is a renowned sector that has continued to experience unparalleled growth over the decades. Out of over 206 million Nigerians, over 17 million people are still without a home.
“This is partly due to challenges that individuals face such as lack of funds to build, inflation resulting in constant hike in price of building materials and skilled labour among other issues. PropVest proposes a solution for all.
“By harnessing the power of new age technology and our resources management skills, we are established as a channel that concerts stakeholders’ effort and fund to develop real estate projects in Nigeria, bringing sustainable solutions to old enduring challenges.”
With the launch, he said, PropVest was working alongside construction company, Calabella Constructions, a diverse network and groups of realtors, construction material suppliers, insurance companies, lineups of investment bankers and Nigerians seeking better ways to put its idle funds to use.
He said investment options start at an entry point of N150,000, spanning various investment cycles of between six to nine months with returns between 10 per cent and 54 per cent.
“We believe that PropVest will help move Nigeria forward by raising finance to build quality homes,” Odegbami said.
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