Lagos-based real estate firm, Messrs GMH Luxury, has urged developers to ensure that homes prices are affordable, standardised and a reflection of the economic reality in the country.
The Chief Executive Officer, GMH Luxury, Ayoolarenwaju Kuyebi, gave the charge while speaking to journalists in Lagos. According to him, while developers can’t play the role of government by subsidising housing prices, they should peg prices having in mind that money committed to buy homes are the people’s trust fund.
He said: “I expect us to improve on market pricing even in the luxury market. I still believe that the market is over priced and flexibility in payment is key. I want developers to improve the quality of homes and deliver projects to time as well as educate the people to convert what they pay for into an investment vehicle. Subscribers are getting wiser by the day and that is driving the deliverables, which is the end result of whatever the developer is producing.”
Kuyebi, an engineer, stated that the firm has created an investment scheme to allow investors put resources into real estate constructions, which in turn will earn yearly returns.
“We encourage equitable investment whereby people can get up to 30 per cent equity on their investment over a period of either 12 or 24 months,” he said.
Kuyebi revealed plans to build a 23-floor luxury homes in Eko-Atlantic christened ‘Sheldon Gary’ which will consist one-bedroom apartment, two – bedroom apartment, four-bedroom marionette and penthouse. The penthouse comes with personal elevators.
Other features, he said include commercial spaces, spa, business lounge, 220 parking spaces, four parking space for each of the units, helipad, personal swimming pool and recreational facilities such as lawn tennis and basket ball court, mini-mart, creche and salon.
He explained that the project, which commenced in the first quarter of 2021, is contracted to a Swedish firm and would be delivered in 36 months.
On the instability of exchange rate and impact on real estate, he said: “The first quarter of next year will be tough for real estate firms as some projects may be abandoned because of cost development and foreign exchange crisis.
The forum also featured the unveiling of the firm’s brand ambassador, Mr. Ninalowo Omobolanle, a Nollywood actor in Lagos. Kuyebi explained that the choice of the new ambassador was based on the need to promote integrity and quality of its housing products.
In a reaction, Omobolanle who commended the firm for been exceptional in the quality of housing delivery, pledged to synergise to promote service excellence in pre and post-production processes of building as well as take the firm to the desired height.