• Wednesday, July 24, 2024
businessday logo

BusinessDay

Afriland Properties shows resilience, delivers 7-floor building amid challenges in economy

Afriland Properties shows resilience, delivers 7-floor building amid challenges in economy

Afriland Properties, a leading real estate investment and development company in Nigeria, has shown an uncommon resilience in spite of the limiting impact of the country’s struggling economy.

The company recently unveiled its latest residential project known as The Residences. The project, which sits on 118,000 square metres of prime land, stands on seven floors, comprising ground floor for parking and six residential floors.

Located strategically on Oba Oyekan Street (formerly Second Avenue) in Ikoyi, Lagos, The Residences comes with topnotch build-quality and fascinating finishing that sets it apart within its immediate neighbourhood.

Read also: LIST: 200 Nigerian politicians, security officers own $1bn properties in Dubai

“The quality is excellent; you can imagine the wonderful interior, especially for those that have eyes for such. The quality is top notch,” Agatha Obiekwugo, a non-executive director in the company, noted.

Obiekwugo, who spoke in an interview on the sideline of the tour of the facility recently, explained that the quality of the building resides in its location, structure and finishing.

“I think that is one of the qualities you are expected to demonstrate even in Afriland,” she said.

Emmanuel Nnorom, chairman, Afriland Properties board of directors, described The Residences, which is a new addition to the company’s projects portfolio, as a good market that sells itself, stressing that the project’s location in the heart of Ikoyi is part of its selling points.

He disclosed that the company, which is involved in property development and management, has done both residential and commercial developments in various locations across the country, especially in Lagos and Abuja.

He said that because of the quality of their products, interest in them is always high, adding that houses will always find buyers because of the existing supply gap.

“We know the economy is not friendly, but that doesn’t stop us from looking at the basic needs of man which are food, shelter and clothing.

Shelter is important at any point in time, so there will always be a buyer for any house delivered to the market,” he said.

Nnorom revealed that the company is considering to introduce, in their future projects, houses for lower class of people that just need a shelter over their heads.

He pointed out, however, that prices of their products differ according to the location due to the cost of land.

“The one we completed recently in Ikeja, which is similar to The Residences in terms of flat sizes of two bedrooms, the prices there are not the same as the one here in Ikoyi. So, it depends on the land area and location.

Read also: Inside Arkland properties’ luxury A&A towers

He said that quality should not be for only some groups of people, adding that it should be for all.

Afriland Properties, he pointed out, is known for good quality projects, housing and so on, assuring that whether it is a big one or a small project, they still ensure that they have quality delivered to customers.

For reasons he chose to keep to himself, Nnorom did not disclose the prices of the various apartments, but noted that the cost of things are all changing everyday.

“Our prices depend solely on what we incur at the point of construction, but I am sure we will have something affordable for all in future,” he assured.