State governments in Nigeria should digitize planning permit process in the building industry in order to ease and encourage housing delivery, Ayoolanrewaju Kuyebi, CEO, GMH Luxury, has advocated.
Kuyebi, who spoke to BusinessDay along with other stakeholders in Lagos, noted that Lagos state government is doing a lot to sanitize the real estate industry, but the attitude of people working in the public sector in Nigeria is not helping matters at all.
This, he reasoned, was responsible for the bureaucracy created around planning permits, building regulations and getting certificate for completed projects which have encouraged corruption in the system.
The stakeholders want people in the public sector to emulate private sector operators in order to sanitize the real estate industry in Nigeria. “There is a monopoly created around the public sector; it’s either that office treats your file or your file doesn’t move. So, corruption is embedded in the inefficiency of personnel in the public sector,” said Ayoolanrewaju Kuyebi, the CEO of GMH Luxury.
Kuyebi was of the view that governments should digitize the entire value-chain of the real estate industry, especially in dealing with agencies of government to cut all bureaucratic bottlenecks in the system as a way of sanitizing the built environment.
“We are in the luxury market where quality matters, not quantity,” he said, stating that with Diaspora investors as the primary targets, GMH hopes to deliver over 200 units of luxury apartments by 2024.
According to him, GMH properties are investor-driven, hence they are more interested in developing affordable and equitable luxury accommodation. He said that its pricing reflects the reality of the economy, where inflation has been factored into cost of construction to ensure stability of its price model. “Most of our projects, before we get to 90 percent completion, are sold out,” he said.
Speaking on one of its ongoing projects, the Elizabeth Grace Court 3 (EGC3) with a December 2022 delivery date, Kuyebi said the high-rise building that consists of 12 units of premium 4-Bedroom Maisonettes and 2 penthouses, seats on 8 flours built on superior luxury architecture.
According to Kuyebi, EGC3 is the first building with the longest cantilever and biggest observation deck in Lagos, which is dubbed as the most luxurious building in Osborne Foreshore. “EGC3 is an aberrant investment opportunity that comes once in a blue moon and is guaranteed to yield massive returns.
“From foundation to finishing, EGC3 is an embodiment of quality with first-class features and ultra-modern amenities such as full access to a private suspended swimming pool, sunken lounge, elevator, backup power system, professional security system amongst several other breath-taking facilities,” he said.
He explained that the high-rise Maisonettes located in Osborne Foreshore, Ikoyi is taking luxury living to an unspeakable level with affordable pricing, ultra-luxury amenities, a guaranteed annual rental ROI of 12 percent.
Okeowo Olasubomi, head of sales, GMH Luxury, said the real estate company believes in selling assets to its clients. “People buy assets because, if your house is not getting you income, then it’s a liability; but you can make your house an asset,” he stated.
According to Olasubomi, GMH is a housing solutions and an accountable real estate developer providing distinct, elegant and affordable smart luxury homes for the middle and high-income earners, adding that GMH creates world-class environments that transcend regional boundaries sufficiently flexible and adaptable to urban commercialization.
“Our design principles are distinction, quality, comfort, functionality and elegance, and the quality of our homes speak for us,” he said.
Dapo Olaiya, estate surveyor and valuer, said GMH prices are not fixed because what investors that come in as off-takers get is far better compared to paying premium when the property is ready.
According to Olaiya who is a consultant with the real estate company, GMH offers affordable luxury with flexible payment plan that could be monthly, quarterly or annually. “Investors have nothing to fear,” he stated.