• Thursday, May 30, 2024
businessday logo


Shifting investment focus favours Nigeria’s oil-rich southern region

Away from Lagos, real estate investment focus is gradually shifting to the oil-rich southern part of Nigeria where investors say they see untapped opportunities with high investment yield.

Conventional real estate investors and new market players are in  places like Port Harcourt, Delta, and Owerri which have emerged new investment destinations for both residential and commercial developments.

A close look at the axis in recent time reveals intents by developers such as Taf Nigeria Homes Limited, developers of Golf Estate, GTRich Investment, promoters of Lekki Gardens among others to offer the Garden City of Port Harcourt uptown apartments at their respective estates.

At the commercial segment, Resilient Africa, a property development and investment company is set to deliver retail malls in Delta,  Owerri and Asaba, all aimed at offering the growing middle class new shopping experience. Simiarly, Anambra State government and African Capital Alliance will, by end of 2015, deliver the 15,000 square metre Onitsha Mall which is still under construction.

Another firm also planning to exploit the huge opportunities in this axis, precisely in Delta state, is Grace Bounty Properties. The firm which is the promoter of Grace Garden Estate, Agbara, says its decision to go to Delta was informed by the tourist attractions and relative peace enjoyed by the town in recent time.

“We see Delta as a safe, serene and tourist town with huge rewarding potential for the real estate sector,  Stanley Awaogu, the company’s managing director, told journalists at a media briefing in Lagos.

Awaogu explained that unlike its Agbara project, Macberry Estate, Asaba boasts of three zones which investors or intending homeowners can choose from.

“At Macberry, we have high density areas measuring 80ft by 100ft and this sells for N700,000 per plot; 50ft by 100ft sells for N600,000 while 30ft by 100ft sells for N350,000 per plot.

According to him, the estate which is five minutes away from the Metro city of Asaba, few minutes drive from the Onitsha/Asaba expressway, three minutes drive from the Asaba International Airport, Iron Steel Company Asaba, Worksen Asaba, and in close proximity with Paint Company, Otulu Secondary school and Delta State Polytechnic, Ogwashi-uku has rewarding potential for investors.

The estate which sits on 45 acres is currently being cleared, with perimeter fencing and other infrastructures and amenities set to be built soonest.

As part of security measures, the estate will come with CCTV cameras, security post and an estate office, while 50 units of three bedroom bungalows will be built across the three zones for willing buyers.

On the response from subscribers since it was unveiled, he said that sales have been on the increase as Asaba gradually begins to take shape as the next hub for real estate investment.

He further noted that the company is also eyeing other eastern states such as Anambra state, Awka precisely and would officially make its imprint into the market once the Macberry estate is 70 percent completed.