How Dradrock Real Estate is enabling first home buyers, contributing to economy
At a time like this in Nigeria when many investors are adopting wait-and-see attitude, watching the economy and the political uncertainties surrounding it, some other investors and real estate developers are offering products and services that impact not only on families, but also on the economy.
One of such investors is Dadrock Real Estate, a relatively young property investment, development and advisory firm which has enabled, and continues to enable first time home buyers to own owns from its Annapolis brand of home products at various locations in Lagos.
By the last count, the company has provided over 500 houses and housing solutions to an equal number of families, meaning that at an average of four persons per family, about 2,000 families have benefited from their housing schemes. This has also contributed in reducing Nigeria’s housing deficit.
“One of our major roles as a company is advisory; we advise clients on how best to go about buying their own homes or holding a property for investment purposes. We segment the market, look at buyers based on their type of job and income level. We structure payments for people according to their cash flow. People are always excited to see that we are able to do this for them”, Oladipo Idowu Agida, the company’s MD/CEO, told BusinessDay in an interview.
“We have been able to help about 500 people to own property. These are mainly those in high income class, the mid-income earners and not many in low income bracket. But we have started offering something for the low income. In terms of percentage, what we have is 10 percent for low income, 40 for the high income and 50 for mid-income earners”, he added.
Idowu Agida also pointed out that they have contributed much to the growth of the economy through jobs for all classes of workers including skilled and unskilled labour, professionals, artisans and others.
The company has a brand of our products called Annapolis. Its Annapolis Garden at Lakowe comprises serviced plots and 30 units of 2-bedroom apartments. The Annapolis Residence at Sangotedo is also a serviced scheme comprising serviced plots, 2-bedroom, 3-bedroomapartments and terrace houses. The Annapolis Court at Ibeju Lekki offers serviced plots and developments for low income earners.
“The objective of the Annapolis brand is to create a place for people where they can live and have the kind of lifestyle they desire. It is for all classes of people—the upper class, middle class and the lower class. For the Snagotedo scheme, our serviced plots are going for N10-20 million per plot. This caters for the upper middle class.
“The scheme in Lakowe caters for the lower middle class where a plot sells for N5 million. The Ibeju scheme caters specifically for the middle class. We expect that in the next 10 years, that area will explode because of the kind of developments coming to that area”, he said.
For Dadrock, like any other real estate firm, funding is a major challenge and this why, the CEO explained, “even when you cater for the lower class, they cannot still afford. We are therefore coming up with an initiative where anybody that earns $200 dollars will be able to buy our plot. We are working with some partners and creating mortgage systems with which people can buy houses”.
He noted that the challenge of finance was on both the developers and buyers, explaining that infrastructure is a big issue for any developer. “In all our projects, we are the ones providing the infrastructure and that affects the cost of construction and the capacity of those who want to buy”, he noted.
On the buyers’ side, he said, the company also offers structured payments and supports that with mortgage. “We believe that anybody who earns $200 can own a home in Lagos in a place where there are basic amenities like water, power, good roads and he is safe, meaning that there is security,” he assured.
CHUKA UROKO