Propertygate insists quality must top real estate assets delivery considerations
Though operators in the real estate sector are facing capacity challenges, funding constraints, harsh operating environment and pressure to deliver on bottom line, Propertygate Development & Investment Plc, a frontline real estate development company, is insisting that the need to ensure quality real estate products and services must top all other delivery considerations.
The company adds that given the status of real estate as a major asset class, store of wealth and strong economic driver, delivering quality assets should be overpowering in operators’ consideration.
The company notes that, as at the end of 2015, the value of global property had hit USD 217 trillion, quoting a recent global real estate report, which gave this hint , as saying that this figure amounted to 2.7 times the value of the world’s GDP.
“Statistics in Nigeria also shows that the real estate sector has grown over the years, making significant contributions to national GDP”, says Tokunmbo Ajayi, the company’s CEO, positing that the importance of real estate, in addition to this, is further seen in its provision of platforms for homes, businesses and places of leisure among others, thus impacting the built environment, and ultimately living.
Ajayi at a project completion parley, weekend, noted that quality has remained a corner piece of Propertygate’s value delivery to its teeming customers and disclosed that acquisition of real estate was typically the biggest investment made by individuals, and might represent significant portion of corporate assets. “We therefore, view quality delivery as a non-negotiable part of our products and services”, he added.
Propertygate completed recently clusters of residential houses and the CEO hinted that these houses were well conceived and well built units of diverse designs, with adequate regard for standards, beauty and living. “The joy of development is seeing a conceived idea come to birth with the pains of elongated development period, cost volatility and other challenges forgotten; we believe the units, which are value for money to investors, will, in a modest way, add to housing supply”, he stated.
The Federal Government’s decision to partner the various state governments to build, at least, 250,000 houses in each state remains a matter of debate and, in the opinion of the Propertygate boss, the government’s zeal to ensure housing for the citizenry was commendable.
He however, cautioned against the pitfalls of government returning to direct housing construction, advising that it should rather concentrate on providing the enabling environment in terms of infrastructure and policies for the private sector, which is better suited to run such enterprise.
“All attention should not be devoted to increasing housing stock without addressing critical issues of overall living quality. It is regrettable that basic enforcement of traffic and environmental rules has made living in our cities rather hellish.
“What will be the point when our land mass is populated by houses, but livability becomes a major concern? People do not just want to have a place to lay their heads, but in addition want to live in comfort and convenience”, he said.
Continuing, he noted that “our base level today, where majority of our people are still preoccupied with basic survival, may tempt our decision makers to focus solely on shelter; but we should be reminded that this is 21st century, a globalized world with highly mobile investments and workforce”.
CHUKA UROKO