LAGOS-based property development company, Oak Homes Limited has charged the government at the federal and state levels to provide real estate developers with long-term funding at low interest rates.
The firm also advised the government to consider establishing a price regulatory board for building materials to enable developers plan and executive projects at affordable prices for Nigerians.
Chief Executive Officer, Oak Homes, Mr Olukayode Olusanya, made the call at the unveiling of ‘Oak residences’, a 14-unit luxury residential project located in Victoria Island, Lagos.
The project consists of a three-bedroom luxury apartment and penthouse villas with ample parking spaces, greenery, a swimming pool, a gym, an access road, and a constant power supply.
Each unit is designed with high ceilings that create an airy, expansive feel while offering breathtaking views of the city from every floor. Penthouse residents also enjoy the exclusivity of a private rooftop lounge and Jacuzzi.
Olusanya called for strategies to tackle the housing deficit and ensure access to financing. “Private developers cannot build with the current double-digit interest on loans, which are about 37 per cent. There is little a developer can do when there is limited access to financing. With the current reality, anybody who is still in the construction space is not doing badly, especially with the high cost of materials.
He added: “By navigating economic headwinds and leveraging innovative solutions, we have not only delivered homes of immense value but also set new standards that will inspire the next generation of developments. The completion of these developments signals a bright future and serves as a beacon of what can be achieved through resilience and purposeful innovation.”
One of the partners on the project, Executive Director of Globus Bank, Nixon Iwedi, noted that the firm has demonstrated a great understanding of project execution and capacity to bridge the deficit in the housing sector through the construction of high-quality and affordable luxury projects. He disclosed that in the real estate sector, funding, location and capacity of the developer are crucial for successful delivery of projects.
Also speaking, a subscriber to the project, Mr Abiodun Azeez, commended the firm for its commitment to transparency; high-quality service and ensuring projects are promptly delivered according to contract timeline.
