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Grenadines Homes boosts real estate sector with N6b The Coral hotel apartments

9japroperty — Mon, 07 Nov 2016 11:20:57 +0000

Despite the construction freeze that accompanied the bursting of the bubble, the nation’s real estate market, especially in Lagos may have begun to peak, with property investors’ and developers’ renewed confidence in the economy.

A new report last week hinted that the property sector has clearly been affected by the unprecedented economic malaise, hampered by rising interest rates (now at 14per cent), global economic instability, soaring inflation and a weak as well as redundancies beyond the oil sector and reduction in property transaction volumes.

But senior officials of Messrs Grenadines Homes are upbeat about the Nigerian commercial property sector, despite analysts’ expectations that the market will remain sluggish. They say the current economic climate is providing opportunities for developers and investors.

The Lagos-based firm is preparing to start construction on its premiere facility early 2017, a high-rise structure combining features of an apartment complex and a hotel in the heart of Victoria Island.Billed by its developers as Lagos’s most luxurious multi- development, The Coral will be a two-twin tower building, set to rise in the Water Corporation Drive, Off Ligali Ayorinde Street. It is flanked by Trinity House Church to the right and Atlantic Resort to the left.

In housing projects, the real estate development company has dozens more in various stages of development and dedicated to reinventing the concept of home ownership in Nigeria.

“We create homes that are at the forefront of cutting edge architecture and its homes represent luxury and high class that suit varying tastes and preferences,” according to the company’s General Manager, Sales and Marketing, Francisca Dyegh.

Specifically, The Coral is a stunning, thoughtfully designed, high specification and beachfront apartments. The proposed 17-floor luxury finished edifice comprises 112 units of two bedroom hotel apartments, sitting on a land size of about 5,000sqm and built up area of about 15,876 square meters.

Each unit has two bedrooms (en-suite), a spacious living room, a dinning section, guest toilet, a box room/ store, spacious lobby, kitchen and a maid room. Every unit has two parking lots.

She explained that the architects have created a development, which connects with its surroundings, offering views across the city landscape and the Atlantic Ocean.

“The Coral is a discrete yet tasteful design, using shading and site specific environmental design, the spaces with-in the building feels light and airy with plenty of natural sunlight, without creating an uncomfortable environment during the hottest months of the year.

“The 17-floor tower is carefully rested on a podium, which is a delight to behold. The three-floor podium is suitable for private gatherings or just lounging with family and friends. It contains a pool deck, a swimming pool, a garden, skylight, a lounge, gym and a kitchen.

The apartments come in two types. In the type A, the unit has a total area of 144sqm, terrace 34sqm; contains family living room, dining section, bedrooms, kitchen, and box room and guest toilet. All bedrooms are en-suite.

The type B consists of a total area of 146 sqm, terrace 21sqm and contains family living room, dining section, bedrooms, kitchen, box room and guest toilet. All bedrooms are also en-suite. But has a maid room in addition to other rooms. All the units range from N76 million.

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What Makes Up A Home’s Foundation?

9japroperty — Thu, 20 Oct 2016 14:52:10 +0000

Have you ever wondered what part of a building is the most important? The truth is the type of foundation used to erect a structure determines the holding capacity or strength of that structure. This article talks about the best kind of foundation for your home.

“Which type of foundation is better for home construction; a poured slab type at ground level, or a raised foundation with walls and a crawlspace or basement?” The answer is that both types have advantages and disadvantages, it just depends upon your particular needs and preferences, and it depends upon what types of home construction are available in your area.

First, the basic components of a foundation system. Although the base structure below a home is often called a foundation, it is really a system of several integrated parts, divided into three groups:

Footing: This is the base, the lowest point of the structure, designed to carry the weight of the building to the ground. The footing is usually wider than the wall, column, or foundation edge that it supports. And since the footing must rest upon solid soil for stability, and be well below any frost levels, it is usually not visible without digging into the dirt.

Foundation Walls or Slab: These are the partially visible sections which carry the loads from the floor and wall structure above, to the base or footing below. These sections typically use poured concrete, masonry blocks, or other rigid materials. Concrete is the most widely used material for the outer perimeter, with wood and steel used for internal columns and support structures, often called post and piers. Installed correctly, all of these materials are acceptable per today’s building codes

Internal Structures and Materials: This refers to items like the concrete, its mix of cement, aggregate (sand and stones) and water. Also of equal or greater importance, within most concrete foundations or slabs you will also find steel mesh, rebar, or solid steel beams; all encased within the concrete like the skeleton and ribs of a human body.

If we were to take this analogy of a human body a bit further, and apply the components of home construction from above, the footing would be like a persons feet, thus providing a platform which holds up the rest.

Then we have the walls or slab, which act like a body standing upright if a wall, or lying horizontal if a slab, but both have steel intertwined like a skeleton and ribs within them.

And then we have the strength of the concrete, okay maybe that would be the muscles that wrap and/or attach to the skeleton? Like many other systems around us, the foundation is also a system, whose primary purpose is to carry weight from the structure above, through a strong and continuous framework, it must carry this weight to a stable footing below.

So, which foundation type is better, slab on ground or raised walls with a crawlspace?

Until after WWII almost all homes were built using concrete footing pads, outer raised foundation walls, with additional post and pier type inner supports usually constructed of wood. The advantages were that the concrete could be limited to footings and the outer perimeter location (as transport of large amounts of concrete was not common back then), and once the raised walls were in place, then the wood floor beams and joists could be added later.

This construction method also allowed a functional area known as the crawlspace (12-36 inch area between the ground and the floor above), or a full basement 6-foot or greater clearance from finished floor to ceiling. This cavity between the ground and floor allowed access, and it provided a convenient place to put the plumbing, fuel lines, heating systems and so on. In colder climates, basements were common, often the location to store fuel for heating the home during the wintertime. In more temperate climates (no need for deep walls to avoid frost) the area below the flooring reduced to only a space large enough to allow a person to enter, and a place to run necessary utilities.

One of the advantages to having a crawlspace was that a person could return as often as desired, to work on the plumbing if it sprang a leak, or yes, should a home inspector need access to check the condition of the columns and walls for cracks or other structural problems. Another advantage was that the house was raised up from the street level, slightly above the noise and visual distractions from the street outside. On the downside, this usually meant there were stairs to all access points, and since the floor structure was raised (and often constructed out of wood members) this type of flooring was prone to squeaks and minor movements. Often over time, these wood flooring systems also had some uneven surfaces due to settlement within the supporting structures below.

Now fast-forward through the sixties and beyond; with free love, rock music, and the advent of cheep concrete. All kidding aside, it was the inexpensive concrete mix, and ease of transportation methods, that led to the boom in poured concrete slab construction.

Also the abundance of steel re-enforcing rebar, which made the horizontal concrete structures stronger, all led to the use of slab construction as the most practical method for new home foundation systems. A huge, and I mean huge, benefit to slab construction was the speed within which a home could be built. Within days of clearing the soil and preparing the concrete forms, a contractor could pour the slab, and days later, could begin building the walls, roof and so on.

Developments known as tract-housing literally sprang up seemingly over night, as row after row of homes could be built, and built quickly. The only downside to the early slab construction was that homes were low to the ground level, and therefore easily prone to flooding, pest intrusion, etc. Also, since the slab on ground had no access to the underside, the buried items like galvanized steel water lines and cast iron waste plumbing; these could not be repaired without cutting away sections of concrete flooring.

Newer construction methods of today, with copper water lines and plastic ABS waste lines, have greatly reduced the “trapped piping” concerns of older slabs. And with high-quality concrete and steel, almost all homes are now built using the poured slab construction. Slab construction is here to stay.

New or old, slab construction does poses a problem for home inspectors and buyer alike, as we no longer have access to visually inspect the structure and systems below the slab. But that said, home inspectors still have an arsenal of tools at their disposal. Visual inspections of the outer perimeter for cracks are always the first step, plus looking for cracks within the wall structures above can also be used for indications of movement.

For example, if there are cracks within the stucco or masonry wall coverings, this may indicate that a smaller section of the slab could have broken away from the larger slab itself. From there, inspectors can visually check flooring surfaces within a home for uneven surface (indications of cracks or separations), and water-leveling techniques can even determine if a section has sloped to one side or to one corner. Now if a slab has been poured upon good soil, poured to proper depths with quality concrete mixes, over a skeleton of rebar steel, a concrete slab can provide years and years and years of solid support for your home. And did we mention “squeak-free” first floor construction?!

As you can see, both types of foundation systems have their advantages and disadvantages, so there is no need to choose a home simply based upon which type of foundation exists. What really matters is whether or not the foundation structure is in a good condition, free from structural defects, and built to sufficient size and strength to support the structure above. Bringing in a qualified home inspector can be your “first level of detection,” thus letting all parties know if a potential problem exists within the foundation system.

The home inspector may be able to provide indications as to the route cause or causes of any problems; if it appeared there might be soil movement, or possible water leakage, or poor construction practices, etc. The inspector may also be able to provide guidance to other testing services or local agencies for further analysis.

Foundation problems can be serious and costly concerns, but the home inspector can help make the process of detection and analysis a little less of a concern.

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Sage homes inaugurates Palms Resort

9japroperty — Mon, 17 Oct 2016 16:02:54 +0000

Real estate developer, Sage Homes, has unveiled a luxurious resort and residential development known as The Palms Resort and Residences.

The firm said the development, located in the Lekki Free Trade Zone area of Lagos State, was modelled after the iconic Palm Jumeirah in Dubai, on five hectares of land, featuring a range of facilities such as a mini-golf course, swimming pool, a large play area, children’s zone and one-bedroom apartments.

The General Manager, Finance and Administration, Sage Homes, Mr. Olawale Amobi, said the development was designed as a dream getaway destination from the chaotic hustle and bustle of Lagos, offering its residents the chance of creating their own personal retreat amidst natural vegetation, picturesque gardens, outdoor lounges and spectacular views of the Atlantic Ocean.

He said, “The Palms Resort and Residences is meant to replicate the features of some of the leading international resort-style residential developments in Nigeria, minimising the need to travel abroad to experience such modern lifestyle-customised residential developments.

“It is conceptualised as a perfect blend of nature and modernity with many palm trees and greenery, while the apartments will be equipped with features that will meet the modern lifestyle needs of its occupants.”

Amobi said that upon completion in the next two years, the development would be operated as a resort, with world-class facility management services to ensure that residents enjoy uninterrupted power supply, round-the-clock security, and access other bespoke services available at the estate.

PUNCH.

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Meeting Increasing Demand For Ultra-end Luxury Homes In Property Market

9japroperty — Mon, 21 Dec 2015 09:13:49 +0000

The housing market might be down but that certainly is not stopping politicians, corporate titans, hedge funds managers, oil magnates , entertainment icons, the super rich and choosy from paying high prices for lavish real estate in the planet.

Experts have said that for the ultra luxury market in Nigeria to take a hit, there would have to be serious financial woes that would go a lot deeper than what is currently being experienced because the rich is getting richer in the country.

More so, wealthy foreign buyers are also coming into the country to take advantage of the weak naira now on daily free fall and relatively bargain prices.

LEADERSHIP checks in Lagos showed that while sales are much weaker for lower-priced luxury homes because banks are not giving out facilities frequently like they used to do before the advent of Treasury Single Account(TSA) high ultra end market has remained robust because rich buyers are looking for trophy homes and the supply is limited right now in the country.

Though prices of these homes range from $1 million and above, these wealthy individuals and corporate organisations are less concerned about high interest rates and other mortgage issues because they are paying cash.

Presently, rental rates in Lagos is said to be one of the highest in the world with achievable rents of more than $1,020/m2 (about N186,000/m2) annually.

A realtor, Adolo Peter, said there was surge in fresh development of massive property for the super rich on the highbrow areas of Lagos Island, Eko Atlantic and Banana Island.

He said the Ikoyi , Victoria Island and Lekki peninsular were now the toast of buyers in search for prime properties , saying the decline witnessed in the past was as a result of neglect and infrastructural decay in the area.

“These areas command the highest densities of millionaires within its boundaries.Rental values had been on the upward swing in recent times in Ikoyi, Victoria Island. This I can trace to direct fallout from infrastructural renewal drive of the Lagos State Government in the last couple of years.

“You see real estate investors investing massively in real estate in this highbrow axis I have listed, while property owners are also improving on their properties in order to command good rental value,” he said.

In apparent move to fill the vacuum and meet the demand for such properties in Nigeria’s property market, the managing director of Sijimoto Construction Limited, Mr Sijibomi Ogundele, said the nation’s real estate market has come of age, saying his firm has concluded plans to commence the building of a sprawling mansion to meet the demand for choice residential accommodation on highbrow Ikoyi -Victoria Island axis in Lagos State.

Ogundele said the multi-billion naira project christened Lorenzo that would be nestled on 3,800 square meters of land in the highbrow area would be high rise blocks of super flats.

Ogundele said Lorenzo by Sujimoto is a magnificent development and symbol of structural mastery they hope to realise in Ikoyi’s prestigious neighborhood of Bourdillon within duration of 30 months.

According to him, the project is being financed 30 per cent by the company and 40 per cent by investors while off takers has 30 equity stakes in the project.

Harping on what make the apartments attract the attention of the super rich he said, “As a society, we must free ourselves from architectural slavery. This is why in terms of features and amenities, Lorenzo by Sujimoto leads the pack in comparison to other projects within Lagos, Nigeria and Africa. With its state of the art facilities, standing shoulder-to-shoulder to what exists in top-rated countries; it is definitely a force to reckon with.

“The Lorenzo, the nation’s first luxury apartments of its kind located in Ikoyi is a magnificent 25- floor architectural masterpiece built on 3,800 square meters of amazing landscape.

“These fully automated outstanding luxury apartments have two kitchens, three parking spaces, standard gym, world class spa, crèche, exceptional landscape and a five-star restaurant, penthouse suite with private swimming pool.

“The hallmark of this development is an enviable aesthetic icon called the eye of Bourdillon, present on the 16th floor. This unique and revolutionary structure gives a breathtaking view of Lagos like you have never experienced before.

“The Lorenzo’s vista bestows breath-taking views of the Lekki-Ikoyi cable bridge, the Bourdillon Boulevard, the Lagos lagoon and the atlantic ocean. The right choice for perceptive property aficionados ready for a fusion of smart-home technology and neo-classicist crafted residences in one of the most sought after vicinity in Lagos, Nigeria.”

Ogundele explained that the real estate company presents home owners the elegance of world class residential poise on the nation’s shores with unrivalled features, facilities and excellent services.

Harping on the company’s ability to provide what top echelon need in a property, he said, “We are bringing three fundamental pillars of real estate into one space. Location, architecture and lifestyle.

“The average contemporary apartment on Bourdillon is over $1 million and the prices keep getting better for property owners. Over the years, Bourdillon Road seems to always buck the trend in bearish runs in the real estate market. This proven resilience makes it a sure bet for investors.

“It is the ultimate spice of pure luxury and the right choice for perceptive property aficionados ready for a fusion of smart-home . On height, it is the tallest residential building in Ikoyi and probably Lagos with 25 floors, 57 units including 3 Pent-houses & 2 Villas (Multi-storey building, apartments including 2- bedrooms, 3-bedrooms, 4-bedrooms, 4-bedroom Villas and 6-bedroom Penthouse).”

He added the size of units is between 360m2 to 1,000m2 (including common areas), two fully operational swimming pools that is situated on the 16th floor and the other on the lobby/podium).

As a mark of the development of more of such edifices in the nation’s vibrant cities, a report by PricewaterhouseCoopers (PwC) had before now puts the value of the real estate sector in the country at $9.16 billion in 2014.

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