Agent - Nigeria Property Centre

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Spirited to increase estate development and home ownership in Nigeria, the Federal Mortgage Bank of Nigeria (FMBN), has proposed a fresh initiative, which will usher in an Estate Development Guarantee (EDG) scheme

The bank’s made this known to stakeholders recently in Abuja at a sensitization workshop on the revised operational framework of Estate Development Loan (EDL), organized by the Real Estate Developers Association of Nigeria (REDAN) with the support of FMBN.

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To maintain its position of competitiveness in the hospitability business, one of Africa’s largest and hotel group, Protea Hotels, has started the construction of a new three-storey hotel facility at the Alausa area of Lagos. Messer. Brick House Construction Limited is piloting the project as developers.

The hotel, which is estimated to cost about N3 billion, will contain 125 service rooms a swimming pool area, amongst others.

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Barring any further hitches, the implementation of the 2003 Insurance Act that came into force recently may soon be kick-started by the insurance regulatory body, following a fresh effort to woo professional bodies in the building industry to back the implementation of the scheme within the construction sector.

Professional bodies in the built environment had in different forums criticised the law, claiming ignorance of its modalities to implement the mandatory insurance scheme. For instance, members of the Nigerian Institution of Estate Surveyors and Valuers alleged that their professional body was not carried along in the making of the law and sought for a review of the Act.

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Anticipation that cement price will crash, following a directive by President Goodluck Jonathan to the operatives to reduce cost of the products may have hit the rocks as Dangote Cement Plc, a major manufacturer, has unveiled a new price regime review, which pegged its prices to ₦1,600 per 50 kilogramme bag.

In the new prices, the company’s ex-factory prices remain unchanged while depot prices in Abuja and surrounding have been fixed at ₦1,600.  The company was silent on prices at its depots in the South East and South West, where prospective homeowners and developers are facing hard times in the procurement of cement products.  Last week, for instance, prices of a 50 kilogramme bag stood at between ₦1,850 and ₦2,000.

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Ahead of plans to kick-start construction activities in its pet project, Messrs Propertymart has signed a contract with a building and civil engineering firm, PW Group to provide engineering services to a proposed estate- Propertymart Grenadines Homes within Citiview Estate, located at Arepo, Ogun State.

The contract signing, which was held in Lagos last week covers provision of civil infrastructures will set the pace for that the best habitation by the subscribers. Grenadines Citiview Estate, is about 36 hectares of land, and comes in phases.

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Oyo State Government has unveiled an ultra modern Lagos liaison office complex in GRA, Ikeja, valued at ₦170.9million.  The project was commissioned by the past administration.

The complex, which was unveiled recently is located within the Government Reserved Area (GRA), Ikeja, Lagos contains 15 guest room chalets, a staff quarter and a administrative block cost the government the sum of ₦170.9million and is backed up with 24-hour electricity supply with two heavy duty sound proof generators and transformer.

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It’s like the real estate agents’ mantra: location, location, location. You’ve certainly heard the phrase enough and may wonder what possesses agents to say it three times. Or you might think it pertains to three different types of locations — perhaps an excellent location, a mediocre location and a lousy location.

I’ll put your mind at ease. It means identical homes can increase or decrease in value due to location. It’s repeated three times for emphasis, and so you will remember the phrase. It’s the number one rule in real estate, and it’s often the most overlooked rule.

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With loads of properties for sale or rent on Nigeria Property Centre on any given day, it can be difficult to make sure that your property stands out. That's why we offer both homeowners and estate agents the ability to upgrade their listing to 'Featured Property' status.

Upgrading your property listing to 'Featured Property' status means that your listing will be boosted in various ways.

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Bracing up for its goal of transforming Lagos metropolis into a megacity, the Lagos authorities have begun moves to construct two new shopping complexes under the Public Private Partnership (PPP) scheme.

The complexes known as Ikorodu Regional Plaza and Ikeja Shopping Plaza will soon be kick-started, as the Ministry of Justice has already prepared a Memorandum of Understanding (MOU for the parties to endorse.

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Eighty-two private developers that applied for land under the private developer's scheme of the Lagos State government have been given approval for allocation, while 40 of them have already been issued allocation letter. Permanent Secretary, Lands Bureau, Mr. Hakeem Muri-Okunola has said.

Besides, the Bureau has also budgeted about N3 billion for compensation for this year incase of lands and houses that would be acquired by the government for public interest.

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