In furtherance of its commitment to tackle Nigeria’s housing deficit, Landwey Investment Limited, Nigeria’s largest residential developer, has announced plans to deliver 1000 premium homes starting from the end of the second quarter of 2022.
Shola Bello, managing Director, LandWey, made this known in
a chat with newsmen on Monday.
While speaking on the impact of the COVID-19 pandemic and
the resultant economic recession on the real estate sector in Nigeria, Bello,
however, noted that the company has been able to deploy measures to mitigate
the challenges posed by the crisis.
According to her: “2022 began on a rough note for most real
estate developers in Nigeria. This has been made obvious by the growing
apprehension amongst some clients over the viability of their investment owing
to delayed delivery of housing units and some publications addressing these
issues.
“Many developers in Nigeria have openly addressed some of
the challenges experienced in the course of construction and delivery of
housing projects, a challenge which is largely attributed to the impact of the
2020 Covid-19 pandemic and the resultant economic recession.
“In the past few years, many developers have had to navigate
the harsh economy and its severe impact on all businesses across many
industries. While it may appear that many of these businesses have recovered
from the impact, the story is not quite the same for the real estate industry.
The industry has felt its huge blow from resultant factors ranging from
scarcity of labour, a challenge we have since overcome, scarcity of building
materials, unfavourable importation policies, long project approval timelines as
well as other environmental limitations. However, our clients are always at the
forefront of everything that we do, therefore, we have had no other choice but
to unearth new and creative solutions in order to mitigate the rippling effects
of the pandemic and the harsh realities of the global economy.”
Speaking further, the company’s chief lamented that most
real estate development companies had to reassess and adjust their operations
to acclimate to the “new atmosphere by working and negotiating potential
changes in project completion timelines and the management of their internal
and external workforce, communicating challenges and progress updates routinely
with investors and reviewing supply agreements with suppliers while also
determining the impacts of delays in our delivery obligations as well as other
potential risk factors.”
She added that after what appeared to be a challenging Q1,
the company is now making a headway on housing project delivery with a mass
delivery of homes scheduled to take place at the end of the second quarter.
“I can assure you, by the third quarter of 2022, we would be
well on our way to completing at least 1000 homes,” Bello concluded.
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