Wednesday, October 24, 2012

Winning formulae for successful property development


Monday
It appears I may have the answers to the question I posed last week, about why some properties seem to get snapped up immediately and others don’t? Some property professionals explained to me, that the location, good access roads, quality and affordability of the property x affordable services and good security are the winning formulae for a successful property outcome. Added is good maintenance, on site customer service, 24 hour power generation, clean tap running water, effective sewage disposal, and uniformed security

Properties that are being snapped up before they are even completed are on estates that have cracked this formulae, thereby creating a waiting list of clients for future developments by the same developer.

Tuesday
The rapid deterioration of some side roads along the Lekki axis is a cause for worry. In order for cars to use the roads, builders from building sites, use the pot holes to dump all their rubble, so not only are you navigating pot holes, but you are also at risk of sharp metal pipes, nails, barbed wire, jagged concrete slabs and pieces of wood damaging you car. On some of these roads are built the most luxurious homes, with cctv cameras, electric gates, armed security etc with at least 4 expensive cars parked in the driveway. Yet no one sees it fit to do anything about the road outside their gates.

Wednesday
Apartments are springing up all over the place, In Ikeja, Yaba, Ikoyi, Victoria Island down to the Lekki Free Trade zone. A lot of these built on land on which stood single dwelling units. The space for car parking that such dwellings generate, are more often than not, nonexistent, and if available is so narrow that you may not even fit a tiny car in the space provided.

Flats/Apartments are being built without much thought for the demand such multi dwelling units place on the environment. The drainage , rubbish disposal, number of cars using the compound or surrounding roads, power provision, where to site generators and diesel tanks, boreholes, water tanks etc. Serious monitoring of these dwellings needs to take place by the appropriate agencies, before they turn into slums.

Thursday
 About a year ago, I approached a property developer with the hope that he would allow my company to advertise and mange his units. He explained that a friend of his had a property company and had already requested the job and out of obligation he would let him do it. I said I understood and we parted ways. To my surprise, I received a call from this same developer today, asking if I was still interested in managing his property and that he also still had a few vacant units! I was lost for words, but told him I would go and see him to discuss things a bit more. I really want to know what happened to his friend and the service contract he had executed so far. No point in RSG taking on work that has been so badly done, that it will need starting from the beginning again. Let us wait to see what the outcome is

Friday
Once in a while, I have to fly out/into the country and am always dismayed by the state of our airport MMA1. It is a shame that it has the prefix “international” added to it, as it is nowhere near any international standard that I am aware of though it appears some sort of works have started, but it all appears uncoordinated.

I landed there a few days ago and the stench of diesel in the arrival terminal was so strong, I had to cover my nose. The escalators were broken down, some areas were not lighted, the luggage did not start coming out for over half an hour, and when they did, it was at snail pace; the air conditioners were not working. I could go on and on, but I am sure you get the drift

Until next week

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