Post by Ismail AbdulAzeez on Nov 12, 2018 5:48:24 GMT 1
THE THY REAL ESTATE PREPOSITIONS FOR AGGRESSIVE REAL ESTATE DEVELOPMENT
After a relative period of quietness, The Thy Real Estate Ltd, a subsidiary of The Thy Global Group is set to feature prominently in the nation's real estate sector with plans to embark on aggressive development of commercial and private properties in major locations across the country.
Towards this end, the company is desirous of sourcing for cheap funds from local and international institutions and agencies like the Federal Mortgage Bank of Nigeria to execute its plans for residential and commercial developments.
The company, which had acquired a number of commercial landed properties in Ogun, Oyo and Osun States is saddled with the responsibility of managing and administering. The Thy Real Estate in January 2019 is planning to appoint a Fellow of the Nigerian Institution of Estate Surveyors and Valuers as the General Manager, with a mandate to reposition The Thy Real Estate to be a major player in the real estate industry.
The Thy Real Estate, Chief Operating Officer, Ismail Abdulazeez, in a chat with The Thy Communications Editor, FADARE ADEKANMI, said that as an up-coming real estate development firm in the country with a history of over three years, the company is set to help the country solve her accommodation problems by undertaking the development of choice properties.
He said that among other options, The Thy Real Estate was ready to enter into partnership arrangements with groups like cooperative societies and others to develop estates for members, while also exploring the possibilities of partnering with governments under the Public-Private Partnership model to develop residential and commercial properties.
It also has plans to go into mass housing provision.
Abduazeez, who before now had successfully established and still operating four other thriving businesses, including but not limited to exportation of charcoal, agricultural and other commodities, haulage, clearing and forwarding said that he would bring his experience to bear on the operations of the company since he was coming from a position of knowledge.
He said that he had always been an advocate of empowering Nigerian professionals to manage the country's assets because they had the requisite knowledge to successfully manage them and prevent the rot currently prevalent in the country.
He boasted that if tested and trusted businessmen were given the opportunity to manage properties, they would turn the fortunes of most of the derelict assets round in no time.
On the challenges confronting real estate developers, the The Thy Real Estate CEO said that land acquisition was a major problem, noting that getting information on the status of land before making purchase was a difficult task in most parts of the country.
Even after acquiring land from the government, the threat of revocation of allocation, according to him, is another major headache that most developers have to contend with, while the land use zoning pattern is another challenge, noting that most of the land in Ikorodu had been zoned for agricultural purposes, whereas not much agriculture was being done there.
Abduazeez said that finance was another major hindrance to the massive development of properties in the country because the banks were no longer granting credit to developers, while the tenor of available funds was short term, whereas development was a long term venture.
After a relative period of quietness, The Thy Real Estate Ltd, a subsidiary of The Thy Global Group is set to feature prominently in the nation's real estate sector with plans to embark on aggressive development of commercial and private properties in major locations across the country.
Towards this end, the company is desirous of sourcing for cheap funds from local and international institutions and agencies like the Federal Mortgage Bank of Nigeria to execute its plans for residential and commercial developments.
The company, which had acquired a number of commercial landed properties in Ogun, Oyo and Osun States is saddled with the responsibility of managing and administering. The Thy Real Estate in January 2019 is planning to appoint a Fellow of the Nigerian Institution of Estate Surveyors and Valuers as the General Manager, with a mandate to reposition The Thy Real Estate to be a major player in the real estate industry.
The Thy Real Estate, Chief Operating Officer, Ismail Abdulazeez, in a chat with The Thy Communications Editor, FADARE ADEKANMI, said that as an up-coming real estate development firm in the country with a history of over three years, the company is set to help the country solve her accommodation problems by undertaking the development of choice properties.
He said that among other options, The Thy Real Estate was ready to enter into partnership arrangements with groups like cooperative societies and others to develop estates for members, while also exploring the possibilities of partnering with governments under the Public-Private Partnership model to develop residential and commercial properties.
It also has plans to go into mass housing provision.
Abduazeez, who before now had successfully established and still operating four other thriving businesses, including but not limited to exportation of charcoal, agricultural and other commodities, haulage, clearing and forwarding said that he would bring his experience to bear on the operations of the company since he was coming from a position of knowledge.
He said that he had always been an advocate of empowering Nigerian professionals to manage the country's assets because they had the requisite knowledge to successfully manage them and prevent the rot currently prevalent in the country.
He boasted that if tested and trusted businessmen were given the opportunity to manage properties, they would turn the fortunes of most of the derelict assets round in no time.
On the challenges confronting real estate developers, the The Thy Real Estate CEO said that land acquisition was a major problem, noting that getting information on the status of land before making purchase was a difficult task in most parts of the country.
Even after acquiring land from the government, the threat of revocation of allocation, according to him, is another major headache that most developers have to contend with, while the land use zoning pattern is another challenge, noting that most of the land in Ikorodu had been zoned for agricultural purposes, whereas not much agriculture was being done there.
Abduazeez said that finance was another major hindrance to the massive development of properties in the country because the banks were no longer granting credit to developers, while the tenor of available funds was short term, whereas development was a long term venture.
