By Olusesan Ogunyooye.
Design of Laird Place I Allen, Ikeja. Photo: Saundersdev.com
Amid uncertainties and myriad of challenges facing real estate development in Nigeria Saunders Development Company, a subsidiary of Sankore Investment, has projected an upward swing for the value of housing development in Ikeja in the next five years. This, according to the development company, is hinged on the urban renewal programme of government as well as other economic indices such as the growing middle class, accessibility to facilities, convenience, and proximity to Central Business District.
This was revealed at a Buyers’ Forum organised by Saunders Development Company to unveil its Laird Place, Allen project.
Speaking at the forum in Lagos, Managing Director of the Company, Ms. Titi Odunfa, said the project is a product of deep research and detailed management process. She hinted that it is a strategic development and a well thought through investment designed to return a guaranteed 12% to investors per annum for the next first five years.
‘The project is anchored on qualitative research of economic indices in the area, the current pricing of property in Ikeja, the growing middle class and the urban regeneration scheme on-going in that axis,’ she said.
Ms. Odunfa explained that an average four bedroom apartment with similar facilities and standard of Laird Place, Allen sells at an average of N48 million. She added that with the increasing rate of the middle class, proximity to Central Business District and the urban regeneration in the area, there is a clear projection of an upward swing in the coming years.
Further in her address, Odunfa assured that the developer-investor distrust on the project is not anticipated, as Sankore – a reputable investment management company – is releasing funds to ensure that the project is delivered as scheduled and with the proposed facilities.
‘Finance is a major factor when it comes to project development and delivery. Development processes are similar, but finance is responsible for failure to deliver. As a team, we have anticipated this and the finance aspect has been factored into the project, so we are sure that finance is sorted and investors can get delivery as promised.’
In his presentation, Mr. Damola Akindolire, an associate member of the Saunders Company said that while Sankore Investment takes care of finance on the developer’s side, the trio of First Bank of Nigeria (FBN) Mortgages, GTHOMES and other partners have been brought on board to provide mortgage funds for interested investors, at moderate interest rates.
He added that when completed, the value anticipated on the project can also return an immediate 8% on sales price and up to 30% annual returns thereby giving investors accessing the project through mortgage rest of mind. ‘This is a project that can pay its mortgage if properly structured,’ he assured.
Mr. Damola, a seasoned builder, also stated that his company does not just intend to join a pool of developers, but to add value to investor’s portfolio and explore the potentials of a place like Ikeja as against the rush for the highbrow Lekki, Ikoyi and Victoria Island.
He added that the design of the development factored-in the concept of “green building” by reducing the use of artificial lighting. He explained that its facility management design hinges on saving energy and wastages, which will in turn help investors spend less on service charge.
The event, which had in attendance players from major sectors of real estate, as well as prospective buyers, also had multi award winning musician, Innocent “Tuface” Idibia, sign on as a buyer in the project.
Laird Place is a fully serviced community built on 11, 000 square metres of land with modern flats and unique features such as club house, children’s play area, computerised services and more. It is billed to be delivered by June 2013.
At the Event: Tuface Idibia and Titi Odunfa, MD Saunders Development Company. Photo: Olusesan Ogunyooye
This article was first published on 2nd July 2012 Notice: Undefined variable: last_modified in /var/www/html/articles/wp-content/themes/cnhalptem/content-single.php on line 36
African startups secured $460 million in the period January to March 2025. This number was basically the result of deals involving players from a handful of countries on the continent. Nigerian startups had over $100 million of the sum. Read more about Business However, observers of the ecosystem note that Africa’s fundraises were somewhat … Continue reading Nigerian Startups Raised Over $100 Million in the First Quarter of 2025
Business doesn’t grow in isolation — it thrives in the right rooms. That’s why we’re inviting you to the May Edition of the Connect Nigeria Business Mixer, happening on Friday, May 30, 2025, in Victoria Island, Lagos. Read more about Business The Connect Nigeria Business Mixer isn’t just another networking event — it’s a curated … Continue reading The Connect Nigeria Business Mixer: May 2025 Edition
The internet has provided an incredible opportunity for businesses of all sizes to reach millions of potential customers across the world. But because its environment is radically different from the in-person world, marketers have had to adapt to it. One way they’re doing this is by utilising digital marketing tools. Read more about Business … Continue reading 10 Digital Marketing Tools Every Online Business in Nigeria Should Have
Nigeria’s media and advertising industry has come into its own in recent times. This renaissance has been driven by creative entertaining, marketing content, and rapidly rising digital engagement numbers. While traditional media has remained relevant, online platforms are giving smaller businesses an opportunity to reach huge audiences at a fraction of the cost that … Continue reading 10 Facts about Nigeria’s Media and Advertising Industry