2023: Sustaining Value through People and Projects.
Dear Partner,
Welcome to the brand-new year 2023. Happy New year and warm greetings!
We are thankful for finishing the year, 2022, strong and look forward to 2023 with a greater sense of purpose, excitement, and optimism for all that we plan to accomplish.
It is important to give glory to God for his protection during the festive period. It is my prayer that you and your loved ones, start the new year, strong and in good spirits.
Despite global challenges and Nigeria’s current economic situation, highlighted by a high inflation rate, the real estate industry relatively improved on the previous year with a significant increase in its contribution to the GDP. This is illustrated in the fact that in the first 3 quarters of the year, the Real Estate Sector contributed N7 Trillion to the GDP of Nigeria and had a growth rate of 16.3% compared with its 2021 quarter-on-quarter performance.
Taking into consideration militating factors such as the economic implications of the Russia-Ukraine war, a decline in investor confidence resulting from building collapses, unfriendly government policies on the sector, fluctuating forex rates, and the unprecedented inflation rate in the country, it is heartwarming to note that the sector performed reasonably well.
On the flip side, the affordability of housing offerings has remained a challenge to low and medium-earning Nigerians. However, there is hope that the recent policy announcement by PENCOM (Nigerian Pension Commission) allowing active workers to spend up to 25% of their pension savings as a down payment for a residential mortgage will go a long way to remedy this anomaly.
Distinguished stakeholder, Afriland Properties Plc was formed in 2013 and this year 2023, we will be celebrating our 10th year anniversary.
Over the past years, we have built a reputation synonymous with enterprise, excellence, and execution and I am proud of the relationships we have forged within the industry and beyond it, highlighting the strengths within our core values and culture of our business.
Our priority still remains our clients, who are at the forefront of our achievements; driving us to consistently go above and beyond to deliver on our promises through our real estate offerings. This year, we will be churning out unique development projects as well as project and facility management products that will make a difference in the real estate sector. I encourage all businesses, buyers, and sellers alike to take part in the ‘Afriland Experience’ and to enjoy the professionalism you deserve as a real estate client.
As we enter an election year, key economic activities to watch out for include, a possible lack of effective governance pre-election, increased growth in the Agricultural and Retail sectors, possible removal of subsidies, as well as reduced crude oil production and export. For us to stay ahead of the curve, we have revamped our strategies to sustain value through a combination of people and projects.
Sustaining Value through People Manpower Optimisation
A sustainable business values and respects its people. “People are our number one asset.” A cliché perhaps, but at Afriland properties Plc, our people really are the lifeblood.
An integral part of our strategy as we enter this phase of our growth is significantly upscaling the intellectual resource within our ranks from top to bottom. Consequently, we have further strengthened our board of directors and management with professionals whose expertise will lead us to new heights.
It brings us great pleasure to welcome these quality additions to the Afriland Family and we look forward to the company’s continued growth.
Sustaining Value through Projects
It is our vision to be Africa’s premier real estate company that creates long-term value for all stakeholders. Our goal is to become the benchmark for excellence and quality service delivery in the African real estate sector.
In 2023, we will be bringing into the real estate space key developments that will create value for all stakeholders.
For Residential developments, we have commenced the construction of “The Rouge, Ikoyi”, “Iris Court, Aromire Ikeja, and “Afriland Estate, Karmo Abuja”. We intend to deliver on at least two of these residential projects this year.
The Rouge is a premium, luxury residential development nestled in the heart of Old Ikoyi, Lagos. Quaint, serene, and built to satisfy luxury living, it is the place for those who have a refined taste for the finer things of life.
The development is a collection of 13 Luxury apartments comprising 2- Bedrooms, 3 bedrooms, and a 4-Bedroom Penthouse, with spectacular views and meticulously finished to entertain the luxury lifestyle.
Iris Court is a residential project located in Ikeja, Lagos State, and is being built for the modern-day professional. Equipped with modern fittings and facilities, Iris Court’s apartments stand out to convey the feeling of affordable luxury and style.
Afriland Estate is a Residential Estate. located within the fast-developing district of Karmo in the nation’s capital, Abuja.
This gated neighborhood, built to offer affordable housing, will offer a one-stop smart community with all the basic amenities guaranteed to ensure comfortable living. Upon completion, it will consist of 99 apartments with sizable internal and external spaces that guarantee family comfort.
We also have two multipurpose developments being put out into the Real Estate space for investors to take advantage of. The Emporium in Port-Harcourt and Afriland Complex in Abule Egba, a sub-urban area in Lagos. These developments are also expected to be completed this year.
A major highlight of 2022 was the Sod-Turning Ceremony of the new Falomo Towers by the Lagos State Governor, Babajide Sanwo-Olu, and the Group Chairman, Heirs Holdings Limited, Tony Elumelu, CFR. We are excited about this project, which is earmarked to commence in 2023.
Our portfolio diversification plans include significant investments in medical real estate as well as warehousing. We are very excited about all the developments in the pipeline and what we intend to achieve in the next 12-18 months.
In all we do at Afriland Properties Plc, we do not lose sight of our purpose, which is to improve lives through our investments in the development, management, and maintenance of world-class Real Estate offerings across Africa.
Distinguished stakeholder, 2023 is a very important year for Nigeria as the Country goes to the polls to elect a new leader. The future of our country is entirely dependent on the decisions we all make about who will lead us forward. Please, vote wisely.
On behalf of the Board, Management, and Staff of Afriland Properties Plc, I would like to sincerely thank you for your continued support in ensuring that we remain a leading real estate company in the Nigerian real estate sector.
I wish you a prosperous 2023 filled with good health, and phenomenal growth.
Continue to stay safe.
Many Thanks.
Uzo Oshogwe.