Gabriel Enenche —
In a bid to tackle the country’s housing deficit, Landwey Investment Limited, a Nigerian residential developer, has announced plans to produce 1,000 premium homes beginning from the end of the second quarter (Q2) of 2022.
Its Managing Director, Shola Bello made this known while communicating with newsmen last Monday.
While speaking on the impact of the COVID-19 pandemic and the resultant economic recession on the real estate sector in the country, Bello noted that the company has been able to deploy measures to mitigate the challenges posed by the crisis.
“2022 began on a rough note for most real estate developers in Nigeria, Bello said.
“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”.