REAL Estate firms must diversify to remain in business, this was the charge given at a real estate stakeholders forum in Lagos.
The Managing Director, Afriland Properties Plc, Uzoamaka Oshogwe, capitalized on the need for real estate firms to adopt diverse development strategies and to also come up with products that are in line with the need of the target markets in order to stay afloat.
She noted that there are many opportunities in the market and that economic factors, as well as the changing needs of clients, warranted that realtors needs to be flexible in their operations.
Oshogwe said “Developers must take a step back, work the number to determine what works and what doesn’t. If due to the impact of the pandemic, office development is not as buoyant, then reduce the square meterage that you put out in the market and see what residential and other development types have to offer. You must study your market. Currently, smaller units such as studio apartments; one- and two-bedroom apartments are selling out.”
The CEO/MD, also revealed the company’s plans. “We have a fine mix of developments coming up, ranging from commercial buildings, residential buildings and lifestyle developments. We are delving into medical real estate as well as boutique shopping malls.”
“We have inaugurated a block of residential apartments in Parkview, Ikoyi, Lagos and we are about to start our development for young professionals. It consists of one-bedroom and two-bedroom apartments in Ikeja. Our most ambitious is a residential estate coming up in Abuja which makes up majority of our residential offerings.”
Oshogwe also hinted that the organisation was looking at retail real estate.
She said: “We have built a block of lock-up shops in Egbeda in mainland Lagos. Following the success of the Egbeda shops, we will be kicking off another similar development in Abule Egba, also in Mainland Lagos. Our reach has extended to Port Harcourt where we intend to construct a shopping mall cum office complex. The variety of projects lined up drives our conviction that we will pull through the current lull in the industry mainly through our portfolio diversification strategy.”