The property sales market in Nigeria has, in a surprise move by their developer, received four retail facilities located in Lagos and Abuja, the country’s federal capital city.

The four facilities owned by Novare Real Estate Nigeria Limited (NREN), an institutional investor and developer, are the Lekki Mall, Apo Mall Abuja, Novare Central Mall, and Gateway Mall Abuja.

Close market watchers have described this as a surprise from Novare –a commercial property development and management firm with a decade of experience in property development, and management across Nigeria and other countries in Sub-Saharan Africa.
Though no official reason has been given by the developer for this move, Estate Intel, an online property research platform which gave this hint, says that the sale of these properties may signify Novare’s exit from Nigeria as they are the only real estate investments the company has in the country.
Its Lekki Mall, earlier named Novare Mall, remains the largest retail mall in Lagos. The mall which was completed in 2016 sits on about 22,000 square metre space along the Lekki-Ajah Expressway. It houses brands such as ShopRite, Genesis Deluxe, JED Lifestyle, Miniso, etc.
The Apo Mall is located in the Dutse area of the FCT and occupies 8,000 square metres. It has a 97 percent occupancy rate as at June 2023 and houses notable brands like Megastores, PEP, BAFFI Furniture, Krispy Kreme, Shoprite, etc.

On its part, the Gateway Mall was completed in 2017 and is located along the airport road in Abuja. It sits on 14,000 square metres and houses firms such as BAFFI Furniture, Funworld, Genesis Deluxe Cinema, EHA Clinics, etc.
https://businessday.ng/real-estate/article/lekki-mall-3-others-up-for-sale-in-novares-surprise-move/?amp=1

Many foreign investments are leaving Nigeria

Companies are exiting Nigeria. Instead of Ebola finding out what's discouraging them from doing business in Nigeria, he is busy gallivanting all over the place and looking for new investors.

He probably thinks that leadership at national level is selling crack cocaine on the streets of Chicago. Continue your wild goose chase.

I don't know about Abj own oo, but those ones for lekki, e go hard to be profitable, the stores there are not selling anything different from the stores within closed proximity.
Why go to inside Oniru when Ebeano and the likes is within the residences, even Twins Faja opened one close to Ebeano, while we also have Park n Shop, Shop n Pay abi wetin be d name sef and some others within the commercial blocks of VI. That of sangotedo is a no no, na traffic go break your neck before you reach there, you finish make you dey go house to enjoy wetin you buy, you go face another traffic, they no try at al.
I think the concept of smaller malls within neighborhood like Ebeano, Jendol, Twins Faja, Just rite, etc, is the best way to go.

BiafraInc:
Biafrans returning to motherland is crashing all businesses in nigeria. Real estate business is at it's lowest in Lagos and Abuja at the moment. Biafrans no buy again, na by force?

Hehehehe

Chest-beating as usual

Can you leave Lagos?

Lagos is your Beijing in Africa

What is Biafra contributing to Nigeria except Sit-At-Home?

accordadoga27:



Hehehehe

Chest-beating as usual

Can you leave Lagos?

Lagos is your Beijing in Africa

What is Biafra contributing to Nigeria except Sit-At-Home?

While their indigenous companies are surviving and expanding, Anu instead of you to focus on the topic you are dragging your nightmare to what doesn't concern them

Many foreign investments are leaving Nigeria, thanks to DRUGGIE.

We will definitely going to catch him soon dead or alive...

accordadoga27:



Hehehehe

Chest-beating as usual

Can you leave Lagos?

Lagos is your Beijing in Africa

What is Biafra contributing to Nigeria except Sit-At-Home?

I have no business with Lagos

accordadoga27:



Hehehehe

Chest-beating as usual

Can you leave Lagos?

Lagos is your Beijing in Africa

What is Biafra contributing to Nigeria except Sit-At-Home?

Biafrans own and control Lagos. If we move out our businesses, Lagos is fall like pack of cards. Your people can't run anything for your life. Only corruption in 9 to 5 job, that's all you know.

OlujobaSamuel:
I don't know about Abj own oo, but those ones for lekki, e go hard to be profitable, the stores there are not selling anything different from the stores within closed proximity.
Why go to inside Oniru when Ebeano and the likes is within the residences, even Twins Faja opened one close to Ebeano, while we also have Park n Shop, Shop n Pay abi wetin be d name sef and some others within the commercial blocks of VI. That of sangotedo is a no no, na traffic go break your neck before you reach there, you finish make you dey go house to enjoy wetin you buy, you go face another traffic, they no try at al.
I think the concept of smaller malls within neighborhood like Ebeano, Jendol, Twins Faja, Just rite, etc, is the best way to go.

Sangotedo (Novare) mall is not meant for people in Lekki and VI. It's for people in Ajah, Sangotedo, Lakowe, Awoyaya, Ogombo, etc. Those parts of Lagos are developing with estates as fine as those you see in Lekki 1 and Ikate.

IMO, the major challenge facing these companies leaving Nigeria is that people's purchasing power is dropping and many people are saving their money to Japa. In my church alone, a lot of people have left using the study route for this September intake, including men with children. Money is leaving Nigeria. Nigeria's middle-class is gradually varnishing.

Bestmanfornow:
Many foreign investments are leaving Nigeria

While companies like Everyday, Roban, Ebeano, Market Square etc are expanding rapidly in the Southeast and southsouth, those in yourba and Hausa lands are folding up, is God not wonderful?

Gradually, Igbos are moving away from Lagos and Abuja. Awka, Enugu, owerri, Asaba are the new emerging cities

Very soon, just very soon we will smile again.
When Soludo was telling them that investing in Anambra is for their own good, he actually knows what he’s talking about

Anambra is the new investment hub, our people have finally woken up

I’m from Nnobi and I’m a close relation to Seaman group, according to inner source, he will start production of sugar factory immediately his rice mill commences, all at Nnobi there

I can tell you that another person is building a “diapers” factory at Nnobi together with a cosmetic industry, he base in France. He has already finished his hotel in Nnobi

We will rival Nnewi soon

SmartPolician:


Sangotedo (Novare) mall is not meant for people in Lekki and VI. It's for people in Ajah, Sangotedo, Lakowe, Awoyaya, Ogombo, etc. Those parts of Lagos are developing with estates as fine as those you see in Lekki 1 and Ikate.

IMO, the major challenge facing these companies leaving Nigeria is that people's purchasing power is dropping and many people are saving their money to Japa. In my church alone, a lot of people have left using the study route for this September intake, including men with children. Money is leaving Nigeria.

Lekki is not just lekki phase 1, lekki extends down to ibeju and environ.
The two malls has never been profitable at any point in time. Kindly visit it and visit others around, you will confirm low patronage compare to other malls.

OlujobaSamuel:

Lekki is not just lekki phase 1, lekki extends down to ibeju and environ.
The two malls has never been profitable at any point in time. Kindly visit it and visit others around, you will confirm low patronage compare to other malls.

What's the difference between a mall and a supermarket like Ebeano and Blenco? Bros, there's no difference. A mall is just a big complex that houses various businesses. It's not different from those supermarkets you see around those axes. Some things they sell at Shoprite are even cheaper than those in Ebeano, Justrite and Blenco.

So, I don't think it's about the number of malls in an area; it's about people's purchasing power. If people's propensity to spend their money is low, all those businesses will suffer, including the supermarkets you mentioned. They starting going to Mile 12 to buy things instead of the supermarkets and malls in their neighborhood.

PS: I have visited all the malls in those areas. The malls at VI and Jakande are closer to each other than the distance between the one in Jakande and Sangotedo (which is in the same Lekki). Despite that, those two close malls were doing well before EndSARS protest. In summary, Nigerians are becoming poorer or unwilling to spend their money these days.

SmartPolician:


Sangotedo (Novare) mall is not meant for people in Lekki and VI. It's for people in Ajah, Sangotedo, Lakowe, Awoyaya, Ogombo, etc. Those parts of Lagos are developing with estates as fine as those you see in Lekki 1 and Ikate.

IMO, the major challenge facing these companies leaving Nigeria is that people's purchasing power is dropping and many people are saving their money to Japa. In my church alone, a lot of people have left using the study route for this September intake, including men with children. Money is leaving Nigeria. Nigeria's middle-class is gradually varnishing.

You said it all, i was in a bus today come and see how these guys were discussing UK, i wanted to ask if na Nigeria we still dey

The fact is anyone doing business right now in Nigeria deserves to be prayed for cos its not funny at all

SmartPolician:


What's the difference between a mall and a supermarket like Ebeano and Blenco? Bros, there's no difference. A mall is just a big complex that houses various businesses. It's not different from those supermarkets you see around those axes. Some things they sell at Shoprite are even cheaper than those in Ebeano, Justrite and Blenco.

So, I don't think it's about the number of malls in an area; it's about people's purchasing power. If people's propensity to spend their money is low, all those businesses will suffer, including the supermarkets you mentioned. They starting going to Mile 12 to buy things instead of the supermarkets and malls in their neighborhood.

PS: I have visited all the malls in those areas. The malls at VI and Jakande are closer to each other than the distance between the one in Jakande and Sangotedo (which is in the same Lekki). Despite that, those two close malls were doing well before EndSARS protest. In summary, Nigerians are becoming poorer or unwilling to spend their money these days.

If people are not buying, I wander why cost of goods is still rising

SmartPolician:


What's the difference between a mall and a supermarket like Ebeano and Blenco? Bros, there's no difference. A mall is just a big complex that houses various businesses. It's not different from those supermarkets you see around those axes. Some things they sell at Shoprite are even cheaper than those in Ebeano, Justrite and Blenco.

So, I don't think it's about the number of malls in an area; it's about people's purchasing power. If people's propensity to spend their money is low, all those businesses will suffer, including the supermarkets you mentioned. They starting going to Mile 12 to buy things instead of the supermarkets and malls in their neighborhood.

PS: I have visited all the malls in those areas. The malls at VI and Jakande are closer to each other than the distance between the one in Jakande and Sangotedo (which is in the same Lekki). Despite that, those two close malls were doing well before EndSARS protest. In summary, Nigerians are becoming poorer or unwilling to spend their money these days.

I don't know what you are talking about in respect to malls and supermarket, I can't find that in my argument.
The malls were not doing well before endsars, it was circle mall that was doing well and it was the one badly damage during that period, Circle mall resumed operation early this year since end sars.
Cheaper product at ShopRite Are you kidding me?? Because you see .99k on the tag of most products, you think it's cheaper? ShopRite products are not cheaper than the regular mall abi na supermarket however you want to define them around the corner.
Purchasing power is lower compared to yesterday, however, you can't tell me that is why they have not been making profit before now when others are even spreading, do you know how many Ebeano stores opened between last year and now??
Have you been to ShopRite, Sango Toll gate before??
Why are they not making profit too? They got there before bubu oo, yet they can't even breakeven on operating cost not to mention capital

OlujobaSamuel:
I don't know about Abj own oo, but those ones for lekki, e go hard to be profitable, the stores there are not selling anything different from the stores within closed proximity.
Why go to inside Oniru when Ebeano and the likes is within the residences, even Twins Faja opened one close to Ebeano, while we also have Park n Shop, Shop n Pay abi wetin be d name sef and some others within the commercial blocks of VI. That of sangotedo is a no no, na traffic go break your neck before you reach there, you finish make you dey go house to enjoy wetin you buy, you go face another traffic, they no try at al.
I think the concept of smaller malls within neighborhood like Ebeano, Jendol, Twins Faja, Just rite, etc, is the best way to go.

Aside from that, most Nigerians have gone into Digital sales. Most especially, Naija girls. Almost everybody dey do online sales - and nah dispatch rider them deh use. It’s always very fast. Some will come to deliver it themselves if she offers happy ending

Check Instagram, check WhatsApp, they’re selling everything. Men no longer have a need to stress to mall when they can easily order online with even sweet ending - the way these girls dey everly package their breast whenever them con deliver items ehh, no be here

I’ve mentioned this before that Jumia will eventually crash with the way an average Nigerians have gone into digital sales. The market has been polarized. I can’t count how many people are selling electronics, wears, foodstuffs, etc on my whatsapp!

We told them that local investors will remain when foreign investors flee. The East is exploding with indegenous investments while foreign investors flee other regions

accordadoga27:



Hehehehe

Chest-beating as usual

Can you leave Lagos?

Lagos is your Beijing in Africa

What is Biafra contributing to Nigeria except Sit-At-Home?

You don't hesitate at any given opportunity to display how tiny your brain is.

Bestmanfornow:
The property sales market in Nigeria has, in a surprise move by their developer, received four retail facilities located in Lagos and Abuja, the country’s federal capital city.

The four facilities owned by Novare Real Estate Nigeria Limited (NREN), an institutional investor and developer, are the Lekki Mall, Apo Mall Abuja, Novare Central Mall, and Gateway Mall Abuja.

Close market watchers have described this as a surprise from Novare –a commercial property development and management firm with a decade of experience in property development, and management across Nigeria and other countries in Sub-Saharan Africa.
Though no official reason has been given by the developer for this move, Estate Intel, an online property research platform which gave this hint, says that the sale of these properties may signify Novare’s exit from Nigeria as they are the only real estate investments the company has in the country.
Its Lekki Mall, earlier named Novare Mall, remains the largest retail mall in Lagos. The mall which was completed in 2016 sits on about 22,000 square metre space along the Lekki-Ajah Expressway. It houses brands such as ShopRite, Genesis Deluxe, JED Lifestyle, Miniso, etc.
The Apo Mall is located in the Dutse area of the FCT and occupies 8,000 square metres. It has a 97 percent occupancy rate as at June 2023 and houses notable brands like Megastores, PEP, BAFFI Furniture, Krispy Kreme, Shoprite, etc.

On its part, the Gateway Mall was completed in 2017 and is located along the airport road in Abuja. It sits on 14,000 square metres and houses firms such as BAFFI Furniture, Funworld, Genesis Deluxe Cinema, EHA Clinics, etc.
https://businessday.ng/real-estate/article/lekki-mall-3-others-up-for-sale-in-novares-surprise-move/?amp=1

Poverty and squalor does not shop at Mega Malls...........na oshodi bend down boutiques and oyingbo market the wannabees go to! If you want to see raw apending power go to Port Harourt,asaba,Onitsha,owerri and Aba!

BiafraInc:
Biafrans returning to motherland is crashing all businesses in nigeria. Real estate business is at it's lowest in Lagos and Abuja at the moment. Biafrans no buy again, na by force?

This is rich coming from economic refugees. Your land is desolate and barren l

https://www.nairaland.com/7787397/two-weeks-sit-home-mass

GeneralPula:

Aside from that, most Nigerians have gone into Digital sales. Most especially, Naija girls. Almost everybody dey do online sales - and nah dispatch rider them deh use. It’s always very fast. Some will come to deliver it themselves if she offers happy ending

Check Instagram, check WhatsApp, they’re selling everything. Men no longer have a need to stress to mall when they can easily order online with even sweet ending - the way these girls dey everly package their breast whenever them con deliver items ehh, no be here

I’ve mentioned this before that Jumia will eventually crash with the way an average Nigerians have gone into digital sales. The market has been polarized. I can’t count how many people are selling electronics, wears, foodstuffs, etc on my whatsapp!

True. Just rent a shop to warehouse, then distribute from there

DiscoverID:


This is rich coming from economic refugees. Your land is desolate and barren l

https://www.nairaland.com/7787397/two-weeks-sit-home-mass

How many rice have you stolen today?

Jcoleworld911:



While companies like Everyday, Roban, Ebeano, Market Square etc are expanding rapidly in the Southeast and southsouth, those in yourba and Hausa lands are folding up, is God not wonderful?

You Nigerians like turning everything to tribe and competition. My view is that Nigeria doesn't need any foreign investors. We have the capability to produce everything we need and distribute them across Nigeria. We don't even need foreign exchange. All we need is focus, patriotism and love for one another and we will be food and technology sufficient in 10 years.

SmartPolician:
Companies are exiting Nigeria. Instead of Ebola finding out what's discouraging them from doing business in Nigeria, he is busy gallivanting all over the place and looking for new investors.

He probably thinks that leadership at national level is selling crack cocaine on the streets of Chicago. Continue your wild goose chase.

How would ebola find out when he himself is the cause...!!

When you have a drug dealer as the president of a country..no legitimate business owners would feel safe...!!

Ebola think say nah Lagos wey him go use abgero harass people to follow am like sheep...!!!

Jcoleworld911:



While companies like Everyday, Roban, Ebeano, Market Square etc are expanding rapidly in the Southeast and southsouth, those in yourba and Hausa lands are folding up, is God not wonderful?

Gradually, Igbos are moving away from Lagos and Abuja. Awka, Enugu, owerri, Asaba are the new emerging cities

Very soon, just very soon we will smile again.
When Soludo was telling them that investing in Anambra is for their own good, he actually knows what he’s talking about

Anambra is the new investment hub, our people have finally woken up

I’m from Nnobi and I’m a close relation to Seaman group, according to inner source, he will start production of sugar factory immediately his rice mill commences, all at Nnobi there

I can tell you that another person is building a “diapers” factory at Nnobi together with a cosmetic industry, he base in France. He has already finished his hotel in Nnobi

We will rival Nnewi soon

That is the spirit Brother. If we remain together as Nigerians, in the next 20 years, Anambra economy will blossom with the rate of home divestments and the drive from Soludo