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Nairaland Forum / Nairaland / General / Business / Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move (1711 Views)
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Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by Bestmanfornow: 4:59pm On Sep 21, 2023 |
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 1 Like 1 Share |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by TemplarLandry: 5:00pm On Sep 21, 2023 |
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Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by Bestmanfornow: 5:08pm On Sep 21, 2023 |
Many foreign investments are leaving Nigeria 7 Likes |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by SmartPolician: 5:09pm On Sep 21, 2023 |
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. 13 Likes 2 Shares |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by OlujobaSamuel: 5:25pm On Sep 21, 2023 |
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. 11 Likes |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by accordadoga27(f): 5:26pm On Sep 21, 2023 |
BiafraInc: 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? 2 Likes 4 Shares |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by Bestmanfornow: 5:34pm On Sep 21, 2023 |
accordadoga27: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 10 Likes 1 Share |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by Burruchaga71(m): 5:34pm On Sep 21, 2023 |
Many foreign investments are leaving Nigeria, thanks to DRUGGIE. We will definitely going to catch him soon dead or alive... 5 Likes |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by Bestmanfornow: 5:34pm On Sep 21, 2023 |
accordadoga27:I have no business with Lagos 5 Likes |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by BiafraInc: 5:59pm On Sep 21, 2023 |
accordadoga27: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. 2 Likes |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by SmartPolician: 6:08pm On Sep 21, 2023 |
OlujobaSamuel: 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. 6 Likes 1 Share |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by Jcoleworld911: 6:12pm On Sep 21, 2023 |
Bestmanfornow: 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 7 Likes |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by OlujobaSamuel: 6:14pm On Sep 21, 2023 |
SmartPolician: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. |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by SmartPolician: 6:30pm On Sep 21, 2023 |
OlujobaSamuel: 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. 1 Like |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by ambale(m): 6:41pm On Sep 21, 2023 |
SmartPolician: 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 1 Like |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by Ikaeniyan0: 6:48pm On Sep 21, 2023 |
SmartPolician:If people are not buying, I wander why cost of goods is still rising |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by OlujobaSamuel: 7:11pm On Sep 21, 2023 |
SmartPolician: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 ![]() 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 |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by GeneralPula: 7:13pm On Sep 21, 2023 |
OlujobaSamuel: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! 10 Likes |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by MXrep: 7:24pm On Sep 21, 2023 |
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 4 Likes |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by loosecanon50(m): 7:28pm On Sep 21, 2023 |
accordadoga27: You don't hesitate at any given opportunity to display how tiny your brain is. |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by ebufa: 7:33pm On Sep 21, 2023 |
Bestmanfornow: 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! |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by DiscoverID: 7:35pm On Sep 21, 2023 |
BiafraInc: This is rich coming from economic refugees. Your land is desolate and barren l https://www.nairaland.com/7787397/two-weeks-sit-home-mass |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by OlujobaSamuel: 7:37pm On Sep 21, 2023 |
GeneralPula:True. Just rent a shop to warehouse, then distribute from there 1 Like |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by Varunpulyani: 7:59pm On Sep 21, 2023 |
DiscoverID: How many rice have you stolen today? 1 Like |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by Abagworo(m): 8:21pm On Sep 21, 2023 |
Jcoleworld911: 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. 1 Like |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by Floky215: 9:14pm On Sep 21, 2023 |
SmartPolician: 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...!!! ![]() |
Re: Lekki Mall, 3 Others Up For Sale In Novare’s Surprise Move by pandax: 10:50pm On Sep 21, 2023 |
Jcoleworld911: 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 1 Like |
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