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Nairaland Forum / Nairaland / General / Properties / General Topic Thread-To Discuss Anything And Everything in Building Construction (4643005 Views)
Discuss Anything Property And Lets Make Money In The Process / Residential Building Construction Mistakes In Nigeria You Need To Avoid / General Topic Thread - The Roforofo Thread Of Construction Activities (2) (3) (4)
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Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by Jasobry: 12:27pm On Jan 17, 2021 |
n3xt: My brother, wetin dey inside bottled water,when i will still come back home to drink sachet water 2 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by davodyguy: 12:28pm On Jan 17, 2021 |
n3xt:I'm just trying to be modest. There's really no 'ordinary' place in Lagos anymore. A friend who states around Ahmadiyya says he's paying ₦400,000 as rent and I'm like really? In that far place that's close to Sango (Ogun State) Rent is going up. Ifako Gbagada, Soluyi etc now commands close to ₦1m annual rent on 3 bedroom apartment. Rent now is something else. Maybe not commercial, but residential rent is going up in Lagos. In one of those LSDPC estates in Meiran, you can get a flat for ₦3.5m and rent at at ₦350,000 per annum. ₦3,500,000/₦350,000 =10% yield. Even Treasury bills can't give you 10% now that rates have been falling 2 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by Godisgreatest1: 12:28pm On Jan 17, 2021 |
I have been to Nnamdi Azikiwe University, Nnewi. On leaving the campus I asked my colleague the estimate of land properties around the institution, I can recall he said I should forget it that it's an 'expensive' question. Personally, I know an Nnewi man resident in Port harcourt that owns 2 plazas of 2 and 3 stories each yet he rides a 'ladies' bike. He converted the entire ground floor of one of the plaza to a warehouse for fasteners and industrial power tools. You see different students going there for IT. The man isn't even educated. I see Nnewi people as 'industrialists'. 3 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by michlins(m): 12:38pm On Jan 17, 2021 |
diordaves:it's not only that, the importers need warehouse for their goods and they need a place very close to the Nkwo Nnewi market. Lots of factors are affecting the insane prices people pay for lands. You also need to know this,an average person in Nnewi of about twenty years will sell his inherited land and then travel to Lagos or anywhere else and spend like ten years. He will come back and then ready to buy back that same land no matter the cost. It's only then he can tell his peers that he arrived as a "big man". |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by kopell: 12:41pm On Jan 17, 2021 |
davodyguy:Point of correction Surulere is not ordinary in lagos ooooo, in FCT na those politician and high earned civil servant make life had for ordinary people |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by BrabusNG: 12:42pm On Jan 17, 2021 |
davodyguy: Commercial rent too.... as at 2014, I was paying 750k for a 17sqm shop in Lagos (this excludes service charge). I was surprised when I visited a mall in Ibadan and they told me N2m for almost 100sqm +. |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by BrabusNG: 12:45pm On Jan 17, 2021 |
michlins: We know this. ![]() |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by michlins(m): 12:46pm On Jan 17, 2021 |
Godisgreatest1:I know one man that trades on car filters in Nkwo Nnewi. Hé has properties from Nnewi to Port Harcourt to Lagos. Hostels l, residential homes and empty plots of lands yet he rides old motorcycle while the wife drives a corolla. This man dey wear same sneaker from year to year 2 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by BrabusNG: 12:47pm On Jan 17, 2021 |
kopell: As far as in me lies, Lagos remains the capital of Nigeria. 4 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by Ndyoo(m): 12:48pm On Jan 17, 2021 |
spyder880: I beg to differ. I consider strategy and packaging to be more important in business. I grew up in Onitsha and the reason most people travel outside to get what they want is because it has been packaged and sold to them at a price that location at some point becomes irrelevant. I get your point. The only thing that's stalling people building companies in more than one place is because we're Nigerians. And then things like good road network and the rest fail most start up and entrepreneurs. What brought this topic is getting approval for building a house? You have knowledge of it as someone who have experience building houses in southeast especially Awka and Onitsha. 3 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by whirlwind7(m): 12:49pm On Jan 17, 2021 |
spyder880: Bearing this in mind, Nnewi is bound to expand into the neighboring communities in the coming decades, just as Onitsha did. It is inevitable. 4 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by Ndyoo(m): 12:52pm On Jan 17, 2021 |
michlins: So I am paying because I am buying a land close to Ibeto. I don't have the mentality that my destiny or growth is tied to anyone. If he decides to build an industry for production there and you have other plans, what happens then? This is following the crowd. Sometimes it pays off, other times it is really stupid. 1 Like |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by BrabusNG: 12:52pm On Jan 17, 2021 |
michlins: We know this too. I did a build for an Anambra man. He bought about 27 tons of iron rods just for foundation if a 4 bed duplex and 2 bed flat. If I ask him for any materials, he’ll just put a call to one of his boys “Obinna, bring one trailer of binding wire ![]() ![]() ![]() The man live in a very terrible house in Akoka Lagos and has no car. _____ I concur the guys from that area are big spenders when it comes to real estate in Nigeria but they do it mostly for the fun of it. The money dey ground!! 1 Like |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by BrabusNG: 12:55pm On Jan 17, 2021 |
whirlwind7: That’s why I’m going to invest in the neighbouring communities. The billionaires will buy from me in not too distant future. 2 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by spyder880(m): 12:56pm On Jan 17, 2021 |
Jasobry: My friend who is from Nnewi has no plot allocated for him from his ancestors, his whole community has no lands anymore and so with all his siblings and cousins. He has to go and look for lands at any cost if he will build anything in his home town. He is willing to pay any amount to build within Nnewi. The akuluouno strategy is also putting a huge squeeze on many lands, especially in Anambra state, Anambra people has thus invaded many other neighbouring and not so neighbouring states to buy up available lands in huge quantities. I know many bush areas of Enugu, Ebonyi and Imo state already bought and documented by Anambra people. They usually buy 100 - 200 plots or even more. 4 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by earthrealm(m): 12:58pm On Jan 17, 2021 |
raymondFirstborn: Interested in your input here, is this average finishing?. From the picture of the room, i would say yes.. but it appears average differs from person to person. So pls spyderman, skinmanshi and other builders, what amount should 1 expect to spend to finish a 5bd rm duplex on flat solid ground. 2ndly what would the carcass cost be? https://www.kobocity.com/d/12-show-us-your-facade/15 2 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by whirlwind7(m): 12:59pm On Jan 17, 2021 |
BrabusNG: For a non Igbo, that's ambitious. Thought you folks are scared of coming into Igbo land ![]() Still, it is the reason I made that post. If lands withing Nnewi are selling for such huge amounts, then it makes great sense to invest in it's neighboring communities. How much does land sell in Banana island again? Nnewi has almost rivaled it! 2 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by spyder880(m): 12:59pm On Jan 17, 2021 |
Ndyoo: I have built in both Awka and Onitsha, which do you want information about? 1 Like |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by Ndyoo(m): 1:05pm On Jan 17, 2021 |
spyder880: Onitsha... Thanks for your information in advance! |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by michlins(m): 1:06pm On Jan 17, 2021 |
Ndyoo:if Ibeto decides to build a factory there and you happen to have an empty land there, you're made immediately. You don't need to build anything there are to sell it on premium. From the expatriates that will work there to people who will want to own a by industry that will supply to Ibeto or allied firms. You guys don't understand the need for such 3 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by kiekie1(m): 1:09pm On Jan 17, 2021 |
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Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by michlins(m): 1:15pm On Jan 17, 2021 |
BrabusNG:exactly. Some people are in the "waiting business" of real estate. When I say "waiting business" I mean eh, they can buy a land from a desperate person for cheap and then wait for fives years or less to flip it for about 300%. You don't need to invest a dime except to fence and add gate. That's all and you recoup your funds. Another factor pushing the demand for lands is lack of education and knowledge. A person left his papa house at thirteen years and before twenty, he's already a millionaire. His Oga wet teach him is buying and building residential homes and collecting rents. He has about #15ml to #30ml sitting idly in account. His next line of investment is to follow his Oga into same. After all "container na abata" every month. He doesn't need to recoup the money he invested in his first build to venture into another. He just doing what his Oga and every other big man he knows is doing 2 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by whirlwind7(m): 1:16pm On Jan 17, 2021 |
Ndyoo: That "other plans" you had for the land, is it inflexible? The beauty of landed property is that it could be modified for any purpose. If Ibeto sites a factory there, and you were hoping to build a residential property, does that make your land lose value? Of course it doesn't! You simply modify your plan to suit the environment. You might decide to build a warehouse on the ground floor, and then commercial (office spaces) on the top floors. Those offices can be used for anything from banks to hospitals to supermarkets to hotels. See, government is the major drive for virgin properties to gain values by putting structures in place. Nigerian govt has largely failed in that aspect. The next best thing to govt especially in Igbo land is the major players such as industrialists like Ibeto. The most important thing is, get that land first. Once you see an "nnukwu mmawun" taking an interest in a certain location, you lose nothing by tagging along if you got the funds. That is exactly how Dangote drove up property prices at Ibeju Lekki when he decided to site his refinery there. That single step alone gave birth to many people who registered and established property estate companies with Ibeju Lekki as their first foray into the real estate market. 2 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by michlins(m): 1:19pm On Jan 17, 2021 |
whirlwind7:this is the thing some don't understand 3 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by davodyguy: 1:20pm On Jan 17, 2021 |
kopell:Abuja gained from being the capital and because of corruption, when some 'steal' they use the money to buy properties instead of keeping in bank's. By the time you audit most of the houses in Maitama, Wuse 2, Asokoro, one should not be shocked if They belong to politicians 3 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by whirlwind7(m): 1:20pm On Jan 17, 2021 |
michlins: No, he isn't looking at the possibilities you pointed out ![]() |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by BrabusNG: 1:29pm On Jan 17, 2021 |
michlins: Out of curiosity, is Ibeto richer than Dangote? Or is the auto plant larger than the Dangote refinery project (Africa’s largest)? You’ll still get 1m land around Ibeju if you search well despite the multi-billion dollar project happening in the area. These guys don’t buy in plots. They buy in hectares or even in miles. I think this is one reason people think Nnewi lands are overhyped. This is just my irrational thought. Don’t take me too serious. https://www.youtube.com/watch?v=e1KGpB45l0c
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Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by michlins(m): 1:37pm On Jan 17, 2021 |
spyder880:recently, pictures were paraded on the internet about the home of one man from Noni. Seaman to be exact. It's estimated to cost $10ml for a house he comes back to every holiday or burial ceremony. You might try to explain to him why his decision isn't economically wise and he want you to explain to him how you are such an awesome investor and yet you don't have #5ml to your name. Luis Onwugbenu popularly known as "Luis Carter" or "Carter bridge" went to the home of his in-law Innocent Chukwuma aka "Innoson" and then realized he's living in a hut all his life. He went to his community and started buying up every single land. People who already built houses there were given market value for their properties. About two four storeys were destroyed to make way for his new home. If na you get there, you will want to cash in as much as you can. Ibeto is currently doing same. He's buying up every available land and building close to his home to enable him expand his compound 3 Likes 1 Share |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by michlins(m): 1:39pm On Jan 17, 2021 |
BrabusNG:where do you plan on seeing a hectare of land in Nnewi. Such lands are in the hands of multi-billionaires in this town and they're not ready to sell a sand 2 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by spyder880(m): 1:48pm On Jan 17, 2021 |
BrabusNG: Ibeto is operating in a city where there is serious scarcity of lands. He must pay top dollar before anyone vacates a property for him. 2 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by diordaves(m): 1:50pm On Jan 17, 2021 |
michlins: This reminds me of the book: the Richest Man in Babylon: You might try to explain to him why his decision isn't economically wise and he want you to explain to him how you are such an awesome investor and yet you don't have #5ml to your name. The above and highlighted statement undermines the whole debate. You think you know better but don't have a dime to your name. 7 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by spyder880(m): 1:53pm On Jan 17, 2021 |
Ndyoo: In Onitsha, you have to first start by settling the community boys, it's not as if they will not come again when they are hungry, but pay and obtain receipts for their community and youth development fees, please keep this laminated and pasted at a prominent position in the front of the building where it's safe from people who will remove it. Plan to pay as much as N400k, meet the main chairman and get his signature signed in your front. Them move to the government, the Anambra state physical planning board is the body handling building approvals. We paid up to N600k for a 4 decking last 3 years. https://www.nairaland.com/3787617/new-10-flats-2-bedrooms/16 4 Likes
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