Knightstone properties advance affordable housing options with 20 duplexes for Addax petroleum staff

by | March 14, 2018 12:34 am

In affirmation of its aspiration to strategically contribute to tackling the prevailing housing deficit in Nigeria and the drive for developing affordable luxury apartments, Knightstone Properties Limited, a fast growing indigenous real estate and property development company has delivered the first 20 Unit 3 bedroom terrace duplexes to members of Addax Petroleum Staff Cooperative in Lagos.

The buildings located at the Rose Garden estate, a stone throw away from the Lekki trade zone is approximately 8 minutes’ drive from Greensprings Schools and Coscharis Motors and it is conveniently located next to the Area J police command.

Adeniyi Adams, managing director, Knightstone Properties Limited while speaking at the handing over ceremony of the units in Lagos said the company is committed to making home ownership a reality for all.

Adams said about 15 months ago; Addax petroleum Staff Cooperative approached the company to develop 56 housing units for them, adding that of the 56 units, 20 units have been delivered while another 20 units will be delivered in the next three months.

He opines that the vision of the company is to assuage the about 17 million housing deficit.

According to him, “Our entry strategic was to play at the bottom pyramid and to allow people to spread payment. We have looked at a lot of issues affecting housing development in the country so our concentration is to get people at the lower rank of the pyramid to benefit from the property ladder”

Commenting on the challenges facing the real estate industry, Adams observed that government is not serious about delivery affordable housing, stressing that If government is serious, they must seriously look at the issue of land acquisition, registering of land document and other land related transaction by government.

“I don’t think we are prepared to bridge the housing gap. If we are actually serious, what we should be looking at majorly is about ensuring that we address the issue of the mortgage system”, he said.

Adams further pointed out that the mortgage system is not catering for the informal sector and that is where the population is. The challenge is that because the low income earners don’t have proof of income, the mortgage systems don’t cater for them.

He further stated that the company is also arranging housing packages to cater for Nigerians in the diaspora adding that they working out an arrangement with America Chamber of Commerce to visit some states in the USA to discuss with Nigerians in diaspora.

“In the next five we are targeting to deliver about 1000 unit with the right market demand” he said.


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