Wemabod Limited has said, the firm is working in tandem with Nigerians in the diaspora through a recently unveiled housing initiative to assist those living abroad to have access to safe, affordable and quality homes.
The managing director of the firm, Mr. Oluyemi Ejidiran, stated this, during a courtesy visit of the Nigerian Institute of Estate Surveyor and Valuers (NIESV), led by its president, Mr. Johnbull Amayaevbo in Lagos.
He said, the firm has registered an entity in Dallas and Texas called, Wemabod Translantic, which enables them to do business both in the United States and Nigeria. Ejidiran said, through the scheme, the firm would secure real estate investment from Nigerians in the diaspora. He added that, in line with the roadshow, which will start from June to August 2023 in Nigeria, Newyork, Atlanta, Dallas, Canada, Houston and London, the initiative would be a game changer in real estate development in the country.
“Most Nigerians in the diaspora want to build houses in Nigeria, they are looking for a face they can link with the U.S. that can link them with a reputable firm in Nigeria and we believe that if we key into that bucket, chances are that we will be able to secure investment in U.S. and that investment will drive our development projects,” Ejidiran said.
The managing director said studies from the Central Bank of Nigeria (CBN) show that diaspora remittals constitute about N35 billion to N40 billion yearly. He noted that the figure for last year was about $37.5billion, adding that the significant component of the remittances is invested in real estate.
Ejidiran said “Wemabod is embarking on the project development, while the gestation period is between 24 to 36 months. That means the project takes about three years but where is the funding for the project coming from. Most of the funds are from the commercial banks; even the mortgage institution cannot in fact fund big time projects.
“Premium projects typically are sold for about N100 million per unit minimum. We have luxury products, which are sold for about 180 to 200 million minimum per unit but the mortgage funding we have these days may not be able to support 50 homes all the time.”
He added that: “As a company running for over 60 years, based on our culture of integrity, we can midwife a relationship between those off-takers in the diaspora and their dream home here in Nigeria” he said.
However, he also lamented that with the government’s new policy, the cost of construction would increase.
He further said practitioners in the real estate sector are also looking at other ways of developing houses to reduce how the cost of input will impact projects, adding that with the use of technology, the rate of delivery will be faster.
President of NIESV, Amayaevbo, lauded the firm for its outstanding performance in the real estate industry.
“Your customer relationship experience has greatly improved and it’s worth applauding. Wemabod is a company that can compete anywhere with any company in the housing sector. We must engage with organisations like yours. The development at Ikoyi Crescent is super. Is there for all of us to see, As professionals, we are expected to change the housing structure in the country,” he said.
Amayaevbo pointed out that asset valuation is a factor in decision-making in any country. He said the institution is developing the capacity of members to minimize the influence of non-professionals in the business.
Wemabod chairman, Mr. Ibukun Efuntayo lauded the NIESV President for his leadership position and pledged to collaborate with the institution.
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