Remi Oshikanlu is the chief executive officer of IFT Realty Ltd., the developers of the Shalom Park Estate brand. In this interview with BusinessDay’s WASIU ALLI, he discusses the firm’s sojourn both in Nigeria and the United States. He highlights how widening housing deficits have led to a real estate boom in the country, exploring ways Shalom Park Estate is creating value and providing luxury, sustainability, and community living in a bid to bridge the housing gaps. Excerpts…
The rise of fraudulent real estate schemes has become a major concern for homebuyers and investors in Nigeria. How are these schemes affecting the market, and what measures can be taken to protect individuals?
Nigerians need to start seeking value, not just price. Due diligence is important. You must retain professionals in every area of real estate transactions. Hire a competent lawyer, licensed surveyor, architect, and real estate valuer/appraiser. Conduct your due diligence regarding the developer you choose before making payments, and ensure that you have all your paperwork in order. I believe that most people focus on so-called bargains and end up falling into the hands of unscrupulous individuals. Good-looking social media posts and architectural renderings are not enough to make a purchase decision. Choose quality over a bargain. You must do your due diligence and avoid “too good to be true” schemes.
Access to affordable financing is a major hurdle for many aspiring homeowners in Nigeria. What are your thoughts on the potential of mortgage schemes to improve housing affordability?
Without affordable mortgages, Nigeria will continue to face a huge housing deficit. The current system, where you can only buy houses with cash, is not viable. The existing mortgage schemes are too few, and many are not in tune with reality. Interest rates are too high, and loan amounts are too low. The processes are too burdensome and fraught with fraud. For the housing sector to thrive, this must change.
Where is Shalom Park located, and what is your unique selling point?
Shalom Park Estate, Lagos, is located in Abijo, Ibeju-Lekki, Lagos State. We are also developing Shalom Park Townhomes in Buckhead, Atlanta, Valdosta, Georgia, and Fairburn, Georgia, in the United States. Shalom Park Estate embodies a transformative vision for modern living in Nigeria. Our goal is to create a world-class, green gated community that harmonises luxury, sustainability, and community living.
How do you plan on achieving this?
This ambitious development is meticulously planned to incorporate all the integrated facilities necessary for a contemporary lifestyle, ensuring residents enjoy comfort, convenience, and a sense of belonging. We have brought our considerable expertise and experience from building in the United States to bear in Nigeria. I like to say that we have taken the best of Nigeria and the U.S. and are creating a masterpiece.
At the heart of Shalom Park Estate’s vision is a commitment to excellence, guiding every aspect of the project from conception to execution. As developers, we understand the importance of creating a community that not only meets but exceeds the expectations of its residents. This principle of excellence is reflected in the estate’s design, infrastructure, and amenities, all tailored to foster a vibrant and engaging living environment.
What are the special features that your estate will have?
The estate will feature state-of-the-art facilities, including recreational parks, fitness centres, and shopping areas, all designed to cater to the diverse needs of our residents. Green spaces will be abundant, promoting environmental sustainability and enhancing the aesthetic appeal of the community. The integration of eco-friendly technologies and practices will ensure that Shalom Park Estate stands as a model for sustainable living in Nigeria.
What assurances can you give prospective buyers that their property will not be demolished by the state government in the future?
Our development is fully compliant with all government standards and approvals, demonstrating a commitment to regulatory adherence and community welfare. This ensures that residents can enjoy peace of mind, knowing that their living environment is not only luxurious but also safe and legally sound.
What is your vision for the future with regard to Shalom Park Estate?
I envision a thriving community where families can grow, socialise, and flourish. We aim to create a sense of unity among residents, fostering connections that enhance the overall quality of life. The estate’s strategic location further adds to its allure, providing easy access to essential services and transportation networks.
Shalom Park Estate is not just a housing development; it is a visionary project that aspires to redefine modern living in Nigeria. With its unwavering commitment to excellence, sustainability, and community integration, Shalom Park Estate is poised to become a benchmark for future developments in the region, setting a new standard for what a world-class gated community can be.
Obtaining the governor’s consent for land transactions can often be a lengthy and complex process. Considering the bureaucratic procedures involved, could you share your experience navigating this aspect for Shalom Park?
Lagos State, with all its challenges, has made giant strides in many areas. Many people still want to cut corners and do things the old way. My advice is to retain the services of a competent law firm and place the responsibility in their hands. There are challenges everywhere, but our first step must be to control what is in our power. That first step is to choose to do the right thing by retaining a competent lawyer.
Looking ahead, what specific policies do you believe the government needs to implement to ensure sustained growth and stability in the Nigerian real estate sector?
I believe that the government should provide soft loans to developers to build new, functional, affordable estates. Areas like Bodija in Ibadan and Surulere in Lagos come to mind; many housing estates were developed in the past by government housing agencies. I suggest that they provide funding to private developers and grant single-digit, affordable interest, 30-year loans to buyers. The government must also clamp down on “omo oniles” and ensure security, law, and order. Additionally, the government should educate the police on their role in real estate transactions. Many people use the police and paramilitary forces to intimidate, oppress, and distort the market. The legal system has to be strengthened and properly funded to help those who need to seek redress. These reforms would expand our housing stock and boost the country’s economy.
Despite persistent inflationary pressures in the Nigerian economy, the real estate sector has witnessed rapid development in recent years. What are your thoughts on this resilience and growth?
Real estate worldwide remains the most stable form of investment and is one of the most trusted methods of building sustainable wealth. Nigeria is no exception. There are two major needs every human has: food and shelter. Nigeria has over 200 million people who need both. The truth is that we have a significant housing stock deficit. I would estimate that we need probably 50 million housing units in Nigeria to scratch the surface. The real estate market in Nigeria will boom because that gap must be filled.