…Making Homes Affordable & Reducing Housing Deficit In Nigeria!
KM. 10 Beside NIPCO Filling Station Along Shagamu–Ijebuode Expressway, Egbe Express Junction, Ijbeuode, Ogun State
Telephone numbers: 09036989634 & 08055216505
Housing deficit is one of the banes of socioeconomic problems facing not only Nigerians but globally and it has become source of worrisome to every successive government from military to civilians. The unquenchable quest for housing is natural because shelter essentially remains the third basic needs of human beings closely following feeding and clothing. Meanwhile, the solution to this housing problem is within our reach as our nation is rich in natural resources that could make housing attainable and affordable to a vast majority of our populace. And harnessing these abundant resources in tackling housing problems does not need rocket-science to do but simply requires 3Ps (Public–Private–Partnership) and could be bolster through the following viable and sustainable Business Models.
1. 
Build–Operate–Transfer (BOT) or Build–Own–Operate–Transfer (BOOT): It is a form of project delivery method, usually for large-scale infrastructure projects, wherein a private entity receives a concession from the public sector (or the private sector) to finance, design, construct, own, and operate a facility stated in the concession contract. The private entity known as “Developer or Realtor” in the local parlance or in a layman technical jargon will have the right to operate it for a set period of time and equally enables the project proponent to recover its capital investment and operating and maintenance expenses in the project. BOT is usually a model used in Public–Private Partnerships and due the long-term nature of the arrangement, the rate of increase is often tied to a combination of internal and external variables, allowing the proponent to reach a satisfactory internal rate of return for its investment.
2. 
DBO (Design-Build-Operate) Contract: OLAT Businesslink also undertakes a DBO (Design-Build-Operate) Contract which is a Project Delivery Model (PDM) where a single contractor is appointed to design and build a project and then to operate it for a period of time. The common form of such a contract is a PPP (public-private partnership), in which a public client (e.g., a government or public agency) enters into a contract with a private contractor to design, build, and then operate the project, while the client finances the project and retains ownership.
3. 
Design-Build-Finance-Operate: There is also a, “DBFO”– an acronym for Design-Build-Finance-Operate, which also assigns the responsibility to the private organization to design, build, finance, and operate. Financing competitive project may be easy when there is a high demand for a service right now, and investors will throw money at any project that claims the spoils, such as opening a new airport in a busy metropolis.
4. Build-Lease-Transfer: BLT stands for “Build-Lease-Transfer”, in which the public sector partner leases the project from the contractor and also takes responsibility for its operation.
5. Renovate-Operate-Transfer: ROT is a procurement method for infrastructure that already exists but is performing abysmally. As we all know, when essential services are no longer operating efficiently or effectively, repairs can be costly and maintenance too heavy to bear. When an obsolete facility or amenity becomes outdated and requires expensive repairs or maintenance is capital-intensive, it can then be financed through public-private partnerships between public entities and private contractors that are able to provide renovation services and operate the project management after the repairs have been completed.
What Good Looks Like at OLAT Properties’ New Towns Development
- a. Environmental Policy Framework
- b. Road Networks
- c. Landscaping and Landscaping Irrigation
- d. Water Supply and Fire fighting Water
- e. Storm-water Collection Disposal
- f. Wastewater Collection, Treatment and Disposal
- g. Power Supply & Telecommunication Networks
- h. Solid Waste Management
Company’s Mission Statement: Transforming “SLUMS, GHETTOS, and THICK BUSHES” to enviable “MODEL ESTATES” through its 8Rs Mantra:
1. Regenerative
2. Reclamation
3. Restoration
4. Re-engineering
5. Reformative
6. Restructuring
7. Repackaging and above all
8. Rewarding
Why the Company is In the Real Estate Business? Its involvements, diversification and investments in the RED Sector was never by accident nor incident but through research, well-articulated Master-Plans, and deliberate action plans anchored on the following top interesting facts about real estate in Nigeria:
a. Huge Untapped Profitable Business Opportunities: Nigeria’s real estate market is huge, thriving, and expanding.
b. Nigeria has a housing deficit of 52 million units: Despite her huge size, Nigeria’s real estate business still falls short of addressing everyone’s demands. According to the Federal Mortgage Bank of Nigeria, Nigeria has a housing shortfall of 52 million units.
c. Nigeria has one of the lowest home ownership rates in the world: Nigeria has a 25percent homeownership rate. This is lower than its counterparts in other emerging markets, such as Turkey (58%), Indonesia (84%), and South Africa (84%). (56 percent). This, according to experts, is due to the difficulties in acquiring an affordable mortgage. So, to increase this percentage rate is another major reason we ventured into RED Sector.
d. Real Estate Presents Diverse Investment Options: Real estate can be purchased in a variety of ways and for many business-oriented reasons. One may sell land for a profit, crowd fund with friends or business partners, or develop and rent out residential or commercial space, depending on the funds available. Another alternative is to put money into a REIT (Real Estate Investment Trust) (REIT). This may be accomplished by purchasing a REIT stock.
Where to Invest in RED Sector
There are several types of real estate, each with a unique purpose and utility and which are within our disposal available for our assorted valued clients. The main categories are:
1. Land: Land is the baseline for all types of real property. Land typically refers to undeveloped property and vacant land. Developers acquire land and combine it with other properties (called assembly) and rezone it so they can increase the density and increase the value of the property. We have vast fertile farmlands that are readily available for cultivation and large scale mechanized plantation projects.
2. Residential: Residential real estate consists of housing for individuals, families, or groups of people. This is the most common type of estate and is the asset class that most people are familiar with. Within residential, there are single-family homes, apartments, condominiums, townhouses, and other types of living arrangements.
3. Commercial: Commercial property refers to land and buildings that are used by businesses to carry out their operations. Examples include shopping malls, individual stores, office buildings, parking lots, medical centers, and hotels.
4. Industrial: Industrial real estate refers to land and buildings that are used by industrial businesses for activities such as factories, mechanical productions, research and development, construction, transportation, logistics, and warehousing.
Products Availability
Below provides panoramic views about the specific examples of different types of real properties available at OLAT Properties:
- 1) Single-Family Dwelling: Any home designed for only one family
- 2) Multi-Family Dwelling: Any group of homes designed for more than one family
- 3) Attached: Any unit that’s connected to another (not freestanding)
- 4) Apartment: An individual unit in a multi-unit building. The boundaries of the apartment are generally defined by a perimeter of locked or lockable doors. Often seen in multi-story apartment buildings.
- 5) Multi-Family House: Often seen in multi-story detached buildings, where each floor is a separate apartment or unit.
- 6) Condominium (Condo): A building with individual units owned by individual people.
- 7) Detached House: A free-standing building not connecting to anything else (a stereotypical “home”)
- 8) Portable House: Houses that can be moved on a flatbed truck
- 9) Mobile Homes: A vehicle on wheels that has a permanent residence attached to it
- 10) Villa: A building with only one room and typically a steep pointy roof
- 11) Hut: A dwelling typically made of raw materials such as bamboo, mud, and clay.
- 12) Cooperative (a. k. a. Co-op): A type of multiple ownership in which the residents of a Multi-Unit Housing Complex own shares in the Cooperative Corporation that owns the property, giving each resident the right to occupy a specific Apartment or Unit.
- 13) Duplex: Two Units with one shared wall.
- 14) Havelis: A type of private mansion
- Allied Professional Services: OLAT Properties, it offers services in several different areas such as:
1. Development: Real estate development is a process that involves the purchase of raw land, rezoning, construction and renovation of buildings, and sale or lease of the finished product to end users. Developers earn a profit by adding value to the land (creating buildings or improvements, rezoning, etc.) and taking the risk of financing a project.
2. Land Information, Sales and Marketing: It equally undertakes Land Information endearvour, conducts marketing research and embarks on sales of land and landed properties at preferred choice locations.
3. Brokerage: OlAT employs a team of Real Estate Agents (realtors) who help facilitate a transaction between the buyers and sellers of property and parts of its tasks or jobs are to represent either party and help them achieve a purchase or sale with the best possible terms on mutually beneficial business relationships.
4. Property Management: It helps real estate owners rent out the units in their buildings, shopping malls, and facilities to occupiers who pay handsome amount in return. Its jobs here entail and include collecting rent, showing units, fixing deficiencies, performing repairs, and managing tenants while it charges professional service fees, typically a percentage of the rent, to the property owners.
5. Real Estate Lending: Lenders play a major role in the industry as virtually all properties and developments use leverage (debt) to finance their business. So, with its robust established relationships with key stakeholders in the industry, it could provide linkage to financial inclusions and benefits.
6. Investments Analyst: OLAT Properties perform financial analysis and valuation of properties;
7. Appraiser: It deploys its expertise, experience and insight knowledge about the industry in rating and valuing properties in order to ascertain and arrive at best prices without cheating either party.
8. Agent: OLAR are a sales agent and or “realtor”
9. Building Inspector: The Company has a dedicated Team who specializes in examining buildings development and works progress rate with appraisers appropriately.
10. Director of Real Estate: As a corporate Company, it engages in corporate jobs in the sector as Project Management Team.
11. Loan Underwriter: The Company’s years in the sector have equipped its personnel well enough to be able to competently undertake analysis of property as well as determining the creditworthiness of a buyer who wants to buy on credit to be paying on installment basis. This also forms basis for consideration in granting approval for Flexible Payment Plans.
12. Outsourcing Other Professional Services: There are varieties of real estate professionals who work in the RED industry and help make it function collaboratively. So, most times, it is part of its core competences to help assemble the best professionals that will make the holistic system works perfectly and most importantly, in the best interest of its clients that will not eat at all into their pockets i.e. at Pocket-Friendly Prices. The most common professionals relevant in the real estate cycle which are at its disposal to be deployed at all times required are:
v Estate Valuer and Managers,
v Quantity Surveyors,
v Surveyors,
v Accountants,
v Lawyers (Real Estate Attorney),
v Interior Décor and designers,
v Stagers,
v General Contractors,
v Construction workers such as masons, welders, aluminum fabricators, plumbers, electricians, tile professionals, general artisans and practitioners,
v Draughts men and Trades people.
