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C2 Real Estate EMMANUEL BADEJO LAGOS A building and civil engineering contractor, Cappa & D’Alberto has clinched a deal to construct N40b Atlantic Resort project in Lagos. A property development firm Grenadines Homes owns the project, which will be an architectural masterpiece. And after meeting all requirements, as specified by law and the developer, Cappa & D’Alberto was chosen as the main contractor for the ambitious real estate project. Both parties at the weekend endorsed a Memorandum of Understanding (MoU), ahead to the take off of the flagship project. And barring any unforeseen circumstances, the project, scheduled to commence in November this year, was conceived in response to the demand for Grade A office spaces which continues on an upward trajectory due largely to the size of Nigeria’s Gross Domestic Product (GDP), growing population, emerging middle class and more specifically the thriving business environment in Lagos owing to economic activities in the state. Besides, there has been an increase in the number of global firms venturing into Lagos. Consequently, investment into mixed used developments has become a viable venture, as global firms gaining inroad into Nigeria market elect to have EMMANUEL BADEJO LAGOS As Nigeria is being projected to become the third largest population in the world by 2050, Nigerians have been advised to channel their investments into the real estate sector. The Perfection Real Estate Investors Cooperative Society (PREICS) gave the advise in Lagos recently, while formally launching its housing estates located both at Ikorodu and Lekki, Lagos State. PREICS, an independent membership-based real estate club, is aimed at creating wealth through real estate investments for the benefits of its members. Speaking at the launching of the housetypes, Mr. Niyi Adeleye, Managing Director, PRE- ICS, said in spite of the economic downturn rocking the country, his firm’s initiative is aimed at bridging the housing gap in Nigeria. PREICS, according to Adeleye, was born out of a passion to tackle the myriad challenges in the real estate sector of the Nigerian economy. Historically, he said: “The concept of the PREICS came /<strong>Independent</strong>ngr @independentngr www.independent.ng INDEPENDENT WEDNESDAY, AUGUST 16, 2017 Cappa & D’Alberto Clinches N46bn Atlantic Resort Project In Lagos Atlantic-Resort early 2011 because of the need and passion to provide solutions to real human problems in the real sector of our economy while empowering people financially. We formally established and inaugurated PREICS on August 25, 2012. We later launched a campaign for membership with our friends and other people who possess the same mindset with us about wealth creation through real estate. He added: “We came together to kick-off the wealth creation process by pooling our resources together in order to take advantage of opportunities by investing in real estate and to enjoy all the benefits thereof together. By pooling our resources together we have been able to get involved in some mega real estate deals, we have also invested into expanse of land in different locations that is today known as the Perfection Cooperative Estate brand.” According to him, the housing scheme will kick off from the Perfection Cooperative Estate Phase 1 in Ibeju Lekki, Lagos. Adeleye, who revealed that their members have been receiving passive income on investment every quarter from wealth there executives who are majorly expatriate in close proximity to their working place. Dubbed as the most iconic destination for work, live and play in Africa and a symbol of excellence, the project is to be built on 3.4 hectares of land on Water Corporation Drive, off Ligali Ayorinde Street, Victoria Island, Lagos and will comprise one commercial tower and two residential towers overlooking the Atlantic Ocean. The residential tower is made up of unit types 1 and two bedroom apartments, three bedroom maisonettes, one unit four bedroom terrace apartment and two, five bedroom penthouse maisonettes. The project is conceptualised by the United Kingdom arm of HOK, the largest architectural and engineering firm in America working in conjunction with ECAD Architects. HOK Architects is reputed for its design of the master plan for Dubai Marina. Speaking at the signing of the Memorandum of Understanding (MoU) between Grenadines Homes and Cappa & D’Alberto in Lagos, Mr. Femi Banwo, Chairman, Palton Morgan Holdings, being the parent company of Grenadines Homes, promoters of the resort, said upon completion, the project will deliver a world-class luxury edifice comprising of four towers, outstanding hotel, restaurants, shops and retail outlets. “It is going to be the best thing coming from Nigeria and out of this world, a serene environment with school where you can live. We have selected the best partners that worked on the best projects of the world like Perfection Cooperative Society Unveils Housetypes, Urges Increased Investments An impression of the highrise building compromising 10 threebedroom apartments and 10 mini flats created from time to time, urged Nigerians to take advantage of their various products, which guarantee impressive yields. According to him, the initiative has been generating employment opportunities for professionals like architects, legal consultants, land surveyors, quantity surveyors, and engineers, among others. Dr. Meckson Okoro, chairman of the occasion, said investments in real estate sector remained investors’ haven. Okoro harped on how the nation's economy can be diversified and the imperative of the real estate sector in the present economic reality. Okoro said, “The core purpose of creating this society is mainly to empower people and provide solutions to the human problems in Real Estate sector, while the ultimate goal is to aspire by all means to achieve financial freedom for each and every member of the society through Real Estate wealth.” Dwelling on other qualities of real estate Okoro added that, “It is a better store of wealth because it appreciates in value and therefore magnifies the Returns on Investment. If you check the lands that were cheap back in Emirates Stadium, to work on the project to inspire hope and pride in the country,” he said. He explained that some of the money for the project would be sourced locally and offshore, adding that more Foreign Direct Investment (FDI) would be coming into the country through the project. In his remark, the Managing Director of Grenadines Homes, Adeyinka Adesope, stated that the vision of the company is to build a first class project that would re-write the history of Nigeria and unleash the economic potentials that would attract more tourists into the country. He said, “we expect them to deliver the first phase, a 20-storey building in 18 months but the whole four towers may take up to three years. We are confident that Cappa & D’Alberto, an indigenous company that has been in Nigeria since 1932, will deliver on time to specification,” he said. “Brash Brands, the creative branding agency that breathed life into the tallest building in the world, Burj Khalifa Dubai, is defining the unique personality of the Atlantic Resort for attraction, sustainability of value and class for would-be investors and home owners. the years, their value now would have definitely gone up. “Also check the house rents that were peanuts back then, you would see how much the rent has increased. For example, in 1995- 1999, one could still buy a plot of land in Lekki Phase 1 for one million naira or less, but today, that same land would range from N150m-N200m depending on the location. According to him, the cash flow is constant, easily predictable and subject to good tenants who are willing to pay their rent when due as opposed to those who prefer making a case in the law court instead of paying their rent. He explained that high return on investment with little risk potential because of the ever-increasing demand on housing and land, saying housing has no alternative. Debo Adejana, Managing Director, Realty Point Limited and the guest lecturer at the event said investment into real estate was a gold mine being neglected by Nigerians due to ignorance. Adejana said that areas that have developed to become city centres were once remote areas people ran away from. He advised that investments into real estate should not be delayed as according to him experience had shown that procrastination took away opportunities for people to either be land or house owners.
INDEPENDENT WEDNESDAY, AUGUST 16, 2017 /<strong>Independent</strong>ngr @independentngr www.independent.ng C3 Real Estate Supreme Court Validates Family's Right To Ogun Land EMMANUEL BADEJO LAGOS Amosun Members of Somolu Okunseide family of Ogun State have gotten the Supreme Court verdict validating their ownership to a large parcel of landed property located within a sprawling township in Ogun State. They, including Aremu Yeku, Jide Kotoye, and Ayinde Showunmi for Somolu Okunseide recently won a legal battle against representatives of Adejonlu Abinu family of Ibasa, Igaun, Ogun State. Although the family of Adejonlu Abinu family represented by Adejonlu, Adisa Ade, Kola Oso and Sunmonu Seidu, were the appellants, they, however, lost the battle to the Somolu Okunseide family. Essentially, the appeal borders on declaration of title to land. Before the apex’s court, the appeal was against the ruling of Ogun State High Court sitting Abeokuta delivered on the 21st day of October, 1988 dismissing the claim of the appellants then plaintiffs. The appellants as plaintiffs commenced the action by writ of summons before the High Court of Ogun State, Otta Judicial Division in suit No. HCT/5/85 claiming against the defendants (now respondents) that the defendants, were their native customary tenants in respect of the land occupied for farming by them at Ibasa, Iganun Village of Ogun State. They, having denied and still denied the plaintiffs’ title and claimed and still claimed to be the absolute owners of the said premises and the land thereto contrary to native law and custom. The position of the appellants as seen from their pleadings and evidence were that their progenitor migrated from Ile-Ife, settled on the land in dispute called Ibasa. The appellants pleaded further that after their several years of settlement and farming at Ibasa, the Odeyale came to settle with Adejonlu and the said Odeyale was settled at Olowotedo. Thereafter, they claimed that, Odeleye, who in company of his brother, Yeku came to settle with Odeyale who after abandoning his former settlement at Olowotedo, settled at Ibasa. The appellants, therefore, claimed that these three brothers were their customary tenants. The defendants/respondents who laid claim to a wider area of land defended the action for themselves and on behalf of Somolu/Okuseinde family and asserted that Somolu was the original owner of the land in dispute. They also based their case on traditional evidence based on settlement as well as act of ownership and not only denied the historical facts set up by the appellants, which purportedly linked them with appellants’ ancestors but also vehemently denied the issue of customary tenancy. The respondents pleaded that their ancestor Somolu originally settled on a vast parcel of land, which included the land in dispute. While the plaintiffs called seven witnesses before closing their case, the defendants called five witnesses. Counsel for the parties thereafter addressed the court. In his address, at the end of the oral testimonies, counsel for the defendants contended that the plaintiffs failed to establish that they (the defendants) were their customary tenants at Ibasa. He explained that the ancestors of the defendants settled thereat. He pointed out that the plaintiffs and their witnesses confirmed that the ancestors of the defendants, namely, Odeyale and Odeleye founded Olowotedo and created Oluweri Stream or river. Contrariwise, counsel for the plaintiffs urged the court to find that they made out a case that it was the plaintiffs' ancestors, namely, Abinu and Adetonlu, who first settled on the land, having migrated from Ile Ife, stopping over at Ijebu Ode. They finally, settled down at the land in dispute. In a reserved judgment delivered by the Ogun State High Court on October 21, 1988, the High Court found that the traditional evidence Drawing conclusion from the submissions by the parties, Justice Chima Nweze, in his lead judgment said it was clear from the traditional evidence of both parties that the evidence of the defendants by far outweighed those of the plaintiffs and that will entitle the defendants to judgment Nweze called by the defendants outweighed those of the plaintiffs. The court conclusively dismissed the plaintiffs' case and entered judgment in favour of the defendants. Unsatisfied, the plaintiffs appealed to the Court of Appeal, Ibadan. And after hearing arguments for and against, the Court of Appeal dismissed the appeal on the ground that it was devoid of merit. According to the Court of Appeal, there was no legal basis to disturb the findings of facts of the trial Judge. Aggrieved, the appellants filed a further appeal to the Supreme Court by way of application for leave, which was granted and notice of appeal was filed. A motion for interlocutory injunction was also filed to restrain the respondents from continuing the sales and trespass on the land subject matter of the appeal pending the final determination of the appeal. In reaction, the respondents filed a notice of preliminary objection and appellants filed a counter affidavit. Set out as issues for resolution are whether having regard to the pleadings and totality of evidence adduced, the court below was right in dismissing the appellants' appeal? Like the trial Court, the Court of Appeal also dismissed the Plaintiffs' appeal to it from the said judgment. This further appeal to this Court is the appellants expression of their disavowal of the validity of the reasoning of the lower Courts judgment. Although three issues were originally formulated in the brief of argument filed on May 14, 2012, counsel for the appellants abandoned the second and third issues at the hearing of the appeal on November 29, 2016. They were accordingly, struck out. Drawing conclusion from the submissions by the parties, Justice Chima Nweze, in his lead judgment said it was clear from the traditional evidence of both parties that the evidence of the defendants by far outweighed those of the plaintiffs and that will entitle the defendants to judgment. According to him, the plaintiffs have failed to discharge the onus placed on them... “In all, I find no scintilla of merit in the appellants’ complaint against the judgment of the lower court. I, therefore, unhesitatingly enter an order dismissing this appeal”, he concluded. Their lordships including Mary Peter-Odili, Kumai Aka’ahs, Kudirat Kekere- Ekun and Ejembi Eko, who agreed with the lead verdict, unanimously dismissed the appeal.
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