Afia Homes and Properties, a subsidiary of Afia Construction and Building Engineering, on Friday, signed a Memorandum of Understanding with a leading real estate firm, Union Homes Savings and Loans Plc to build quality and affordable apartments.
The signing ceremony was held at Sheraton Lagos Hotel, Ikeja, during an event marking the birthday celebration of Engr Abduljelyl Adekunle Karheem MCIArb, MCIOB, MCABE, the Managing Director and Chief Executive Officer of Afia Construction and Building Engineering.
It was a 3-in-1 affair; Engr. Karheem’s birthday bash, signing of MOU between the two companies and the unveiling of Afia Court Ring Road, Ibadan.
Mogaji Adanla as Engr. Karheem is popularly known not only expressed optimism about fruitful partnership with Union Homes but reassured subscribers of Afia Apartments of quality service delivery.
According to him, Afia Homes and Properties has always been particular about quality services.
“Our projects are always topnotch in terms of quality and value,” he said, adding that the company don’t just do development, “We do development in prime locations.
He added that “This this new project, Afia Court, located at Lateef Oyelade GRA, Ring Road, Ibadan, is a 9 units of 3 bedroom apartments and 3 units of fully detached 3 bedroom duplex.”
“We target people locally but pay more attention to the people in diaspora. A lot of them have built houses of ten, twenty bedrooms and the they visit Nigeria once in two years. That, to me, is an unintelligent investment.
“So what we are doing is to change their mindsets to be investing wisely. For instance, our 3 bedrooms apartments in afia court that is currently selling for #60m can be put on short let with potential income generation of #150,000 daily on the average of 24 days a month, making #3.6m and yearly #43.2m.
“It’s reasonable to invest in what could be bringing in income than building a mansion that costs over #200m and be locked up while you are away.”
Speaking further on why his company decided to partner with Union Homes, Adanla said “the brand is a big player in real estate.”
“They have been so consistent and their level of professionalism is second to none,” he added.
Speaking at the event, Dr. Femi Adewoye, Chief Operating Officer, Union Homes Savings & Loans Pls, said the partnership is part of his company’s policies of contributing to the growth of the real estate sector.
The inspiration to partner with Afia Homes, he said, was as result of the company’s track records.
“We are very delighted to partner with the company. The decision was as result of the success story we have heard about him and the various meetings that we have been holding with him,” he said.
In his own remarks, the Oyo State Commissioner for Environment and Natural Resources, Architect Abdulmojeed Mogbonjubola, described Oyo State as the new hub of real estate.
Noting that the current boom in the sector is as result of the secured and an enabling environment created by the Governor ‘Seyi Makinde-led administration.
This, he said, unscores Governor Makinde’s plans to tackle housing deficit, as well as attracting investors to the state.
According to him, Oyo State is taking full advantage of its proximity to Lagos, which is about 120 kilometers away from Ibadan.
He noted that the partnership between Afia Homes and Union Homes Savings and Loans Plc is indeed a great development, judging by the excellent track records of the two companies.
In his words, “Engr. Karheem is not just one of the biggest real estate firms in Oyo State, he’s becoming the number one.
“I’m an architect by profession. I’d known Union Homes for over 30 years and I know the evolvement of Union Homes in real estate business. I can guarantee you.
“And let me quickly say this to most of you that don’t know Oyo State, Oyo State is new hub of real estate.
“It’s just about 120 kilometers from Lagos city. It’s just exact the same thing from Abi Dhabi to Dubai. The IGR for Lagos State is netting almost #100b now. We barely do #4b in Oyo State. But my Excellency always say something, he said where road is going, development must go.
“Our major investment in Oyo State is development in the areas of road opening, security, education and health.
“So the new investment hub of the South-West is Oyo State. And you would remember Oyo State is a pace setter state.
“We are always been the first in everything we are doing. So if you have not key into it now, please do. And this is the beginning of the big thing in real estate.”
Some of the dignitaries at the auspicious occasion included Chief Ahmed Oladimeji Abdulai, Baale of Adanla; Mr. Peter Idanwekhai of Union Homes Savings & Loans and Anthony Unuafe of Union Homes Savings & Loans.
The list also include Alhaja Mujidat Adenike Abiola, a Director in Afia Construction; Mrs. Adenike Taiwo, a Director in Oyo State Ministry of Land and Housing; Town Planner Owolabi Agboola; Engr. Abdulkareem Babalola Salau; Alhaji Jamiu Lawal, and the lovely wife of Engr. Karheem, among others.