A Lagos-based developer, Wealth Island Properties has implored the federal and state governments to commit more funds towards infrastructure development across the country to mitigate the challenges faced by housing developers.
The Managing Director of the firm, Mr. Tade Cash made the plea during the groundbreaking ceremony of a 150- units Parkland apartment consisting, two and three bedrooms in Isolo.
He stated that in other countries, the government provides infrastructures before houses are built noting that in Nigeria, houses are built before the government considers whether they would provide any infrastructure.
“The bridge that connects the housing estate costs about N40 million. It is challenging what people go through to provide a house. The problem of infrastructure for developers is huge. If a developer creates the infrastructure that works, people are willing to come in and buy. It is expensive to do infrastructures; the cost of cement is about 200 per cent now. The first phase of this estate has 600 metres road; we have commissioned 200 metres of it and the rest’’, Cash said.
The MD observed that the majority of Lagos could be categorized as urban-slum areas with most prime neighbourhoods like Victoria Island, Lekki and other parts of the state being a mixture of shanties and cities, stressing that this has brought about a high deficit in infrastructures. The urban-slum areas, he stated, pose a hideout for social miscreants and that defeats the overall goal of the government’s vision to build great cities and have a safe environment for residents.
He advocated the decentralisation of economic activities in economically concentrated areas and building infrastructure in less attractive areas as a core strategy to enlarge infrastructure provision.
Cash added, “The government cannot make people rich but they can give them an enabling environment to create and own their wealth. Our commitment is to work hand in hand with the government to build houses that give people such an enabling environment that help them scale their prosperity. One of the major assets of real estate is mobility and that is what we have made possible, we shorten commuting time. With the bridge, you can easily access different parts of Lagos mainland. Parkland is an affordable apartment with prices starting from N18.9 million.”
The Asiwaju Oba of Agodo Kingdom, Akeem Bolaji Liasu who commended the developer for bringing development to the area also called on the state government to consider the axis in its infrastructure development effort.
According to him, the project would open up the area for more investors with the construction of the new bridge facility.