Afrigather The collapse of a seven-storey constructing nonetheless beneath building in Banana Island in Lagos Wednesday afternoon has despatched the tongue wagging amongst consultants in the true property sector who marvel if anyplace nonetheless stays secure from constructing failures in Nigeria.
Although the incident, which occurred at First Avenue within the unique Island settlement, has no file of casualties, studies have it that many individuals (building staff) sustained varied levels of accidents.
In accordance with the consultants who spoke to BusinessDay in response to the unlucky incident, nowhere was secure anymore in Lagos if a constructing might collapse in Banana Island, probably the most unique vacation spot in in Lagos, if not the entire of Nigeria at this time.
“That is one incident too many. When a 21-storey constructing being developed by Femi Osibona’s Fourscore Heights Restricted collapsed in Ikoyi, killing over 40 individuals, we thought we had seen the final of such excessive profile construction in a intellectual location falling like a pack of playing cards,” Johhson Chukwuma, a civil engineer, stated.
Chukwuma questioned how a constructing in Banana Island, of all locations, might collapse on the level of casting the seventh flooring. “Not the Banana Island that everyone knows. It’s unbelievable,” he lamented.
Persevering with, he stated, “no one is aware of the reason for the collapse but because the Lagos State authorities says they may start investigation into the reason for the incident shortly, but when we go for the same old suspect which is human error, it beats the creativeness that such can occur in Banana Island.”
This curved island that has the form of an actual banana, he defined, is the costliest location in Lagos the place consumers pay premium costs to personal properties, whether or not it’s land or homes, including that each rental and capital values rise right here virtually on annual foundation.
Learn additionally: Seven-storey building collapses in Banana Island, Lagos
Chudi Ubosi, an property surveyor and valuer, corroborated this view, saying, “the island is over 50 p.c developed; if you’re driving in, it appears to be like undeveloped however that isn’t the case; what drives the worth of the island is that it’s the greatest maintained property in Nigeria.”
Ubosi, former Africa President of Worldwide Actual Property Federation (FIABCI), added that “the island has the very best safety, services and companies, and it has develop into a model by itself. All people who has bought some cash desires to stay on the island. No one is now considering of residing in outdated Ikoyi. Folks at the moment are able to pay additional to stay on this island.”
“Costs have gone up there by over 50 p.c as a result of a 1,000 sq. metres of land that bought for N260 million in 2014 now goes for N370 million or extra. It should proceed to be so as a result of because the obtainable land reduces, and the island continues to be a coveted and wanted handle, costs will proceed to go up. The infrastructure and companies listed here are second to none”, he stated.
It’s in opposition to this backdrop {that a} developer who performs on the luxurious finish of the property market stated it was a ‘chilling shock’ for him to listen to {that a} constructing collapsed on this enclave which, for him, represents the very best of actual property locations within the nation.
“Although we’re not instantly affected, we really feel it’s a large blow on all of us who play in that phase of the market. It has plenty of implications for us. Now, consumers are going to be lot extra inquisitive simply as lenders will likely be very severe with monetary danger, thus elevating the price,” the developer who didn’t wish to be named stated.
He was nervous that Diaspora Nigerians who’re the principle drivers of the luxurious market would henceforth be withholding funding in properties since even the very best of places in a metropolis that prides itself because the ‘Centre of Excellence’ is not secure for funding.
“Constructing failures do occur, however there are places that they’re least anticipated. Banana Island is one such places. Nevertheless it has occurred right here. We’ll nonetheless proceed to do the very best we’re recognized for—delivering premium merchandise with the very best of supplies, utilizing the very best contractors on the planet,” he assured.
