PROPERTY NEWS

The dream of a private real estate development firm to build a world class estate for Nigerians in the fast developing Ofada area of Ogun State has received a major boost as the state government has given Olive Estate the go ahead to commence development on its site.

Similarly, the firm has commenced allocation of plots of land to subscribers at its proposed estate in Akodo area on the Lekki peninsula in Lagos State so that development can start on the site in earnest.

Conveying the Ogun State Government‘s approval of the proposed estate, a Deputy Director of Land in Ogun State, Mr. Jubril Lukan, commended the management and workers of the real estate firm for initiating the project and advised them not to rest on their oars in the quest for affordable housing for Nigerians.

A statement made available to our correspondent on Friday by Olive Estate quoted Lukan as praising them for contributing to the development of Ogun State and Nigeria at large, adding, "We are impressed with the progress made so far by your organisation regarding the development of Ofada."

He added that the state government was interested in partnerships with real estate firms like Olive Estate, which promote the development of infrastructure in rural areas.

Lukan, who spoke at the maiden customer forum organised by Olive Estate to brief subscribers on the progress made on the site and interact with key stakeholders, gave an assurance that the firm had met all necessary documentation and regulatory requirements to develop the estate.

The statement added that the Baale of Akodo, Lagos State, Alhaji Ogunlaja Adebayo, also commended the firm and urged it to speed up plans to commence the development of its planned Lekki estate to enable his people to benefit from rapid rural development.

Responding, the General Manager, Olive Estate, Mr. Femi Ashamu, expressed the firm‘s commitment to building world class estates for Nigerians at affordable prices.

He informed the gathering that allocation of the Lekki land to subscribers commenced a week ago to enable plot owners to commence development immediately.

Ashamu said, "We have made considerable progress on the development of infrastructure such as road network, electrical installations and general development."

The chairman of the occasion and a Director of Olive Estate, Pastor Francis Adebayo, said that in order to help subscribers build conveniently, the firm had established Olive Blocks, a block making subsidiary on the site to facilitate speedy development.

Adebayo encouraged subscribers to take advantage of new products such as the Olive Plus and Olive Mortgage Backed Securities that were recently introduced for their benefit.