Except necessary steps are taken to build confidence in the sector, experts are of the opinion that demand for luxury high-rise buildings may drop following the collapse of 21-storey luxury building in Ikoyi, Lagos. DAYO AYEYEMI, reports.
It is no longer news that a 21-storey building under construction caved in last week Monday on Garrard Road, Ikoyi, Lagos, with a lot of casualties.
The building, belonging being developed Fourscore Homes and one of the three buildings that made up 360 degree Towers, was said to have collapsed when its owner, Mr Femi Osibuna, two of his friends and other site workers, numbering more than 50, were holding an important meeting/interview session in the structure , according to one of the survivors.
As at last Sunday, 42 dead bodies were recovered from the site of the collapsed building while just 15 persons with various degrees of injuries survived the ugly incident.
Although, Nigeria has recorded many building collapse’s incidents in the past, findings by Nigerian Tribune have shown that Ikoyi Building collapse would be the first time a 21-storey would collapse like a pack of cards in Lagos and Nigeria in general.
Since the proposed luxury 21-storey super structure caved in, which online flier indicated had reached 80 per cent completion and that 65 per cent of the penthouses valued at $5 million each had been sold before its collapse, tongues have never stopped to wag over what went wrong with the its construction process.
While many, who were not even professionals in the built environment, have been pointing accusing fingers to the Lagos State Government and its agencies in charge of planning approvals and building controls on alleged compromise and negligence , others have blamed owner of the failed high-rise building for failing to carry out due diligence.
Although, Governor Babajide Sawo-Olu, had set up a six-man panel of enquiries, comprising thorough-bred and experienced professionals in the built environment sector with 30 days ultimatum to unravel causes of failure of the super-structure, experts and industry’s analysts have begun to express fear of likely depression in the Lagos’ luxury high rise property market.
They are of the opinions that things might not remain the same for the luxury high-rise property market in Lagos following the collapsed magnificence 21-storey structure in Ikoyi, Lagos.
Experts’ views
Speaking to Nigerian Tribune, when interviewed exclusively, Chairman, HOB Estate Limited, Chief Olusegun Babatunde Bamgbade, a developer, said the collapsed 21-storey building has rendered luxury high-rise property market unattractive except for the old high-rise buildings that were built “before corruption began to becloud the property investment market.”
He expressed concern over the high-rise building collapse, which he described as ‘highly devastating and terrible loss in many ways’ pointing out that the rates of occupancy of the luxury high-rise building would nosedive as a result of the event.
According to him, banks in Nigeria would run away from such investments, adding that instead of lenders to guide and jointly supervise the building project, they would prefer to abstain.
“In all honesty, who would want to live in such high-rise buildings after this event?
“The rates of occupancy of the luxury high-rise buildings would nosedive from now. Banks in Nigeria would run far away from such investments from now. Instead of teleguiding and jointly supervising the building project, they’ll prefer to abstain, Bamgbade said.
Besides, he said that people would be scared to live inside or visit anyone in the luxury high-rise buildings for now.
“It will take a long time before people’s mindset can readjust positively,’’ he added.
On the failed super structure building, he blamed relevant ministries and agencies in charge of project supervision for the occurrence, saying they did not really do well.
According to him, where human lives are involved, technical minute details must be observed, noting that the integrity of the professional bodies involved is already dented.
Former President, Nigerian Institute of Building (NIOB), Mr. Chucks Omeife, stated that the collapsed 21-storey building in Ikoyi would negatively discourage both local and foreign investors in luxury high rise property, adding that it would affect ordinary Nigerian’s confidence in local professionals.
“Of course it is not only investors in luxury high rise property both local and foreign that will be negatively affected even the ordinary Nigerian confidence in local professionals will be at low ebb,” Omeife said.
The erstwhile NIOB president bemoaned the rate at which buildings are collapsing in the country, saying it has become a big disgrace to all Nigerians and professionals in the built environment.
He said “The earlier we close rank and see this issue as a total disgrace to the personalities in the sector the better for all of us.
“Blame game cannot take us anywhere because that seems to be what all us have specialized on. The moment a building collapses even before any analysis is carried out, professionals in the corner of the rooms start absolving their colleagues and start advancing reasons for the collapse by rule of the thumb. This is most unfortunate as this creates a negative confidence in the psyche of clients.”
Lagos-based estate surveying and valuation practitioner, Mr Femi Oyedele, was in no doubt that the sad and avoidable occurrence would definitely discourage investments in property, especially luxury high-rise property market.
According to him, the ugly incident would reduce the confidence of institutional and foreign investors in the luxury high-rise property market, forecasting that it would take between three to five years to regain the confidence “except corruption in the country continues to fuel the property market.”
“Investors have different investment options and occasionally, invest in properties because of its less volatility despite its comparative low returns to shares, bonds and precious metals. There is also the possibility of investing in overseas properties,” he said.
Former Chairman, Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos Branch, Mr Dotun Bamgbola, also corroborated earlier speakers with a caveat, saying the incident might discourage investment in the luxury high-rise property market.
“But I don’t think people will be so discouraged once the competence and capacity of the contractors of such buildings are known.
Without mentioning names, there are some contractors who have both foreign and local track records for excellent delivery. The contract for the Lagos-Ibadan Expressway was not given to any or every contractor!,” he said.
He said his expectation was that when the construction of a house gets to a certain number of floors, the scrutiny needed to go to a level of approval from the government to save lives.
Bamgbola said “However, the market can bounce back from this in a short while with good information, transparency and assurance from both public and private sector players.
“We need to show that serious steps are being taken to prevent this from happening again, with both the government and professional institutions working in synergy. That will promote confidence in the industry.”
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