photos courtesy of: The Paddocks
Please take a look at these renderings and tell me if you were expecting to find them in Sub-Saharan Africa. This is an example of a very well planned and thought out real estate investment in Africa.
The place just so happens to be Port Harcourt, Nigeria. What you are looking at is small piece of a nearly $100 USD m project in Nigeria which is part of a push to not just develop subdivisions in Nigeria, but to develop mixed used communities or cities in Nigeria. One of the key entrepreneurs behind this project is Mr. Popo Kadiku of PK Consultants. Mr. Kadiku is both an attorney and a real estate developer from Nigeria. Originally, my plan was to do an entire profile on him. However, I was not able to find enough information to do that. Instead we are doing a shorter piece which brings togther the project and the entrepreneur.
Let it be noted before continuing that you could start investing in real estate in Africa with only several thousand US Dollar-some parts of Africa, not all.
What strikes me as very unique about this entrepreneur is the sheer magnitude of this undertaking. Based upon an interview that I saw between him and The Saturday Independent he is very serious about doing what is necessary to put Nigerian real estate ion the map. For instance, the property itself is expected to sit on nearly 40 acres. This development is targeted to meet the needs of the areas high concentration of oil industry workers and executives. Another point of major significance is that the properties will actually rely upon t services of a private gas, water, and electric as a source of power-this will be the first project in Nigeria to earn that distinction. Something else which I find very encouraging is that this will be a "green development" where only 21% of the land will actually have structures on top of it and the rest will remain as trees and other natural greenery.
One more thing that I will say about Mr. Kadiku is that he selected companies from all over the world and not just Nigeria, when it came to putting this vast project together. This to me is the embodiment of the entrepreneurial spirit.
Below is a short quote from Mr. Kadiku:
"...In our company, PK Consults Limited, the policy is that once we’ve commenced on this our pilot project here in Nigeria, we’ll be looking seriously at taking off on some of the social housing plans that we have, because then we will be actually impacting the society.
There is a model that you can adopt to provide housing for a group of people that can afford it at any price, and there is also the model of providing as a benefit to the society. Now, as a businessman, I am not saying when I do such a thing I’ll be doing it for charity, but there is a basic social responsibility which is demanded of every businessman.
In Lagos State for instance, we have some companies that have taken the bull by the horns. They partnered with the government to make some of the roads better, and thereby improving the general aesthetics of the state, therefore making life even more bearable for the people that ply such roads..."
I thought that this was a great way to show case both African entrepreneurship and genuine real estate opportunities in Africa, as well. In this instance we pointed out Nigeria, but it could have easily been Tanzania or any other country in Africa with a favorable macro-economic climate.
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Saturday, March 31, 2007