Peek At Desert Home That Obama's Rumored To Be Buying

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 anned by the Los Angeles Times' very plugged-in Hot Property columnist and real estate reporter Lauren Beale, rumours have flared that President Obama and his family have bought a home in the California desert.

 

Front view of the home. Source: Yahoo

Beale's sources say Obama is in escrow on a 3-acre property in Rancho Mirage's Thunderbird Heights, an exclusive gated community once home to Frank Sinatra, Bob Hope and Bing Crosby.

It has a 20-foot waterfall with a lagoon, a putting green with a sandtrap, and more recreational opportunities. Click here for a slideshow of the home.

Shortage Of Quantity Surveyors Hits Crisis Levels

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kills shortages have hit their highest level since 2008 with 54% of firms reporting insufficient numbers of quantity surveyors available to meet current workloads.

Figures in the latest RICS UK Construction Market Survey Q2 2014 show private housing, commercial and industrial sectors driving strong growth across the whole of the UK.

But a shortage of white and blue collar workers is a real threat to recovery.

The survey showed that 59% of respondents reported shortages of bricklayers and 51% reported a shortage of managerial workers.

Millennials Will Soon Be A Force To Be Reckoned With In Housing Markets

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18.4 million 20- and 30-somethings are living with their parents

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he U.S. home ownership rate dropped for the ninth year in a row in 2013, thanks in no small part to the fact that millions of 20- and 30-somethings were still living with their parents, according to the latest “State of the Nation’s Housing” report from Harvard University’s Joint Center for Housing Studies.

The decline in home ownership rates from 2004 to 2013 was most dramatic among 25- to 34-year-olds (down nearly 8 percentage points) and 35- to 44-year-olds (down 9 percentage points). Some 15.3 million adults in their 20s and 3.1 million in their 30s were still living with their parents last year, helping bring the home ownership rate down to 65.1 percent.

See full story

 

 

Walls Can Now Be Built With Shredded Paper

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esearchers at Nottingham Trent University have developed a new material made from shredded paper which is as strong as MDF (Medium Density Fibreboard).

The academics have established a new, rigid composite material which is paper-based but also fire and water resistant and strong enough to build walls.

It is made from a mixture of long strands of shredded office paper and a sodium silicate gluing agent, which protects against flame and moisture.

To make it, the two materials are mixed at a ratio of 80% paper and 20% sodium silicate and then compressed at high pressures at 90°c.

Malaysian Tycoon, Anthony Fernandes, Builds Hotel In Kenya

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alaysian multimillionaire, Anthony Fernandes, is moving into the hospitality business in Kenya.

 

According to a news report by Kenya’s Business Daily, Tune Hotels, a low-budget hotel chain owned by Fernandes’ Tune Group, will launch its first African outlet in Nairobi next year.

Construction on Tune Hotel in Nairobi began in October last year and the building is already four floors high. Tune Hotels Nairobi will be a 12-storey, 280-room facility that will operate on the ‘no frills’ model, whereby customers pay only for the amenities they use and are given a discount for booking early. The hotel will be situated in Westlands, an affluent suburb in Nairobi, and will charge customers an average of $100 a night.  The hotel chain which Fernandes started in 2007 already has about 45 outlets in Britain, Australia and India, among other countries.

Cement Scarcity Looms, As Dangote Dealers Kick Against Extortion

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here is an imminent shortage of cement in the country, particularly in the South West geo-political zone.

This is because protesting cement dealers under the auspices of Cement Transporters and Dealers Association of Nigeria (CTDAN) have since Wednesday last week stopped loading cement from the Ibeshe factory of Dangote Cement.

They are protesting multiple taxation and levies from ministries, department, agencies, local council areas and communities in Ogun State.

Speaking exclusively to Daily Independent, National President of CTDAN, Olufemi Ola, said his members embarked on the strike because of breach of agreement on the part of Ogun State Government and its ministries, agencies and parastatals.

Retail Real Estate: Will This E-Commerce Mean A Threat… Or An Opportunity?

 Olusesan Ogunyooye @Olu_Sesan

 

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f I were to be confronted with this question in a vox pop, my most likely answer will be “not anytime soon”. But after distilling a 2013 State of Digital Media Report a senior colleague shared with me; I found, among other intriguing revelations, four things worth your attention.

One, that as at 2011, 62.4bn out of the 200bn currently exchanging hands in Nigeria’s retail sector is controlled by e-commerce. Two, that 91% of the population surveyed liked the idea of online shopping. Three, that 78% of Nigeria’s 56 million internet users are between the ages of 19 and 35. And four, that 61% of online shoppers said they will make a repeat purchase.

What are the implications of these figures and why should Real Estate people care? One, in 2014, when one of the most attractive Real Estate ventures for local and foreign investors is retail; 25% of that stream being controlled by e-commerce presents a course to worry. Two, minus the reservations of most Nigerians online (which I will discuss later), 91% of them will love to shop without going to the mall(s). That will land a huge blow on retail spaces! Three, that the 19-35-year olds, who are those really given to the “shopping-at-the-mall” culture are those controlling the internet space and this population constitute about 40% of Nigeria’s 160 million population. So, the future is here.

Sir Jon Cunliffe: House Prices 'Biggest Risk' To UK Economy

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ank of England deputy governor Sir Jon Cunliffe has told the BBC that the housing market poses the "biggest risk" to the UK economy.

Sir Jon indentified "prices rising faster than people's incomes" as a particular threat. "That leads to... a big increase in the amount of debt in the economy," he added.

Last week, the Bank of England announced measures to try to prevent the housing market overheating.

These included:

Cement Controversy Wanes As Block-Makers Switch To 42.5R Cement

Chuka Uroko

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he raging controversy among cement manufacturers and the Standards Organisation of Nigeria (SON) over the application of various cement grades for building and construction may have waned as block makers in the northern part of Nigeria have started complying with the directive by SON on the classification of cement grades and their uses.

Worried by the menace of building collapse in the country, SON had issued a directive that 52.5R cement grade be used for bridges, 42.5R be used for casting of columns, beams, slabs and making blocks, while the low-grade 32.5MPA was restricted to plastering.

At a sensitisation seminar organised by Dangote Cement in Kaduna recently, block-makers in the north said they had complied with the SON directive as most of them now used 42.5R for making blocks.

Hamza Gambo, chairman, Kaduna State Blocks and Concrete Makers Association, said all his members had complied with the SON directive, adding that the directive was in the national interest and that most block-makers in the north now used Dangote 3X cement, which is the only cement with 42.5R grade that meets the SON specification.

Investment, Residency Opportunity Opens In US Through Houston EB5 Project

Chuka Uroko

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ime is now and the opportunity is there for investment and residency in the United States of America for investors interested in investing in a luxury apartment complex in downtown Houston called Block 384 through Houston EB5.

Block 384 is located in Houston Texas, which is one of USA’s most desirable real estate markets. According to Houston EB5, a real estate investment company, investing in this project which holds promise for high return on investment will qualify investors for permanent residency in the USA.

This offer is coming on the heels of the success recorded by Houston EB5’s newest real estate project called Astoria, a $70 million residential tower near the Houston Galleria. The project tapped into a federal programme that targets wealthy foreigners whose investment amounted to $30 million of the total cost of the project and the inherent 100 percent success rate so far on I526 Green Card approvals.

Acho Azuike, managing director, Houston EB5 Regional Centre, notes in a statement that majority of the investors that subscribed to their previous projects were from Mexico and Latin American countries with Nigeria close behind.

Etihad Phase Two Expansion Commences

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anchester City Football Club have given the go-ahead for phase two of the Etihad Stadium expansion.

This will see Laing O’Rourke build a further three rows of seats pitchside and take total capacity to more than 55,000.

To mark the event Laing O’Rourke has released a spectacular fly-through video showing the entire construction process for the south stand phase one expansion.

Manchester City Football Club have given the go-ahead for phase two of the Etihad Stadium expansion.

See video...

Singapore Home Prices Ease For Third Straight Quarter

Sivakumar Sathiamoorthy

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ingapore home prices dipped for a third straight quarter in the April-to-June period, official data showed on Tuesday, as property cooling measures continued to bite.

Singapore Housing

Prices of private residential property dipped 1.1 percent on quarter, according to figures from the Urban Redevelopment Authority. That follows a 1.3 percent drop in the first quarter of the year.

In the core central region, prices fell 1.5 percent after falling 1.1 percent in the previous quarter, marking the fifth consecutive quarter-on-quarter decline.

Singapore property prices have surged over 60 percent since 2009, propelled by rock-bottom global interest rates and quantitative easing in developed economies, even as Singapore's government has enacted a series of cooling measures to prevent a bubble from forming.

Driver Mows Down Construction Worker

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olice are hunting for a rogue motorist after a teenage construction worker was left with a broken leg when a man ran him over after refusing to use a diversion around roadworks.

The victim was hit in Knaresborough earlier this week.

The road was closed for repairs but the driver of the car was allowed through when he told the work crew he was picking up a child.

When he tried to make the return trip he was told that he couldn’t drive through the site by one of the construction workers.

Lagos Releases N2bn To HOMS Contractors To Increase Housing Stock

Joshua Bassey & Odinaka Mbonu

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overnor Babatunde Fashola of Lagos State says an additional sum of N2 billion has been released to contractors handling various housing projects under the Lagos State Home Ownership Mortgage Scheme (Lagos-HOMS) to increase the housing stock in what aims at bridging the huge housing deficit in the commercial city.

This comes as 92 first time home owners emerged on Wednesday during the fourth draw of the housing scheme, bringing the total number of winners since the draw began in February this year to 235 residents. This is however a far cry from the 800 expected to have won in the last four months. Two hundred housing units comprising one, two and three bedroom flats located in different parts of the state are put up for sale under the scheme monthly.

Apart from monies realised from the sale of the houses, the state government sets aside N500 million monthly for the continued financing of the housing scheme. The prices of the houses range between N4 million  (for one-bedroom flat) and N32 million (for three bedroom flat) depending on location.

Fashola, speaking at the fourth draw which held yesterday at the Lagos Television Corporation premises, Ikeja, said he has released additional N2bn to contractors handling the construction of the housing scheme across the state, reiterating his administration’s commitment to providing affordable homes for residents.

FG To Build Longest Gas Pipeline From Calabar To Kano

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he Federal Government is planning to construct the longest pipeline in the country from Calabar via Ajaokuta to Kano State. This is as it said that gas flaring has dropped to 11 percent- gas flaring level stood at about 25 percent two years ago.

This is part of efforts at ensuring steady supply of gas to meet the growing market demand for the product.

Diezani Alison-Madueke, minister of petroleum resources, disclosed these while delivering a paper titled, ‘Encouraging Investment in Gas Production, Supply and Consumption’, at a 3-day national conference on gas resources organised by the Senate Committee on Gas Resources in Abuja.

“By the end of the year, we will be commencing, via public private partnership (PPP) scheme, the nation’s longest pipeline from Calabar via Ajaokuta to Kano State,” Alison-Madueke said.

Deloitte Reveals $222bn Worth Of African Infrastructure Projects In New Report

Patrick Atuanya

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lightly over $222 billion is being invested in 322 African infrastructure projects that meet the criteria of project value above $50 million, according to a new African construction trends report by tax, financial advisory and consulting firm, Deloitte.

This level of investment is substantial, and holds a high expectation from stakeholders, according to Deloitte.

The top sectors in African infrastructure development (rated by investment and value) are energy and power, transport, mining, real estate, water, and oil and gas.

Of the total number of large projects under construction as of June 1, 2013, 36 percent fall into energy and power, and 25 percent in transport. Infrastructure development is highest in Southern and East Africa, followed by West Africa, according to the report.

In terms of the number of projects underway, Southern Africa leads with 38 percent of projects, followed by East Africa with 29 percent and West Africa with 21 percent. North and Central Africa lag at 7 percent and 5 percent, respectively.

Affordable Housing, A Panacea For Curbing Corruption, Inefficiency, Says FG Housing Loan Boss

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ursuant to the Federal Government’s resolve to collaborate with other stakeholders in the housing sector to deliver 10,000 housing units this year through mortgage refinancing, the Executive Secretary, Federal Government Staff Housing Loans Board, Dr. (Mrs.) Hannatu Adamu Fika has expressed her belief that providing accommodations for workers is a platform to address the twin problem of perceived corrupt practices and inefficiencies in handling government businesses. She said without public servants that are motivated to drive the policies and programmes of government, the Private Sector organizations will also be incapacitated.

She expressed the optimism when she visited the Managing Director, NMRC, Mr. Sonnie Ayere at his Abuja Office on Tuesday.

Expressing her commitment to deliver the 1,000 housing units out of the target for 2014 for the Public Servants if given the opportunity, Dr. (Mrs.) Fika said with the template of the Board which is risk free, the repayment option is made easy for the off takers and the mortgagers.

The new mortgage refinance will serve as a vehicle to actualise the dream of transformation agenda as it effects the housing sector especially for public servants, she stressed.

The Mortgage Refinance which was launched in January this year by President Goodluck Jonathan was intended to boost mortgage financing in the country for housing delivery and home ownership schemes and as well as reducing all impediments to a sustainable and dynamic housing market.

Why Mortgage Accounts For Less Than 3% Of Housing Finance In Nigeria

Chuka Uroko

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lsewhere, especially in the advanced economies of the world, housing finance is synonymous with mortgage, because in such societies, the only known way of buying and owning a home is by applying for, and accessing a mortgage facility.

In Nigeria, the story is different. This is a country where homeownership is realised almost 100 percent from own savings or through communal and co-operative efforts.

In Lagos, for instance, a city of about 18 million people where over 60 percent of this population lives in rented accommodation; unconfirmed report has it that about 86 percent of the housing stock in the city is funded from household income.

Experts have revealed that housing finance by public authorities in Nigeria is about 10 percent; mortgage banks contribute about 2 percent, while contribution from banks and other institutions is insignificant.

Nigeria’s Property Registration Among Longest, Most Expensive Globally

Chuka Uroko

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espite recent improvements and innovations in terms of technology that have been introduced in land administration in some parts of Nigeria, the whole process is still lacking in speed, convenience and relative cheapness, compared to what obtains in other parts of the world, BusinessDay investigation has revealed.

The country lags behind Ghana, South Africa, Thailand and New Zealand among others, in ease of registering property, just as its mortgage sector has the least contribution to Gross Domestic Product (GDP) at less than 1 percent.

Registering a property in Nigeria takes an average of 12 procedures, lasts nearly four  months (except in some states like Lagos, Kano and Ogun, which have improved on this) and costs about 15 percent of the property value, as against neighbouring Ghana, where it requires just  five procedures, 34 days and 1.3 percent of the property value.

Olusola Olubode, former managing director of Refuge Homes Savings and Loans Limited (mortgage bankers) says that in New Zealand, a property could be registered online in two days, at a cost of 0.1 percent of the property value.

Bullish Consumers, Rising Home Prices Brighten U.S. Growth Picture

 Lucia Mutikani

 

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.S.  consumer confidence surged to a six-year high in March and house prices increased solidly in January, positioning the economy for stronger growth after a weather-induced soft spot.

The upbeat outlook, however, was dimmed somewhat by other data on Tuesday showing new home sales at a five-month low in February, partly because of cold temperatures.

"The economy is showing signs of shaking off the weather effect. We are going to get a big lift to second-quarter growth from the weather," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester Pennsylvania.

The Conference Board said its index of consumer attitudes rose to 82.3 from 78.3 in February. That is the highest level since January 2008, just as recession started to take hold, and it beat economists' expectations for a reading of only 78.6.