Nigeria is the most populous country in Africa, with figures projecting that the number will rise to 400 million people by 2050, which will make Nigeria the third largest population only after China and India. Therefore, it is important that there is sufficient and affordable housing for its development, the economy and welfare of its citizens. However, this isn’t the case as there still remains a huge deficit of houses in Nigeria as more than 28 million Nigerians lack access to decent and affordable housing. This is one of the reasons why Dr. Gbadewole Amos Kayode the founder Crown Luxury Properties decided to embark on the real estate journey.
Crown Luxury Properties is a real estate firm that specializes in creating affordable smart homes all over the world. In an interview with the CEO, he shared what inspired the founding of the company, the changes they have been able to make in Nigeria’s real estate sector, and what distinguishes them from other real estate companies in the country. According to the CEO Dr. Kayode, “the passion to see people move into their houses and to see young people have houses of their own is what inspired the founding of Crown Luxury Properties”.
With the global advancement in information and communication technology, specialists in the field have studied the extent to which human beings can use the advantages of this new technology in order to improve the living conditions of the population of a given region. These new forms of technology are being applied much more than ever now, through urbanization and smart city building construction – “Smart Houses”.
“Creating smart homes is more complex than building regular brick and mortar houses. Before we begin construction on our sites, we have to lay the fiber optic cables in the estates and other smart home gadgets like speakers, CCTV, and all other facilities in the building. Good and fast internet is key to smart homes, but is expensive, so the company has contracts with smart service providers, apart from telecommunications companies, that specialize in these things.”
Crown Luxury Properties has estates in different locations in Abuja, Lagos, Ghana, and Rwanda but in order to achieve this level of development, years of work was put in by the real estate company.
“Different geographical locations come with different challenges, and each country has its own challenges. For example, as Nigerians we have the advantage of nationality, but the challenge here is that they have to be the ones to provide roads, water, and electricity. In Ghana, the cost of movement of cement and other materials through land is difficult due to custom duties and other taxes, making it more expensive but not as expensive as purchasing these raw materials in Ghana. Rwanda is a peaceful and good environment, but acquiring land if you’re not a citizen is difficult, however we were able to register our company there seamlessly.
We have our estates in different locations in Abuja: Guzape, Kasana, Asokoro Extension, Asokoro, Airport Road, Idu, Karu, these locations have different providers of fiber optics. In Lagos we have different companies that provides internet for our estates in Lagos. We have estates in Ikorodu, about 2800 housing units that Crown Sunrise City, in Epe; Crown Legacy City Phase 1 facing the ongoing New Lekki International Airport and Phase 2. We have projects in the capital of Oyo State Nigeria, Ibadan”.
“We have different products which spread towards different classes of people. For example our Ecrest Estate in Guzape, a 5 bedroom duplex is 400 million naira for our HNIs, then for our middle income individuals we have houses between 50 to 90million naira. We have in some other locations 5 bedroom duplexes that goes for 30million naira, we have a 4 bedroom semidetached that is 25million in some locations like Gwagwalada, Kubwa and other location in Lagos, Ogun and more.”
“We have the Crown Smart City 1-3 in Karsana. We also have commercial properties like the 600 units in Crown Mall around Adama Stadium in Ibadan for business people. We are building a banking hall and a cinema in there as well, with prices going for 7million naira per unit but you can pay 500 thousand naira as initial deposit and continue payment for two years. We found it difficult to get approval for Crown Smart City Phase 3 which took us 6months because of the challenge with the payment platforms. We have also had to build bridges to make good access for our clients there.”
The mission statement of Crown Luxury Properties is to provide affordable smart homes in Nigeria, other countries in Africa, and state capitals of major countries of the world. The company has 39 estates in Nigeria, and one out of the 13 estates in Lagos has a whopping sum of 2800 units. So far, they have created 7200 houses and plots of land, and they are still trying their best to breach the housing gap. It is because of this dedication, tenacity, and diligence in service that the CEO of Crown Luxury Properties, Dr. Gbadewole Amos Kayode was selected as one of the top 50 value-driven CEOs in 2022.
“What separates Crown Prince Luxury from other real estate companies is our focus on smart homes. Young people want smart homes they can monitor when they are not around, and affordability is another factor. The company has smart homes going for as cheap as 30 million naira, and people can pay 2 million naira as initial deposit and continue paying for two years without interest. They are also working with mortgage banks to provide mortgage facilities for those in corporate facilities.”
“Many factors that determine the final cost of a house, including the cost of the land, the market prevailing price of the building materials, and how material loss is controlled and managed. To reduce costs, we have our engineers, architects, builders, and supervisors on their payroll, reducing the cost of independent contractors. We also have supervisors that check quality control and procurement, and they always watch their overhead to make sure they don’t do more than the company can take care of. Additionally, we produce some materials ourselves or buy from local manufacturers, which saves costs.”
Presently, 27% of their clients are from outside Nigeria, with the bulk being in the US, UK, and Canada. The CEO advises them to invest in their estate in Lagos, especially the Crown Legacy City that is facing the new Lekki International Airport. The value of the property keeps increasing due to the development in the area, driven by interest from the government, and the location has determined the rapid increase in the value of properties.
Crown Luxury Properties is a real estate firm that is dedicated to providing affordable smart homes all over the world. Their focus on smart homes, affordability, and innovation makes them stand out from other real estate companies. With their commitment to reducing costs and providing quality homes, Crown Luxury Properties is a company that is changing the face of real estate worldwide.
Crown Luxury Properties
Web: www.crownluxuryproperties.com
Social media: @crownluxuryproperties
Email: Crownalllied@yahoo.com
Office: No 2, Samora Machel Street, Yakubu Gowon Crescent, Asokoro, Abuja
Tel: +234 909 999 7341 , +234 909 999 7342