Nigerian entrepreneurs, particularly real estate developers, are showing uncommon resilience as they continue to deliver value to their customers despite Nigeria’s bad macro-economic situation as reflected in hyper-inflation and volatile exchange rate regime.
Many of these developers have remained in business despite high cost of funds, high import duty which is made worse by scarcity of foreign exchange, high energy cost, rising input prices and low consumer purchasing, all of which have significant impact on real estate business.
One of these resilient developers is the Churchgate Group, one of Nigeria’s frontline and very old generation real estate developers which has very strong footprints in the ultra-luxury segment of the property market.
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The developer, which opened for business in 1968, says it has consistently embraced a forward-thinking approach to property development, leveraging its expertise and unwavering dedication to delivering unparalleled quality in every project.
In the face of the adverse economic condition in the country at the moment, the group says it is navigating the challenges posed by the bad economy through adaptability and resilience.
“Churchgate Group employs strategic financial management, innovative solutions, and a proactive approach to mitigate the impact of hyperinflation and unstable exchange rates. Our focus on delivering value and maintaining high standards ensures that we not only weather the storms but also emerge stronger in the face of economic challenges,” Karim Adelaja, Vice President, World Trade Centre Abuja, explained in an interview.
World Trade Centre Abuja is a mixed use development being promoted by the Churchgate Group comprising two commercial and residential towers. It is a luxury development which, according to Adelaja, is a product of the group’s journey into luxury real estate buoyed by a commitment to excellence and a vision to redefine the standards of opulence in Nigeria.
“Our decision to invest in the luxury segment of the market stems from our belief in providing not just housing but a lifestyle that transcends expectations. We recognize the discerning tastes of our clientele and understand the importance of creating living spaces that reflect sophistication, innovation, and cultural richness. By focusing on luxury real estate, we aim to set new benchmarks and elevate the standards of living in Nigeria,” the Vice President explained further.
He added that the World Trade Centre Abuja is a monumental project that demanded meticulous planning and adherence to the highest standards, pointing out that the completion of the project is being delayed because the vision was grand.
Added this, he disclosed, are various factors, including regulatory approvals, intricate architectural designs, and the complexity of integrating diverse facilities. He assured that they were committed to delivering the iconic development.
The decision to complete the development in spite of everything is because, as Adelaja put it, “The Churchgate Group is defined by its unwavering commitment to excellence, innovation, and the relentless pursuit of quality.
Our core values revolve around integrity, customer satisfaction, and a forward-thinking mindset. As a conglomerate, we diversify our investments across various sectors, with a common thread of delivering exceptional value and contributing positively to the growth and development of Nigeria.”
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He is quite optimistic about Nigeria, the property market and the economy as a whole. Looking ahead, he said, Nigerians and property enthusiasts can anticipate the Churchgate Group’s continued commitment to excellence and innovation.
“We remain dedicated to shaping the future of luxury real estate in Nigeria, introducing iconic developments that redefine the landscape. Our focus includes expanding our portfolio, embracing sustainable practices, and contributing significantly to the growth and transformation of Nigeria’s real estate sector.
As a beacon of sophistication, Churchgate Group is poised to set new standards and create enduring legacies for generations to come,” he assured.
