7 April 2011

Myne Properties & Investment Limited - providing accommodation for Nigerians

This week Africa Business Communities meet with Tolu Bisade-Phillips, Managing Partner of Myne Properties & Investment Limited, a sought-out property development consulting firm in Nigeria and Ghana.
Welcome Tolu Bisade-Phillip, to Africa Business Communities. Tell us about yourself.
"My name is Tolu Bisade-Phillips, 39 years old. I studied Architecture and had an MBA (Marketing) at Masters Level. I am also a professional Management Consultant being a certified member of NIM (Nigerian Institute of Management). I am married to Bukola Bisade-Phillips and blessed with 2 children. Presently I am the Managing Partner at Myne Properties & Investment Limited, a real property consulting firm based in Ikeja, Lagos Nigeria."
How long have you been involved in the real estate business?
"I have been involved in real estate business since 1997 till date (14 years)."

What are the greatest advantages and disadvantages of the market in Nigeria and Ghana where you operate?
"The greatest advantage in Nigeria is the population (over 150Million, the largest black race) and the deficit of 17million housing short fall which requires an average of 20 houses to be built in Nigeria on a daily basis for a 4 years plan. Also the fact that 80% of the population lives in rented apartment with the hope of having a roof over their heads in the nearest future. However the disadvantages are insincerity on the part of the government, corruption and lack of infrastructure which impacts negatively on the cost of construction. As for Ghana, I am still fresh in the Ghana market and I hope to understudy the market with time. However, I know that infrastructure is not so much of an issue ( a number of companies have relocated from Nigeria to Ghana, particularly due to the conducive business environment there) corruption index has also greatly improved."

What is the first measure that should be taken so that the Real Estate business will be able to improve in Africa?
"African government should make housing a priority during budget planning and implementation. It should be respected as one of the 3 essentials of good life (food, shelter and clothing). It should also be regarded by African government as a veritable means of job creation and wealth generation, for example Tinapa in Calabar, Nigeria."

Which do you consider to be the most attractive segment of real estate market in Africa?
"The most attractive segment by my assessment will be property development. You have other segments like Agency, Marketing, Financing, Construction etc, but a developer, depending on the type of contract for a given project can make over 100% profit at the end of a single project."

What is your niche market?
"Our niche market is construction supervision. We have realized that finishes is actually what makes a building to either be described as good or bad. Being a management consultant, we deploy our skill in this aspect of the real estate industry. On a daily basis on our projects, we resume work with the contractor and finish with them. This helps to monitor and coordinate construction activities for timely delivery, quality material usage and insistence on standardized construction procedures."

What is the future of Myne Properties & Investment Limited?
"The future of Myne Properties is very bright because our goal is to become a reference point in the Industry through cutting edge management approach in our delivery."

What kind of property attracts most investors?
"Any property with high ROI. For instance in Lagos now, block of residential flats is the most attractive. The upper middle class demands for this type of property more than other types. However, due to the economic situation, there is a gradual shift from 3 bedroom flat ( N30Million to N40Million) to Studio apartment which is less expensive (N8-10Million) and 1 bedroom flat (N12-18Million)."

How can potential buyers learn about your company and services it can offer?
"Myne Properties has a website, www.myneproperties.com, social interactive platform like face book, twitter and blog pages where we discuss topical issues with the people on our network."

What are Myne Properties & Investment Limited main advantages as a real estate broker?
"The advantage as a real estate broker is that our profile gets better and the clienteles base increases progressively."

Are you funded? And are you looking for additional funding?
"If you mean external funding of our operation, NO. But we have a good relationship with our bankers, GTBank at the moment. We are willing to discuss with any company both foreign or local that shows interest in funding our operations as a way of expanding our business potentials."

Is the market hot and what is your advice for home-buyers?
"The market is not at its best now, until possibly after the general election in April 2011. However, the prospect is high."

I’m very curious. What kind of investment do you need to start a business like yours?
"You really do not need to have so much financial Investment other than basic requirement to start any business. But you will need a pretty good years of experience if that will go for an investment. I mean 8-10 years in the industry."

What is the latest news about your business?
"The latest news about our business is the development of a private hostel accommodation in Ibadan, Oyo State Capital. The site analysis was done, sketch designs were done and approved by he client. We are in the process of packaging all necessary drawings (Architectural, Structural, Mechanical, Electrical Drawings) for government approval to enable us move to site for construction works. Also with respect to marketing, our firm was recently appointed alongside 2 other agencies for the marketing of Fountain Estate and April Court Haven, both in Ikeja GRA, Lagos State."

Follow your passion and money will come. True or false?
"True, with hard work."


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