As the world returns to business post-pandemic, Businesses are facing new challenges hitherto were not prominent. Amongst these challenges, the dearth in competent workers capable of delivering at the expected standard and quality, the Naira valuation fluctuations, and the aftereffect of the pandemic rises to the very top of reasons for recent delays and project setbacks in the Construction and Real Estate industry in the country.
Landwey, a leading real estate investment firm in Nigeria was recently accused of failing to deliver a property 21-months after receipt of payment. In response to the allegations, the company cited challenges ranging from contractors’ time inefficiencies, inflation and the fluctuating FX in a press statement on their website. The challenges in the industry affects all stakeholders and have also been identified by the Federal Housing Authority (FHA) in past press statements.
Commenting on the accusations in an official statement issued by the company, Seun Eyitayo, COO, Landwey states “It is rather distressing that we are now seeing shortages of competent local talent at the different levels of development in construction coupled with all the current economic realities which invariably slows down the pace of work. We realise how valuable time is in our industry as it often translates to monetary value, however, we hope our clients remain understanding as we adapt to this shortage.”
With the increased interest in the real estate sector in Lagos, we have come to see many preventable disasters occur predominantly as a result of human error by incompetent workers or the use of inferior materials. Landwey citing the new challenges in the industry, chose to slow down on its construction of certain key projects at the risk of missing delivery timelines, to ensure consistency in the quality and standards of all its homes.
The company reassured its clients and the general public of its commitment to deliver all pending projects and state that steps are being taken to resolve the issue with the distressed client.
Landwey boasts of a track record of developments of reputable quality predominantly in the Ibeju-Lekki axis such as Millennial Town, The Apartment, Urban Prime, Northville Estate, and The Milton Estate to name a few.
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