Tuesday, 25 June 2019

PROPERTYGATE STREAMLINES OPERATION, ADVISES REAL ESTATE OPERATORS ON REVENUE DIVERSIFICATION

A world class real estate company, Propertygate Development & Investment Plc, has announced plans to exit property advisory services and focus more in real estate development. It intends to push the diversification goal by deliberately pursuing investments in other carefully selected areas and ventures.

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The Managing Director of the company, Adetokunbo Ajayi, stated this at the 10th Annual General Meeting held in Lagos. According to him, “With exit from advisory offering, the company is currently holding a significant stake in PG Readzon Services, a real estate and allied services firm.”

The Propertygate boss made it clear that the country recorded a GDP growth of 1.93 per cent by the end of 2018. That was an improvement compared to 0.82 percent growth recorded in 2017. The year also ended on a positive note with a GDP growth of 2.38 per cent in the last quarter of 2018.

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According to Ajayi, the real estate sector recorded a negative annual real GDP growth of -4.74 per cent for the year; a further decline compared to -4.27 per cent recorded in 2017. Quarter four result was equally negative, with a real GDP growth of -3.85 per cent. Its overall contribution to total real GDP for the year declined to 6.6 percent compared to 6.85 percent in 2017.

Ajayi noted that the last few years have been very challenging for the sector. It recorded negative real GDP growth for the last three consecutive years (-6.86 per cent in 2016, -4.27 per cent in 2017 and -4.74 per cent in 2018).

He said, “Unfortunately, many of the factors accounting for the struggle of the sector are still much with us. Many operators in real estate development and services space have been hard hit by the lingering slowdown in the sector. They have suffered from acute revenue shortage to severe liquidity crunch. These have had devastating impact on many operators, even threatening their business continuity.”

He revealed that the company operated a disciplined business and financial operation within the year under review, with concentration on its on-going projects.

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While admitting that operators in the sector are still facing myraids of challenges, he said that some of the challenges are systemic in nature. Ajayi said, innovative thinking and actions is required on the part of operators. The need for diversification of revenue should be taken very seriously in view of the experience of the last three years.

In his own words: “Having a mono income source can put an operator in a severe strain when the business climate of the income source begins to falter. Operators may also have to rethink their business structure and other operational strategy issues, products and services offering, funding mechanics and other fundamental issues critical to corporate success.”

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