Abuja has always been a hub of construction and its burgeoning population remains one of the main drivers of real estate development and the property business. But while much attention is paid to residential property development and investment, little is known about commercial property.
The demand for residential property sustains this growth as more and more people are drawn to the city for its economic opportunities and high standard of living. This is particularly true when it comes to the real estate market such that the demand for housing has grown exponentially. This has consequently led to a flurry of activities among developers.
An estate surveyor and valuer, Mr. Terungwa Sabe, said commercial real estate is what most investors do not look at but it is becoming a money spinner in the capital city of Abuja.
He said, “This niche in the real estate business can be rightly said to be a hidden treasure because of the high return on investment it is capable of giving you if you invest rightly.
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He said the Shoprite Mall by Wuse Zone 5 is an example of how commercial property is thriving in the city, providing smart office spaces, leisure hubs and shops for businesses.
He further said the conversion of some residential buildings into commercial spaces, especially in Wuse II and Gwarinpa is testimony that commercial property is gaining traction in the city.
“If you look at Wuse II and Gwarinpa, some places were not commercial but they are gradually been converted to commercial real estate. Even in new districts like Wuye and Guzape, there are serene places where people can live and do business so they are ideal for commercial property investment.
Daily Trust spoke to a developer, Engr Rabiu Sa’id, Director of M. N. Ataj Construction Ltd, who is into commercial property, averred that the investment niche holds many prospects.
M. N. Ataj Construction Limited has experience in developing commercial property as it is currently building the Gudu Shopping Mall, a project developed in partnership with Abuja Investments Company Limited (AICL).
Sa’id said the Gudu Shopping Mall, located directly opposite the existing Gudu Market that specializes in building materials and vehicle spare parts, is an elevated project comprising shops on the ground and three suspended floors cast in blocks, glass and granite that introduce a revolutionary concept.
He said the Gudu shopping mall construction work is progressing steadily and is at about 50 per cent stage, adding that it is expected to be completed by the end of 2024.
The company is also involved in the remodeling of the Maitama Ultra-Modern Market located in Kubwa, Abuja, as well as the Kubwa Model Market by the Army Scheme Housing Estate with about 2,400 shops, and the remodelling of the Utako ultra-modern market, Utako, Abuja in partnership with New Frontier Development Ltd.
, Abuja which is being done in phases with phase one already completed.
Further commenting, Engr. Rabiu said the major challenge in projects of that nature is the rising cost of building materials as a result of naira devaluation and instability of the exchange rates.
He, however, said it is the desire of the development partners to make FCT markets meet the best standards prevalent in developed countries, especially in the provision of physical infrastructure and enjoyment of the modernity that would excite and attract tourists from all over the world.
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