Peter Adejoh is the Executive Chairman of Camey & Rock Platform Group. He explains how the group’s Prime Luxury, being a premium brand, cannot afford not to always evolve in terms of innovation and ways of doing business.
COVID-19 has affected the property market massively, how have you been able to withstand the storm?
The pandemic no doubt presented challenges as the world, especially our generation, has not witnessed a global disruption of this scale. However, for a discerning mind, it also presented an opportunity. Companies around the world had to conduct a check and retool not just for sustainability and profitability but also for survival.
Ours was not in any way different. Nigeria witnessed low oil prices in the global market between 2019 and 2020 which had an adverse effect on the economy. There was a sharp decline in demand for real estate around the world, Nigeria inclusive. Major developments were stalled throughout the lockdown necessitating new strategies.
We went back to the drawing board and we were presented with two critical options: downsize or effect a pay cut. Our management team made up of dynamic and vibrant individuals opted for cost-cutting measures while retaining our full workforce, a decision that has proven to be a masterstroke. We did not only survive 2020 but recorded unprecedented expansion in our sales volume.
What other innovations have you introduced in the real estate sector that perhaps sets you apart from other developers?
Prime Luxury, being a premium brand cannot afford not evolving in terms of innovation and ways of doing business. For us, we are a wealth creation platform leveraging technology, service and excellence. Our brand has evolved over the years, which has set us on a pedestal for creating value for our investors and clients.
Our value chain includes real estate, hospitality, health care, investment and lifestyle.
How have you keyed into the federal government’s housing policy under the Economic Sustainability Plan of providing over 300,000 houses for Nigerians?
Being a luxury brand, our houses are quite pricey. However, we shall be launching a subsidiary that will cater for middle and low-income earners by the last quarter of 2021. With this, we will be able to extend our services to more Nigerians at affordable rates.
The housing deficit gap continues to be widened. What do you think government and other stakeholders can do to bridge the gap?
Availability, flexibility and affordability are key to bridging the housing gap in Nigeria. It is also imperative for the Land Use Act to be reviewed. Titling has remained a big issue to investors in the real estate sector.
How flexible is your payment regime/plan for those interested in your property?
We have a flexible payment plan to ensure we deliver houses to our select clientele without stress. We also have various property investment products with good returns called Co-Share that help intending homeowners to invest towards owning any of our properties.
It’s easy to observe that many housing units in some estates built in Abuja remain unoccupied for many years. How do developers recoup their investments from these?
Being a company that focuses on luxury, we are very strategic in our property location selection process. We ensure we build houses where demand is relatively high to guarantee quick off-take.
Most of the empty houses in Abuja have already been purchased from developers hence they are owned by primary and secondary owners. However, due to unrealistic rental pricing, most of the houses are not within reach for occupation hence the prevalent rate of empty houses within the FCT.
What are your plans for the future?
Innovate and keep improving in our service delivery culture. Emphasis will also be on technology as core to our enterprise.
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