How Real Estate Can Survive Impact of COVID-19

The COVID-19 pandemic is having far-reaching impact on all sectors of the economy locally and globally; as the spread of the virus has grounded economic activities, the real estate sector inclusive.

But a major player in the property business has offered an insight into how the sector can overcome the negative effect of the pandemic.

The Chief Executive Officer of Sujimoto Construction Limited, Mr. Sijibomi Ogundele, in an interview with Daily Trust, said as part of measures to survive the constrictions in the property market caused by the COVID-19 crisis, players in the sector needed to think creatively and offer customers irresistible products.

Mr. Ogundele said, "Many have said that the real estate industry is one of the worst hit by the COVID-19 pandemic, but we have been here before during the last recession, and we didn't sink. Just like other times, we shall learn from it; rise and re-strategise."

He said his firm had offered investors the opportunity to reap over 200 per cent profit in Return on Investment (ROI) in three years at its Lucrezia Banana Island Luxury Apartments, Lagos; a new project being undertaken during the COVID-19 pandemic.

Ogundele further said compared to other forms of investment like treasury bills and other money market instruments which would give between five to 10 per cent ROI, his offer guaranteed 200 per cent.

He stressed that he had taken advantage of the opportunities inherent in the crisis and that his strategy was anchored on three fundamental principles of putting the people first: being prudent and executing quality and esoteric projects even while the pandemic reeled on.

He explained that, "We have three major projects in the pipeline that will bring a minimum of 200 per cent ROI to Sujimoto. Most projects will last a minimum of one year, so while other organisations are in limbo; folding their hands and waiting for the pandemic to be over before they take any meaningful action, we have already started. By the time the world is ready to restart, we would have been done."

He added that, "We have instituted a diligent spending culture by putting an Opportunity Per Cost (OPC) strategy to every penny spent. We shall only spend what is necessary now.

"Also, the job market is saturated with lots of experienced hands who have been laid off as a result of the COVID-19 pandemic, but we intend to work only with the best.

"Therefore, we will be employing only the best and the essential."