Suru Homes Limited plans to develop luxury residential properties and low cost housing in choice locations in Nigeria as well as chains of function halls throughout Nigeria. The company has expanded its scope of operations by launching serviced apartments for letting.
HMK’s investment activities in real estate are creating value as the occupancy is continuously increasing as a lasting asset in the Company’s balance sheet. And even more important, the new housing units create a value for the population helping them to have a better live.
Lagos State, Nigeria, has an acute housing problem with an average household occupancy of about 10 persons. In addition, it has an average population density of 2,455 persons per square kilometer much higher than the national average, with some areas reaching 15,000 persons per square kilometer.
“There is a housing demand of 40,000 units annually. Construction of low and middle income housing estates together with the State, who is providing land as equity and provision of mortgages”, as a way out of this under supply.
In this respect the Groups contribution in the real estate development in Nigeria and Africa in general has also an ethic component. In 2009, Edward Akinlade, the head of the Group and driver for the national and international business development was honoured for his personnel outstanding impact in contribution and achievements in Nigeria: