Ayoolanrewaju Kuyebi is a Civil Engineer/Geotechnics and the MD/CEO of GMH Luxury Investments Limited. Kuyebi, who has a formidable presence in the real estate sector, tells Bennett Oghifo that he is committed to giving value to investors and spares no expense in doing so. He says people lose money in real estate because they don't seek advice and due to a lack of engagement with core professionals in the built sector.
You have been in the real estate industry for some time now. Tell us about the journey so far.*
Our journey began with Geostruct Konsults Limited, established 13 years ago to engage in piling and core civil engineering works. From this foundation, we expanded and formed GMH Luxury Investments Limited, our holding company. GMH Luxury oversees four companies operating in the real estate development value chain. Our flagship company, Godmade Homes Limited (GMH), was incorporated on July 28, 2015, and commenced operations on September 1, 2015. Additionally, G2G Investment Ltd engages in construction materials haulage.
Rated BBB+ by DataPro, we are a world-class real estate development company driven by value innovation and optimum service to deliver affordable homes. With iconic architectural landmark estates in various locations within Lagos, Ogun, and Abuja, we deliver the best in real estate services and infrastructure in a secured and serene environment. We have always been driven by our vision of delivering luxury at its maximum peak at the most affordable price and value for money.
Over the years, the company has delivered functional structures in both the mainland and island parts of Lagos, and Abuja. At GMH, we strive to provide our clients with the best and nothing but the best. We do not compromise with standards as integrity is our watchword. We are one of the few real estate developers with technical expertise in substructure construction and a full quality assurance team, adopting the Six Sigma TQM construction model.
Tell us about yourself.
Ayoolanrewaju J Kuyebi is a distinguished entrepreneur who has become a formidable presence in the Real Estate sector, boasting a wealth of experience spanning over two decades and involvement in numerous high-profile projects worldwide. With a strong background in Structural and Geotechnical Engineering, Ayoolanrewaju has earned multiple accolades and gained a reputation as a seasoned expert in the field.
Notably, Ayoolanrewaju's contributions to the industry extend beyond his technical proficiency. In addition to his professional prowess & achievements, Ayoolanrewaju is driven by a vision to revolutionize the African luxury Real Estate sector, starting with his home country, Nigeria. To that end, he established GMH Luxury, which has grown to encompass four sister companies: BHOUX, Civil Acme, G2G Investment, and Geostruct Konsult. Ayoolanrewaju's dedication to this ambitious goal has propelled his company to significant recognition and impressive strides in a short period. As the driving force behind GMH Luxury, Ayoolanrewaju is poised to bring about a transformational change in the African luxury Real Estate industry, an aspiration that he fervently pursues with passion and purpose. He is a respected and widely sought-after name in the Real Estate world.
You once had two failed projects and you lost over a billion Naira.
We did everything we needed to do as professionals but couldn't save the two projects, leading to our loss of over N1 billion. One of these projects was at Magodo, with 11 units of terrace houses, and the other was at Gbagada. At Magodo, we built close to an existing canal but with enough room to observe the setback the Lagos State Government stipulated and we were given approval by the Ministry of the Environment. Another company received approval to reclaim the canal for housing development. The rains came, and there was no canal to receive the stormwater, so it inundated our property. We, thereafter, refunded money to the subscribers.
The 5-floor structure at Gbagada was occupied for three years before we noticed the building tilted because the foundation shifted. We relocated eight of the 11 homeowners and refunded the money of the remaining three with capital gain, regardless of the fact that they had stayed there for three years. This is one of our strengths--good dispute resolution strategies. We are still in touch with these subscribers.
What's your housing portfolio like?
We have done close to 100 housing units and we're set to deliver an additional 300 units.
Tell us about your projects. What are the latest?
We have two new facilities--Habitat 84, a purpose-built hotel Off Freedom Way, Lekki Phase 1, Lagos, and De Maris, a beachfront resort located at Ilashe, Lagos, an island between the Lagoon and the Atlantic Ocean. De Maris has 40 units of 1-4 bedroom villa-style beach houses, perfect for investment, as it will provide more than just luxurious accommodation. It is positioned to produce significant returns in the thriving beachfront property market. The groundbreaking ceremony for this project is set for July this year.
Habitat 84, a one-bedroom hotel, is on eight floors and is designed and built to ensure the protection of the homeowner, who will have an exclusive lobby, entrance, and other amenities. They don't interact with visitors unless they request it. This is the epitome of luxury and investment ingenuity, featuring 84 meticulously crafted one-bedroom apartments spanning an impressive 112 square meters each. Exceeding the dimensions of the typical two-bedroom apartment in Lekki Phase 1, Habitat 84 sets a new standard for lavish living and lucrative investment opportunities in a single, daring move. We give value for the client's money and ensure that what you get exceeds your expectations. Interestingly, we leave the management of the facilities in the hands of the homeowner but appoint a reputable facility management company which they would control.
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Lagos real estate sector is evolving.
The Lagos State sector is still evolving. Although there are many professionals in the construction sector, a lot of real estate development firms do not engage them on projects. This is where GMH is bridging the gap. We utilize several core professionals on every project without cutting corners.
Why do people lose money in property deals?
They do not have the requisite knowledge before committing their money. They don't do due diligence, no investigation, and so they fall for the sweet talk of the salesperson. Buying real estate is not something you rush because if you're patient enough to save your money to buy a property then you should be patient to investigate the root of the title. People should go to property advisors that will help them save their money. You need to take physical and legal possession of your property by seeking the root of the title and how it has been transferred and create the time to meet these people physically. Don't stop at the doorstep of an agent. Buying or renting a house should not be a matter of urgency.
What's your view about mortgage in the country?
Mortgage penetration is very low. In fact, we do not have a mortgage because a short-term loan with a 24 percent interest rate cannot be said to be a mortgage loan.
