Stories by Moses Nosike
Akintade Esan popularly known as Tade Cash is the Co-founder, Wealth Island Properties; a real estate coy that sells property and as well creating an environment that really inspires prosperity. In this interview with Nosike Moses, he revealed how living in an unhealthy environment during his growing up inspired him to make a difference and today Tade cash is into real estate with difference. Today he is building a beautiful environment to a world class lifestyle and right now having 1000 apartment for Lagosians. Excerpts:
We have other real estate coys in town, what is unique with Wealth Island Property?
One of the things that is interesting to me and for us is that I didn’t just come into real estate to make money. There are different people in real estate that want to make money, they build an apartment, sell and they make money. Yet today, there is housing deficiency in the city of Lagos and Nigeria, that is it. But I believe that where people live affect their mental faculty – how they reason, relate, what people say and how well they will live. So, we often say in our company here that where you live determines how you live. So, what we do is building a uniqueness where people can own an apartment and not only that but make money from real estate. We are propagating the gospel of rental income properties not properly known or well known in this city or this country in the last three to four years.
In your building units projects, who are your targetted audience?
One of the things we have seen and I would like anybody in Lagos or Nigeria wherever they are hearing us or reading from is the fact that right now there are so many speculated property in Nigeria. People will sell property to you and said you will make money in the next three years or in the next five years you would sack your landlord and all of those things. But what we preach is that you don’t need to sack your landlord, you need to sack being broke, and for us to achieve that goal, we decided not to sell property in an emerging community, but we also find a very prime property in a community that is already developed so that people who want to build for living or for renting can immediately take the property and then do something with it. That is the reason we have property like the Parkway Gardens , by Buknor, Isolo. Also, we have other properties all around the city of Lagos like Anthony and other places. We are going all that round, knowing there are a lot of opportunities even for people on the mainland to take advantage. Most times what people tell you is to own a land at the extreme of the state or somebody would tell you come and take a property, later on you are going to making 50% return. All those things are not bad in the sell, but they are promise of the future but not a reality of the future. But for us we bring it down home and say, own a property in Isolo and right now in the next three months you can develop this property.
Right now we are doing a very first class infrastructure. Like the question asked, whether is for the first class citizens, no. Every Nigerian deserves a good live, it doesn’t matter where you live, who gave birth to you or where you grew up. We are here to help every Nigeria who would say I’m willing, then we will lift him up and make it a reality for you and that is what we do with the property Park Way Gardens and that is what we are doing on all the property we are looking on.
How affordable is this property, and any provision for instalmental payment for the middle class?
There is nothing that is not possible if people are willing. The interesting part of this story is, the property in Buknor or Park Way Garden is tended for people who want to live well, not necessarily too expensive. So, we are talking about a property from the range of N4 million to N7.8 million. This is a landed property; however it is going to have all the infrastructure without you paying any extra money, and that is also rear. Some people sell property and then ask you to pay developmental fee. We are not doing that. You can also pay instalmentally for six months without having to pay any extra money on it. Why are we doing that? we are doing it for one reason that people can now begin to live within the heart of the city. The other people that bought these properties from us from different radio we have been, are asking why are you not going to the extreme of Lagos where half plot goes for N4million, we remain in the city and still selling at a considerable rate. We are saying in Buknor a plot of land is going for N12 million or N13 million, but because of the promo we are running it is sold at N7.8 million and what does that mean, is that you make money when you buy and not when you sell. The conversation in the city is that, when you buy this property today in the next two years you can sell and make money, but we are saying the reality is that you can make money now when you buy because already the price at which the property is sold to you is already going for N12 – N13 million naira. We are giving people two options: either you build your house or you build your wealth.
Do you give discount to people that buy your property?
We are giving a huge discount for a period of time for people that are getting on board with this land. It’s being sold for N7.8 million and N4 million being for the 600 square metre and 300 square metre of the lands respectively.
By reducing the amount from N13 million to N7.8million, how do you make your profit?
This is the way we do it and make profit. Because we acquired this land for a while and we didn’t acquire it like a retail, we have acquired it at an wholesale dimension and as a result of that, we have made money from also buying. That is not all of the phase of the estate, but people who are buying maybe making more money than us as it is now. Let people begin to live in a good community and It is time we create estate where people can live homely. Our making money may be on volume based on the number of people buying.
The property and infrastructure…
We are selling a serviced plot of land. What that means is that we are selling a land that has all the infrastructure outside the house. It has a road, electricity but it doesn’t have a building on it. All the roads are constructed, there is gate, nobody gets into the estate without pass. If you are having a visit, he/she has to be at the gate before you let them inn. There is security services there. We spent N40 to N50million just to do the civil work. We want to create a place that when you live on the mainland and somebody says I’m going to Park Way Gardens, Oh – where those rich people are living. It doesn’t also mean that when you bought the property you bought like a rich man, it has the tendency to make you rich.
What we have done is an estate and all the estate we have done, we don’t determine the house you build but we determine what kind of house you can build. Within the estate we have where you do duplex, bungalo. But that area is for bungalos. We have all our engineering team and when you want to build the engineers ensure that you build on taste and standard of Lagos state. You don’t just build any house in the estate. It’s our responsibility to see that you build based on standard because it’s human beings that would live there