SIBGAN Properties is the real estate company that is making waves right now in Lagos. The MD/CEO, Akintayo Salau has been running the real estate company well. He recently spoke to City People Publisher SEYE KEHINDE about how Covid-19 Lockdown affected real estate business and how SIBGAN Properties has coped. Below are excerpts of the interview.
How do you see the state of Real Estate business today, especially with the 3 months lockdown?
Honestly speaking, the lockdown affected almost all sectors of the Nigerian and global economy in one way or the others. Real Estate sector inclusive. At Sibgan, the lockdown period actually brought about a lot of opportunities our way. We came up with a lot of tailor-made services for each and every client. For example, the issue of importation of finished products really affected a lot of companies but it made us at Sibgan to look inwards for some of the products that we can manufacture locally and with supervision, we have been able to achieve 200% success as regards that. We also centralized Cash Management to focus on efficiency and also change Capital Expenditure decisions. We are doing a lot of concessions and abatement. This approach has really brought in a lot of money and turned our offices into ‘Markets’ in real term
Tell us about Sibgan Properties. What services do you offer? How old is the company?
Sibgan Property Development Company Ltd is a one-stop real estate company which was incorporated in the year 2016 as a Construction and Property Development arm of Tayo Salau & Company (incorporated in 2006). Sibgan is continually setting new standards of excellence, while it’s expanding its business interest in Luxury Residential and Commercial real estate, Golf resorts, entertainment, commodity trading and Oil & Gas. We are also into the Construction of Mass Housing Scheme We have a branch office in Atlanta USA. We were on the verge of opening our offices in London and Dubai when the lockdown came up Our asset base is in billions and we have a very strong cash flow. We have money to do all our projects, we are even taking on more projects.
Tell us about your projects. How many estates have you built?
We have a lot of projects. We are presently doing.
A. Sibgan Signature: This is a 20 floor – 37 units of luxury houses with 2 penthouses. We have 2 &3 & 4 bedroom mansionette with prices ranging 300m naira to 1.2 billion naira. We have 12 units Left.
B. Sibgan town House, Parkview, Ikoyi, Lagos: It’s 8 no of 4 bedroom house with 2 rooms boys quarter, private elevator, private swimming pool, private cinema, home office, Gym, private party area, bar, full home automation and on 5 floors. We are selling each unit for 600m. We have 5 units left.
C. Sibgan Signature II, Banana Island- This is a 25 floor, 44 units of luxury housing units with 4 penthouses. We have 2,3,&4 bedroom mansionette with prices ranging from 400m naira to 1.2 billion naira. We are moving to site in the first week of August 2020.
D. Sibgan Gardens, Maryland. This is a 170 units, 3 blocks of apartment of 15 floors per block. It comprises of 1,2,3,4 bedroom luxury apartments with a maids room. The prices range from 40m naira to 120m naira. We are 40% sold out.
E. Sibgan Estate, Lekki pages 1- This is a 5 units residential apartment. All sold out.
F. Sibgan Gardens, Alahun, Ibeju-Lekki. This estate comprises of 24 units of 1 bedroom duplex terrace, 30 units of 2 bedroom terrace duplex, 28 units of 3 bedroom terrace duplex, 24 units of 3 bedroom semi-detached duplex, 24 units of 4 bedroom semi-detached duplex, 12 units of 4-bedroom fully detached duplex, 12 units of 5-bedroom fully detached. Price ranges from 29m naira to 45m naira. We also have 40units of fully serviced plots 300sqm goes for 5.3m naira. 450sqm goes for 7.5m naira. 600sqm goes for 9m naira.
G. Alfredo Court by Sibgan, Osapa LondonThis comprises of 24 studio, 1 bedroom luxury apartments. Price ranges from 19m naira to 35m naira.
H. Sibgan Gardens, Ode omi, Ibeju Lekki. This estate is situated around free trade zone area after Dangote refinery. It is a site and serviced estate where we sell fully serviced residential plots. This is a 1000 plots residential estate. 300sqm goes for #400k 450sqm goes for #600k 600sqm goes for #800k I. Sibgan Gardens, Ajimo Olopo, Ibeju-LekkiThis estate is situated after the free trade zone area after Dangote refinery. This is also a site and serviced estate. We sell fully serviced plots of various sizes. 300sqm goes for #400k 450sqm goes for #600k 600sqm.goes for #800k
J. Sibgan Gardens, Okun Imedu, Ibeju-Lekki- This estate is situated at Free trade zone area after Dangote refinery. It is also a site and serviced estate with various sizes of land. 300sqm goes for #400k 450sqm goes for #600k 600sqm goes for #800k We have 3 Estates in Ibadan and we are launching them soon. We also have an estate in Abuja. We are opening our new offices in Osogbo, Ile-Ife, Ilorin and Abeokuta by August 2020 while our offices in Kano, PH, Owerri, Onitsha and Calabar would be opened by the end of October 2020.
There is SIBGAN Signature Parkview in Ikoyi. It’s a 10 no 4 bedroom townhouse on 2 and half floors. It has a 2 room Boys Quarters attached to it. Its a luxury townhouse and we are selling each one presently at N157 million naira (Off Plan). The site is at Parkview Ikoyi. We have 7 units left.
We also just secured another site at Yaba. We are building 80 units of 3 and 4 bedroom terrace duplexes each with 2 rooms Boys Quarters attached to it. A 3 bedroom terrace duplex is N55 million. While a 4 bedroom terrace duplex is N65 million.
How do you unwind?
I am a member of Ikoyi Golf Glub, Ibadan Golf Club & Polo Club, Ibadan. I am a member of these Golf Clubs because I play a lot of Golf.
Who are your target audience? Is it the rich, upper-middle-class or the middle class?
We have products for different strata of the society. We have the super luxury apartments for the super-rich while we also have standard houses for middle and low-income earners.
Tell us about you. Why did you go into real estate business at the time you did?
My name is Akintayo Salau. I am married to Motolani, a medical doctor by profession. She’s a private person and detests publicity and we both have lovely kids. I am a graduate of Estate Management from OAU, Ile-Ife, I grew up in Ile-Ife OAU senior staff quarters. My dad was a lecturer in the Department of Physics, Faculty of Science but later left to become the Vice-Chancellor Lautech (Ladoke Akintola University of Technology, Ogbomosho). He died in 2015 while serving as INEC National Commissioner representing South- West. My mum is a retired secondary school principal. She is our rock. She is the voice behind the ‘Oro’. She is calm and very prayerful. My mum fast for a minimum of like 300 days in a year. I have always been a real estate person right from childhood and that love for real estate pushed me to study Estate Management.
How did you form the brand name SIBGAN?
Sibgan is a big brand. The meaning of the name ‘SIBGAN’ is strictly between me and my wife.