Property Developer Bemoans Business Lull

An estate manager and property developer based in Opobo in Opobo/Nkoro Local Government Area, Engr. Magnus Pepple, says investing in landed properties in the area in particular and Rivers State in general is no longer as lucrative as before.
Speaking to The Tide in an interview yesterday in Opobo Town, Pepple, who is the Managing Director of Landscape Investment and Development Company Limited, said business for most property developers in the area has not been encouraging lately, a situation he attributed to the economic depression being experienced across Nigeria.
He said, unlike about four years ago when the economy was still favourable for business, he could hardly be seen in the office, “and I am yet to receive any customer. There are properties for sale but there are no buyers. Nowadays, we look for property buyers, they are nowhere to be found.”
Pepple said, as developers, their major challenge is the very low circulation of money in the state.
“Shops are being closed, clients no longer patronise us. We hardly receive calls for sale of property,” he lamented.
Also greatly affected, according to him, are hoteliers who are complaining of low patronage. He said hotel business, both in Opobo and Port Harcourt, used to be very lucrative.
“Rivers people and indeed Nigerians used to patronise hotels a lot. A lot of entrepreneurs invested in hotels and it turned out to be profitable for them.
“With proper management, quality service delivery, well equipped with modern facilities and secure environment, you were bound to enjoy good patronage,” he said.
Pepple said while many hotels have been converted to residential buildings and given out for rent, some have closed down.
He further stressed that most hotels both in Opobo and Port Harcourt have been shut down due to lack of patronage while some of the existing ones have been put up for sale.

Bethel Sam Toby