Propertygate targets innovative projects

LAGOS-BASED real estate development firm, Propertygate Development and Investment Plc, has reiterated its commitment to introduce innovative and sustainable projects to serve clients better.The company also recorded impressive turnover of about N171 million in 2011.The Managing Director of Propertygate, Adetokunbo Ajayi, at the firm's third yearly general meeting in Lagos, explained that the company in 2011, recorded increased cash inflows of N434 million from N263 million in 2010, while total current assets stood at N370 million compared to proceeding year's N331 million. Gross earnings also rose to N287 million in the year from N276 million.According to him, 2011 recorded the highest number of development starts in a year by our company since its commencement of business operations, while its past endeavours yielded start-ups and completion of 15 housing units with a market value of over N600million, in 2011 alone, the company recorded a start-up of 44 housing units of various types.He explained that the company's successes will come as it consistently embraces innovative thinking and sustainable performance in its strategy even as the company funded business activities virtually entirely from equity, maintaining the company's tradition of zero debt finance since its commencement.'The real estate market in Nigeria remains strong, through daunting. The environment will continue to be fluid and challenging threatening corporations that are static in their thinking and actions,' he noted.Ajayi also added that its company would continue to pursue the paths that will enable him to deliver on its corporate vision and goal even as the company produced a profitability result and improvement in its other financial performance in spite of the global economy challenges that characterised 2011 and difficulties in the real estate industry.
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