MONDAY, 26 JULY 2010 00:00 BY MOSES EBOSELE
Skye Shelter Fund at the weekend announced plans to pay N7 dividend to its unit holders for the year ended December 31, 2009, compared with N4.65 paid within the same period in 2008.The management of Skye Shelter explained that despite the challenging environment, the Fund had maintained a steady growth and consistent performance.
A news statement explained that the development appeared to be an indication of the attractiveness of real estate as a stable investment alternative.For the period under review, the Fund achieved a gross income of N251.4 million, while net income stood at N174.6 million, an increase of 50.3 per cent compared to N114.6 million recorded the previous year. The Fund managers attributed the “impressive” result to “pragmatic research-driven investment management decisions.”
The Fund managers also anticipate improved performance in the current year and have “aggressively expanded the Fund’s portfolio of real estate investments with superior rental yield taking advantage of discounted prices in choice areas of Lagos and Abuja.”In a related development, Skye Shelter Fund said it was taking giant strides in infrastructural development in Abuja. The Fund has acquired several units of three bedroom fully detached bungalows in the almost completed Maccido Royal Estate, Abuja.
Maccido Royal Estate is the product of a public private partnership between Federal Capital Development Authority (FCDA) and Okey Reliance Engineering & Construction Company Limited/Nekonini Business & Properties Limited.The estate is located on 39 hectares of land at Cadastral Zone C07, Galadimawa District, off the Airport Road, Abuja. The estate is about 45 minutes drive from the airport and 10 minutes drive from the National Stadium. The first phase of the project consists of 100 units of three bedroom-detached bungalows, of which 90 per cent have been completed while 10 per cent is undergoing construction works.
Each fully detached bungalow has a plot size of about 500 square metres with all room ensuite, visitor’s toilet, dining and sitting area, kitchen and store and a veranda.The estate comes with a perimeter fence with a gate and security, play ground/green area, ample parking space, shopping mall, water treatment plant, central sewage and refuse disposal.