Landwey Investment Limited, a Lagos-based real estate firm, has clarified online media reports over delayed project delivery concerning one of its properties in Lagos.
In a statement posted on its verified Instagram page on Monday, the company said the reasons behind the project delays and setbacks include challenges ranging from contractors’ time inefficiencies, inflation and fluctuating forex (FX), which has impacted the procurement of construction materials.
“The company is also currently faced with resolving series of backlogs sadly caused by the impact of the 2020 COVID-19 pandemic,” it added.
The real estate firm, however, reassured its customers of speedy delivery of the projects.
“While the publication acknowledges enormous industry challenges in recent times such as shortages of competent labour, the management of Landwey wishes to reassure all stakeholders of the definite delivery of all pending projects as the company adapts to its new reality.”
Landwey is a real estate investment company with development projects across the real estate spectrum which operates within the commercial, retail and residential property segments and provide real estate advisory services.