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InterviewsDecember 13, 2023
Ghanaian Real Estate Industry: Spike Boaitey Jnr Chronicles the Evolution of SBJ Properties
Spike Boaitey Jnr, Founder and CEO at SBJ Properties
- Written by Sandra Francisco
- Published: December 13, 2023
Interview with Spike Boaitey Jnr, Founder and CEO at SBJ Properties
Could you provide an overview of SBJ Properties, detailing the services you offer and your activities in real estate development?
SBJ Properties had its inception in 2008. After completing university and working in the banking sector, I drew inspiration from books by real estate experts like Robert Kiyosaki, Thomas Donohue, and Donald Peebles. This led me to establish a real estate marketing company, eventually leaving my banking job due to the high demand in the real estate market. Prior to this, in 2002, I had engaged in real estate construction works with my father, gaining valuable experience.
As I ran the real estate marketing company, I identified a significant gap in the market – there were no Airbnbs or short-term lets at that time. Expats coming to Ghana for short durations had limited options, either staying in a hotel for the entire period or renting an empty space for a year and buying furniture they would not need afterward. To address this gap, I started renting and furnishing empty spaces in expat areas for daily, weekly, and monthly stays, marking the launch of SBJ Properties' real estate investment arm.
With a background in IT, I simultaneously ran an IT business providing web-based solutions for companies, creating multiple streams of income. After successfully managing IT business, the real estate marketing and Airbnb and shortlists, I decided to venture into real estate development, which was my ultimate goal. Currently, we have developed properties in various areas such as East Legon, Trasacco, Chardo, East Legon Hills and Oyarifa. Our projects include single-family homes, residential apartments, commercial real estate, civil works like drains for roads, and custom builds for individuals and institutions. In essence, that provides a brief overview of SBJ Properties and our involvement in real estate.
What sets you apart in terms of competitive advantage?
I would attribute our competitive advantage to the strategic selection of neighborhoods for development, the high quality of our builds, and our commitment to competitive pricing across all levels. Importantly, we do not compromise on the quality of our projects.
The sector is quite competitive. Considering your experience over the years, what is your perspective on the real estate industry?
The real estate sector in Ghana is promising. It is a robust industry, similar to others, and it does have its share of challenges. Some of the hurdles we encounter include issues with land documentation, the quest for skilled and experienced personnel for specific jobs, and challenges in sourcing certain materials. Additionally, infrastructural challenges such as roads, drains, and the provision of electricity and water to new projects pose some complexities. So, it is a dynamic field with its ups and downs, and that is essentially the landscape we navigate.
Would you like to discuss some of your current projects?
Certainly. We have ongoing projects that include gated communities, residential apartments, and commercial properties. Specifically, we are currently developing residential apartments in Chardo and working on single-family homes and townhouses in East Legon, Trasacco, East Legon Hills, and Oyarifa. These are the areas where we are actively operating. Additionally, we have plans for upcoming projects in Osu, although we have not initiated them yet.
Looking ahead, our future projects will focus on Osu and Labone. These will be mixed-use developments featuring apartments and townhouses. For Osu, we plan to include commercial and retail spaces along with apartments.
Are you the sole owner of SBJ Properties? Are you looking ahead for more investors or partners?
Currently, I have one partner, we also have investors. However, I am the Founder and the CEO of SBJ Properties. We are open to welcoming more investors and partners in the future.
What is your vision? Essentially, what do you aim to achieve in the next few years?
The vision for SBJ Properties is to expand internationally. We have already taken significant steps in that direction. Our approach involves flipping houses – acquiring rundown properties in desirable communities, renovating them, and then selling. Currently, in any new country we enter, we initiate the process by flipping homes. Once we establish our presence, we can proceed to purchase vacant lands or acquire multiple houses, demolish them, and embark on redevelopment projects.
What inspires and drives you in your daily endeavors?
My father is my inspiration. He taught me a lot. He was involved in the timber industry, operating as a timber merchant with a factory that processed timber into lumber exported to the UK, Ireland, and similar places. He used the profits from this venture to invest in properties. I essentially grew up in what you might call a construction site, as he was continually developing and building hotels and houses for rental purposes. While he was not a developer in the traditional sense, he was more of an investor who built and rented out properties. Real estate has always been my passion, inspired by his entrepreneurial journey.
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