The chairman and CEO of Prince Luxury Group, Omoha Nduka John, has revealed why he went into real estate after trying his hands at many other businesses without encouraging results.
The award-winning real estate entrepreneur and investor, who has carved a niche for himself in the real estate sector as a top player with many years of experience, said he became attracted to real estate because he sees it as a generational wealth.
“I ventured into real estate after I had failed in several businesses. After five years’ experience, I consider real estate as a generational wealth because of its passive income and cash flow. Having lived in Hong Kong, one of the most expensive cities in the world, also motivated me to venture into real estate,” he said in a recent interview.
“I don’t see myself leaving real estate for other business anytime soon in the future,” he said.
Having stirred up a bit of dust in understanding what he means by “generational wealth”, the real estate entrepreneur, popularly known as Prince Omoha, said generational wealth represents assets passed down from one generation to the next.
“These assets can include real estate and other investment businesses which contain monetary value,” he said.
Going down memory lane to talk about how he began and his experience, Omoha said in the beginning he didn’t have any regrets because he collaborated with the experts in the game who actually taught him a lot.
“And I am still working with them as a team. The only regret I have had in terms of dealing in real estate is buying assets at overpriced cost than the valuation price because of competition in the sectors, but still with time you will recover and make your money,” said Omoha, who is also the founder of Prince Omoha Foundation.
“Real estate is a form of investment and business as well. Like I said earlier, I see it as a generational wealth and the passive income and cash flow make it a business.
“Investing in real estate does not require any particular entity, and some people even begin a real estate investment company simply in their own name as a sole proprietorship. Once you find financing and purchase your first property, you have begun a real estate investment company,” he said.
After a business sojourn in Hong Kong, Omoha returned home to establish Prince Luxury Group, which has blossomed to a leader in the real estate sector in Nigeria. The company has undertaken many projects which are basically modern luxury residential homes in Lagos, Abuja and other parts of the country.