Kofi Ampeah Woode
Mayfair Estates Ltd – a leader in Ghana’s real estate industry, excels through innovative self-manufacturing, diverse projects ranging from luxury to affordable housing, and strategic developments like the Jubilee Gardens Apartment.
Mayfair Estates was founded in 2007 and has quickly grown to become a prominent participant in Ghana’s real estate business. Mayfair Estates, led by CEO Dr John Watson Otumfuo, has made substantial contributions to not just extending its portfolio, but also to Ghana’s economic and social success. Dr Watson’s journey has been as remarkable as Mayfair Estates’ success.
He returned to Ghana with a good academic foundation in mathematics and actuarial science, as well as ten years of experience in London. “I worked in London for about 10 years as an actuary before returning to Ghana to establish Mayfair Estates,” he says. This mix of international expertise and local knowledge has been key to the company’s success.
Originally, Mayfair Estates served the high-end market; however, now it is also providing homes for middle and low-income households. “We want to cater for everybody,” Dr Watson says. The company’s ongoing projects are manifestation of this allinclusive policy.
The cost of their houses varies greatly: from US$70,000 for low-income housing up to more than US$1 million for luxurious homes. The wide range of this strategic diversification demonstrates that Mayfair Estates is looking after needs from both ends, ensuring that they are able to satisfy a broad spectrum of clients.
Situated near the site of the Presidency is a prominent project within the company’s portfolio referred to as Jubilee Gardens Apartments. In its initial stage, this initiative comprises 48 apartments and 9 houses that are priced from US$99,000 onwards. “We’ve made it affordable even though it’s one of the most soughtafter locations,” Dr Watson says.
The development seeks to offer both a comfortable living space and avenues for investment, hinting at additional expansions in the future. Mayfair Estates has a vision of an impressive number of projects for 2024. They plan to build 300 to 400 properties targeted at low to middle-income families.
This action speaks volumes about the company’s dedication to helping Ghana bridge the affordable housing gap. Moreover, Mayfair Estates is developing a mall that will host an event center with a capacity of 1,000 people and five restaurants, among other retail spaces, all located just five minutes from the President’s residence. “We are involved in so manythings, not only residential but also commercial,” Dr Watson says.
An essential element that distinguishes Mayfair Estates is innovation and independence. The company produces its own building materials, such as windows, roofs, and concrete. This guarantees quality and, at the same time, keeps costs down. “We produce everything ourselves. This enables us to propose prices that can compete on the market while maintaining high standards,” Dr Watson says.
Mayfair Estates’ excellence has not gone unnoticed. The company has received numerous awards, including Outstanding Real Estate Entrepreneur of the Decade 2010-2020 and Best Residential Developer by the Ghana Property Awards.
Dr Watson attributes this recognition to the company’s integrity and commitment to timely delivery. “In this industry, you have to be very truthful and focused,” he asserts. “We deliver on time and provide the best product at competitive prices.” In his discussion of the wider real estate market, Dr Watson highlights the notable role that the private sector plays in Ghana’s development. “The private sector is likely performing better than the government sector with regards to real estate,” he says.
Even amidst the economic challenges that have characterized recent years, the industry still manages to prosper, sustained by private initiatives and an innovative spirit. Dr Watson also emphasizes the need for foreign investment to further boost the sector. “Investments from outside would help this industry boom to a higher level,” he suggests.
The potential for growth is enormous, with numerous opportunities for development across the country. Mayfair Estates has a bright future ahead. Based on its impressive history and unique strategies, it stands as a front-runner in the Ghanaian real estate industry. As Dr John Watson aptly puts it, “Mayfair Estates has grown, we have huge potential, and any partner would be happy to join us.”
Culled from Forbes Africa Magazine; August/ September 2024 Edition: ‘AFRICA UNDISCOVERED’ SERIES
PS: Dr John Watson Otumfuo is deemed a good Friend of the Ghana Armed Forces
