Haldane McCall

What Haldane McCall does

Haldane McCall Plc is a Nigerian publicly listed real estate and hospitality company that develops, markets, and sells residential properties while operating a budget hotel chain. The company is organized through two wholly-owned subsidiaries: Suru Homes Limited, which handles real estate development across luxury (Ikeja GRA, Ikoyi, Ketu) and affordable housing segments in Lagos; and Suru Express Hotels, which operates the Suru Express and Suru Express Plus budget hotel brands in Ikeja, Surulere, and Ikorodu with conference and dining facilities. Revenue is generated through one-time residential property sales (N2.68 billion in 2024, the dominant stream) and recurring hotel operations, with additional income from land banking and development speculation. Cross-border operations include 48 completed housing units in Porto Novo, Benin Republic.

The company was incorporated in 2012, converted from a private to a public limited company in 2020, and listed on the Nigerian Exchange (NGX) by introduction in November 2024 at an initial market capitalization of approximately N11.99 billion. Its go-to-market is direct sales-led, combining on-site property sales teams with dedicated consumer-facing platforms (suruhomes.com and suruexpress.com), supplemented by investor forums, brand ambassadors, and earned media coverage. Pricing is not publicly disclosed for real estate; hotel rates vary by location. The company targets individual residential buyers (luxury and affordable), business travelers, and event guests in the Lagos metropolitan area.

Strategic positioning centers on Nigeria's estimated 17-20 million unit housing deficit and US$363 billion funding gap, with a stated mission to address both premium and mass-market housing demand. The technology stack is non-proprietary, relying on standard e-commerce platforms and conventional real estate and hospitality management practices; no AI/ML, patents, or proprietary systems are disclosed. In May 2025, shareholders approved a N250 billion capital raise through rights issue and debt issuance to fund West African expansion, anchored by a 1,200-unit Majidun development and a 44-acre land bank planned for 4,000 low-income homes. The company holds ISO 9001:2015 certification and complies with the Nigerian Code of Corporate Governance 2018.

Name

Haldane McCall

Legal name

Haldane McCall Plc

Website

https://hmkplc.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

51–100 employees

Short description

Haldane McCall Plc is a Nigerian publicly listed real estate and hospitality company that develops and sells luxury and affordable residential properties through Suru Homes Limited and operates budget hotels (Suru Express, Suru Express Plus) across Lagos, with additional housing projects in Benin Republic.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development & Hospitality

NAICS

Rental and Leasing Services (532)

SIC

Real Estate Dealers (For Their Own Account) (6532), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro industry

PRIMARYBPAJAGAD

Multifamily (Apartment) Property Management

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Commercial Property Management

Keywords

• Residential real estate
• Affordable housing
• Luxury apartments
• Budget hotels
• Hospitality services

Headquarters

HQ city

Maryland

HQ country

Nigeria

HQ region

Africa

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Marketing or Sales, Technology or R&D

Revenue model

1. Real Estate Property Sales: One-time sales of residential properties including luxury apartments in Ikeja GRA and affordable housing units. Revenue from land and property sales totaled N2.68 billion in 2024, representing the largest portion of company revenue.
2. Hotel Operations: Recurring revenue from Suru Express Hotels and Suru Express Plus budget hotels across multiple locations in Lagos (Ikeja, Surulere, Ikorodu). Hotels offer accommodation, conference facilities, and on-site dining.
3. Land Banking and Development: Acquisition of prime land for future development and speculation. The company holds properties in Ikeja GRA for development and speculation purposes.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Haldane McCall Plc develops and markets residential real estate—luxury apartments in Ikeja GRA and affordable housing units across Lagos and Porto Novo (Benin Republic)—through its subsidiary Suru Homes Limited. It also operates a budget hotel chain (Suru Express Hotel and Suru Express Plus) across Lagos locations in Ikeja GRA, Surulere, and Ikorodu, offering accommodation, conference facilities, and on-site dining. Revenue is generated from one-time property sales and recurring hotel operations, with expansion plans across West Africa backed by a N250 billion capital raise approved in May 2025.

Product overview

Haldane McCall Plc operates as a dual-segment real estate and hospitality investment company organized under two main divisions: Suru Homes Limited (real estate) and Suru Express Hotels (hospitality). Suru Homes develops and markets luxury residential apartments in Ikeja GRA alongside affordable housing units across Lagos, while Suru Express Hotels operates budget and premium hotel properties including Suru Express Hotel and Suru Express Plus. The company generates one-time revenues from property sales and recurring income through hotel operations, with plans to expand across West Africa through a N250 billion capital raise approved in 2025.

Differentiator

Problem solved

Functional benefit

Brands

• Suru Homes Limited: Leading player in Nigeria's real estate sector, specializing in luxury apartments across Lagos and beyond. Also offers affordable housing and serviced apartments for rent and sale.
• Suru Express Hotels

Products and services

• Suru Homes Limited Real estate development subsidiary offering luxury residential apartments and affordable housing across Lagos and beyond, with properties for sale and rental. Operates the suruhomes.com platform for property listings and inquiries.
• Luxury Apartments (Ikeja GRA) Premium residential apartments developed in the prestigious Ikeja GRA upper-class neighborhood in Lagos, representing the company's flagship luxury real estate offerings for high-net-worth buyers and investors.
• Affordable Housing Units Low-cost housing developments targeting middle and low-income segments, including bungalows and flats in various Lagos locations (Okota, Ikorodu, Surulere, Ketu Mile 12), addressing Nigeria's 17-20 million unit housing deficit.
• Suru Express Hotel Budget hotel brand offering clean and comfortable accommodation with basic facilities, strategic Lagos locations, and a quality hotel experience for business and personal guests, bookable via suruexpress.com.
• Suru Express Plus Premium tier of Suru Express Hotels offering enhanced facilities and services, including a property with swimming pool, conference halls, and 24/7 security with CCTV surveillance.
• Land Banking Strategic land acquisition for future development and speculation, including 44 acres acquired in Majidun, Ikorodu, Lagos, for 4,000 low-income home projects.

Quantifiable outcome

• Revenue increased 109% to N3.64 billion in 2024 from N1.74 billion in 2023
• +3 more outcomes

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core.

• Dele Ojogbede & CocoreOthersLegal advisor providing corporate legal counsel
• Jide Taiwo & CocoreOthersEstate surveyor and valuer services
• Africa Prudential PlccoreOthersRegistrar services for share registration and shareholder management
• TOLG AdvisorscoreImplementation/ SI/ Consulting PartnerFinancial and capital markets advisory services

Scale indicators8 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• UACN Property Development Company (UPDC) Plc: UPDC is a Nigerian listed real estate developer focused on residential and commercial property development across Lagos and Abuja. It is the closest direct peer to Haldane McCall's Suru Homes, sharing NGX listing, residential focus, and Lagos-centric project pipeline.
• Mixta Real Estate (Mixta Africa): Mixta (formerly Mixta Real Estate) is a Nigerian affordable and luxury housing developer active in Lagos and other West African markets. Directly comparable to Haldane McCall's dual luxury / affordable housing thesis and West Africa expansion footprint.
• LandWey Investment Limited: LandWey is a Nigerian luxury residential real estate developer operating primarily in Lagos (Lekki, Ikoyi). Directly comparable on the luxury apartment side of Haldane McCall's portfolio and on customer segment (upper-middle-class Lagosian home buyers).
• Transcorp Hotels Plc: Transcorp Hotels is an NGX-listed Nigerian hospitality company operating full-service hotels (Transcorp Hilton Abuja, etc.). Directly comparable to Haldane McCall's Suru Express Hotels business on the listed-NGX-hospitality dimension, although at a higher service tier.
• Ikeja Hotel Plc: Ikeja Hotel Plc is an NGX-listed Nigerian hospitality company with hotel operations in Lagos. Highly relevant comparable on the hospitality side of Haldane McCall's business and on the Lagos-concentrated, NGX-listed dimensions.
• Capital Hotels Plc: Capital Hotels is an NGX-listed Nigerian hotel company with multi-property Lagos presence. Comparable to Haldane McCall's Suru Express Hotels on the budget-to-mid-scale Lagos hospitality segment and NGX listing status.
• Tourist Company of Nigeria Plc: Tourist Company of Nigeria is a Lagos-based hospitality operator with a heritage hotel portfolio. Directly comparable on Nigerian hospitality operations and Lagos-centric footprint, serving overlapping business and leisure guest segments.

Broad incumbents

• Eko Hotels & Suites: Eko Hotels & Suites is one of Nigeria's largest hotel operators, anchored by the Eko Hotel complex on Victoria Island, Lagos. Serves overlapping Lagos hotel demand and competes for similar business and conference guests as Suru Express, but at a significantly higher price tier and broader service offering.

Regional players

• African Sun Limited: African Sun is a Zimbabwe-listed hospitality group operating mid-scale hotels across southern Africa. Thematically comparable as an African-listed multi-property hotel operator, though operating in a different geography than Haldane McCall's Lagos-anchored portfolio.

Others

• SIFAX Group: SIFAX Group is a Nigerian conglomerate with interests in hospitality, real estate, logistics, and shipping. Relevant as a Nigerian private group that operates hotels and real estate alongside other businesses, comparable in its diversified Nigerian operating context but not a direct competitor in residential development.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights8 records

Customer concentration

• Facebookfacebook.com/hmkplc
• LinkedInlinkedin.com/company/haldane-mccall-plc

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Haldane McCall