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Developer unveils Pracht Smart City

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Illustration of units proposed for the Pracht Smart City project

A private developer, Buildcon Global Services Limited, has unfolded plans for the construction of another luxury and fully serviced estate, the Pracht Smart City.

The project is located in Ibeju Lekki within the proximity of the Lekki Deep Sea Port at the Lekki Free Trade Zone (LFTZ), along the Lagos-Epe Expressway.

The estate, which sits on about 200 plots of land will accommodate different styled structures ranging from apartments (flats), detached houses to terrace duplexes. The estate consists of smart home appliances and complimentary amenities expected in a luxury home.

Pracht Smart City also boasts of unique smart home appliances such as Amazon Echo Dot, Kwikset (smart entry locks), Ring Video Doorbell Elite, Sonos Wireless Speakers, Phillips Hue (Lighting), among others. House types include two bedroom apartment at a cost N9.8 million, three bedroom apartment (N11million), while four bedroom terrace duplexes would be sold at N32 million.

Senior officials of the firm disclosed that the proximity of the estate to investments at the LFTZ will offer access to an enormous consumer market across West Africa, as it is being developed as a logistics hub for the entire sub-region.

“The project, which is well positioned in the future business hub of the state, would reduce housing problem at the LFTZ as there would be influx of foreign and local workers in the next two to five years in the area.”

Speaking on the development, Mrs. Bukunola Gadzama, Chief Executive Officer, Buildcon Global Services Limited, said that the company is positioning its project to attract expatriates, senior executives and senior managers.

The presence of foreign expatriate at Dangote Refinery this year is also anticipated to increase the demand for housing, a situation that would be addressed by Buildcon through the Pracht Smart City.

In order to make purchase easy, the company has come up with three years flexible payment plan for subscribers, “this project is position as investment platform for subscribers who are willing to be landlords to these expatriates and managers come 2020.”

According to Gadzama, a subscriber would be given a milestone agreement, which shows the construction stages of the property after an upfront payment of 30 per cent and upon an initial deposit.

She said Buildcon is also offering mortgage opportunities to subscribers, they are partnering with a mortgage bank to provide mortgages at six per cent per annum. “The purchase of the houses is for investment purpose and the company will help its subscribers to rent out their apartments at premium rates,” Gadzama explained.

The company is also providing a site and service scheme, where subscribers can also own parcels of land at Ibeju Lekki. About 100 plots of land of 648 square metres are available, with prices ranging from N4 million for outright payment and N5 million for one -year instalment plan.


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