Property developer floats N3.5b Earls Court in Lagos
The real estate firm of Dessbee Limited has set the completion date of July for its first phase project in Lagos, began in October last year. Other logistics involved are expected to extend the estates full readiness for occupation to sometime in September when the second phase of the project will take off at a total estimated cost of N3.5billion.
Earls Court as the project is christened will have a total of 109 housing units in the categories of 39 units of three bedroom terraces and 70 units of four bedroom semi-detached houses at completion, with an exclusive maid’s room each. However, in the first phase only 39 units will be built. Facilities include drainage channelization, roads construction as well as other amenities, being fully laid out.
The estate sits on precisely 49,000 square meters land within a wider area originally designated as Alma Beach Estate in the beach land neighborhood of Oba Elegushi Road, Lekki, secured with a C of O.
Call it the thrill of coming home or the excitement of trying something new in an unusual environment, it definitely must be a strong attraction to make a lawyer and successful real estates businessman of 15 years span relocate from London back to Nigeria. Today, however, Mr. Jide Oyetunde, the managing director of Dessbee Limited does not mince words to say that it was a decision which he has not regretted as it has afforded him the opportunity to contribute to the development of his fatherland.
“The choice of the location was certainly something that was carefully thought through because I was looking at the possibility of avoiding the compact traffic on the express and probably get out from behind, totally avoiding the toll gate. So, that is one of the unique things about the location of the estate. We also thought about who would be our neighbours and wanted to ensure that the estate does not end up being in a commercial district rather than a residential district,” he stated.
According to Oyetunde, the estate also stands out in terms of the infrastructure that has been provided for it. In particular, the sewage and drainage infrastructure comes fully submerged which took up to six months to achieve. Oyetunde explained that this was to ensure that the estate was properly drained. “I can tell you that no matter what amount of rain falls the water cannot stay on the surface. We don’t have standing water at all.”
“We also thought of what could give us enough space to create a community which could mean that we could create precisely what we wanted to create which is a community of people with a common understanding and shared facilities for recreation in a manner that stands out in terms of infrastructure and in terms of having that community appeal,” he further said.
Oyetunde revealed that the company has been able raise the needed funds for the project through a banking partnership and some pre- sales deals that it closed early in the project. He explained that the pre-sales were actually sales of units right at the foundation stages of the project and that most of it came through referrals. “This was made possible through the team of consultants, which we have put together on the project because they have an enviable track record which commands respect in the industry. So, having them in the project, it was easy for people to say ‘okay, since this person is involved than I can be sure of the quality of project that you are doing”.
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