Terra Developers seek continued collaboration to tackle housing deficit

…Honors Realtors, Launches Nathan’s Bay Project

In a bid to encourage continued excellence in the real estate sector, Terra Developers awarded over 12 realtors for their contribution towards the development of the industry. The firm also launched its latest project, Nathan’s Bay.

The event, titled Terra Nova Nexus: Realtors Appreciation and Award Ceremony, was designed to recognise and appreciate the invaluable contributions of realtors who have been pivotal in the success of the company. Gifts such as washing machines, refrigerators, air conditioners, and televisions were given to the awardees.

Managing Director, Terra Developers, Mr. Fola Balogun emphasised that realtors have propelled the growth of the real estate industry, helping people realise their financial goals. He noted that these realtors have been responsible for the sale of properties worth between 50 million and 1 billion naira.

He explained that the Nathan’s Bay project, a sprawling development covering over 20 acres of land, features three distinct communities designed to cater to different lifestyle needs.

“The first community, Jubilation, is a retirement estate aimed at senior citizens aged 55 and above, offering a peaceful and comfortable environment for retirees. The second community, Olivia Views, comprises 2-3 bedroom maisonettes, offering an affordable option for middle-income earners. The homes are priced at around 50 million naira, with a payment plan that includes 10 per cent upfront payment, 20 per cent over 18 months, and the remaining balance mortgaged over 20 years at an interest rate of 6 per cent. The third community, Bay Front Villa, offers plots of land for clients to purchase and build their dream homes to their specifications, with the added benefit of being situated by a scenic water body,” he said.

Mr. Balogun explained that Nathan’s Bay stands out from other estates due to its exceptional focus on infrastructure. The entire 20-acre site is being sand-filled and developed with quality construction, ensuring that the project meets the highest standards and will be a benchmark for future real estate projects in Nigeria.

On housing affordability, he emphasised that the firm has ensured the availability of homes for people across all income brackets. Olivia Views was specifically designed to be accessible to low- and middle-income individuals, with mortgage options that allow prospective homeowners to pay over a longer term.

Mr. Balogun while acknowledging the role of government in supporting the real estate sector, particularly through mortgage provision, he called for continued collaboration between the private and public sectors to address the country’s housing deficit.

General Manager, Sales and Marketing, Terra Developers, Mr. Emmanuel Ekwe, stated that the Jubilation community is the first retirement estate of its kind in Nigeria. He explained that the estate was designed with the specific needs and comfort of senior citizens in mind and that Terra Developers is committed to innovative construction methods and financing options to meet the diverse needs of its clients.