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Address Homes woos buyers with N2 billion Lagos estate


On-going construction at the site

On-going construction at the site

IF the projections of a Lagos–based estate construction company come to pass, the firm will by September this year, deliver a N2 billion estate comprising 30-unit estate of four-bedroom semi-detached homes located in the ambient neighborhood of Femi Okunnu, Lekki, Lagos.

Tagged, ‘The Address Homes’, is a baby of Address Homes Limited and will on completion sit on a parcel of land, secured with registered deed of assignment title with Governor’s content. It is situated at less than two minutes’ drive from the Lekki -Epe Expressway, fifth roundabout, with proximity to the Lekki Shoprite, a mix of good schools, restaurants, shopping, centers and bars.

The main contractors include Messrs Famous Construction Company Limited, Wassob and Play In Architecture, one of the foremost design firms in Nigeria currently pushing the boundaries of the real estate industry, according Mr. Oladimeji Audu, the Marketing Manager of Address Homes Limited.

According to him, the choice of the location was carefully selected as the company was intent to provide a residential estate with zero tolerance for flood proneness during the rainy seasons, a common feature, he said, with some of the estates in the Lekki axis. He revealed that most of the houses are presently at plastering, finishing and roofing stages.

Funding for the project was sourced built up shareholder funds, banks and “deposits from clients who have been referred from others who attest to our reliable and competent dealings in our previous projects,” said Audu.

The company is offering the units at an introductory special price of N80 million with 30 per cent initial deposit and payment of the balance spread over completion and delivery date of the project (September 2016).

However, this price is expected to go up sometime later to N85million or above. Audu stated that this method of marketing is widely used in the industry to attract buyers at the initial stages of the project when no structure is yet standing. But with some of the structures being completed comes a little increase in the price tag, in his words because the finishing has become visible.

Audu emphasized the lavish use of space in the estate stating that each semi-detached house owner would be able to park five cars within his compound. A communal swimming pool, children’s swimming pool, club house, gym, basketball court, entertainment terrace to host household parties are among some of the offerings on the property, he stated.

He noted that a lot has changed over the years in the industry as innovations in the design and finishing of buildings have become more radical in nature. “Now, our buildings are engineered from contemporary designs and with sustainability in mind unlike the common regular designs. New architectural concepts are taking over from the old designs and we are aligned with these innovations. Expansive living rooms and kitchens make lots of difference. Our unique double volume master bedrooms stand out in the comity of shelter providers.”

Audu said that buying fully built apartments have become advantageous over personally building from scratch, particularly because it eliminates the problems associated with omo onile/ thugs, government unending procedures, the cost of investigating the ownership of the land, perfection of title with Government, securing the building plan approvals, among others.

“It equally eliminates the risk of falling into the hands of dubious builders of questionable pedigree. With a built apartment, you are sure of what you are buying and the beauty of it is that you have a choice not to buy if you are unsatisfied with what you see. That liberty is denied the person who entrusts his choice in the hands of a builder who may not be well disposed to the actual need of the homeowner. Also, it offers flexibility of alterations during purchase,” he stated.

According to him, the real estate industry in Nigeria is competing favourable well with its counterparts in other countries in creating local solutions to the problem of inadequate housing. “Still there is much work to be done, especially considering Federal Government and World Bank claims that the country has a housing deficit of 16million units with an estimated investment price tag of N59.5Trillion ($381Billion). To fill the gap there is a need to build 720,000 units of housing per year. This gap has created momentous for investment in real estate in Nigeria.”

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