Firms plan N1.2b Evangel Estate in Lagos

LAGOS-based property development firm, Evangel Properties and AC Yafeng West Africa have signed an agreement to construct 44 units of four bedroom terrace houses in Isheri area of Lagos.

  The cost of the estate known as Evangel Estate is estimated at N1.2billion. The estate will be built on two hectares of land, and completion is within 12 months. 

According to the terms of the agreement, Evangel Properties is obligated to provide landed property for the construction of the estate, equity funding for the construction of the estate among other obligations.

   Yafeng on the other hand is expected to build the structure and provide infrastructure as agreed upon by the two parties, among other obligations.  

  Speaking at the ceremony where the joint venture agreement was signed, the Chairman of AC Yafeng West Africa, Emeka Okoye, an architect, disclosed that his organization is prepared to partner with Evangel properties on a number of other projects that will contribute to solving housing problems in Nigeria. “This project is just one of them,” he said.

  Executive Director, AG Homes, Mr. Ngozi Anyaoku, who represented Evangel property said his company is satisfied with the quality of work by AC Yafeng.  “And we share the same vision affordable houses, which fit into income structure of average Nigerians.”