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Developer slashes home prices, extends payment plan

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Illustration of Cedar Homes

Illustration of Cedar Homes

Realty point unveils cedar Homes

Apparently bowing to the current low purchasing power of Nigerians, a real estate development firm has reduced its home prices and introduced an extended payment plan to woo prospective homeowners.

The new prices by Realty Point are meant to boost its affordable housing portfolio in Lekki Scheme II, Lagos known as Cedar Homes. The firm also unveiled a 36-month flexible payment for the scheme.

Specifically, the firm reduced the price of its Sycamore – one and two bedroom apartments with studio from between N6-8 million to N4.94 million.

For Teak – three bedroom apartment, the price changed to N9. 34 million against N12 million,  while Baobab  three bedroom with family lounge is sold for N21. 7million against N30 million.

Apart from the staggered payment options, the company is offering a rent to own payment of initial 30per cent deposit spread over 24/36 months. Upon delivery and handover, payment is spread over 15 years. Already, a total of four units have been reserved for the rent to own scheme.

The company’s Manager, Business Development and Strategy, Mr. Akin Arogundade explained that  the investors are  guaranteed over 10 per cent gains on investments through this process.

According to him, the crash in prices is an opportunity for investors to acquire properties in choice places and make substantial gains in the future.

He stressed that there is no other sector in the economy that can offer investors return to their money as the real estate industry.

He said that the firm is offering a rental plan of 10-25 year, buyers can also reserve their units and make payments in 60 days.

The home  comes with  amenities such as roads, concrete  fencing  and drainage  facilities.

The ground breaking ceremony for the project is slated for January, 2017,  the project manager, Stephen Ajayi promised to deliver the houses in three years time.

Buyers, he said  will also have opportuntiy  of  using the Atican beach for relaxation.

He assured that investors will have no cause to worry as the structure is  line line with the Lagos master plan

“The Cedar homes brand is carefully conceptualized and designed as a haven of unparalleled comfort for the prospective owners, occupiers, investors and tenant-buyers.

”We have painstakingly ensured that the appetite of both the owner occupier and real estate investor are well taken care of across the different housing types available within the estate.

The estate, he said  is also conceived as an eco-friendly and environmentally sustainable gated community offering exceptional facilities and services to foster qualitative living, better health, improve communal relationship and social engagement within the most affordable and cost effective means.

We also assured  our buyers that no stone remains unturned in planning, delivering and managing the estate/facilities in Cedar Homes,.

“We have initiated a process from our partners to ensure that the project is delivered on time”, he added.

The  Cedar Homes is planned as a green and energy efficient community, with the aim of reducing carbon footprint, promoting efficient use of energy and reducing maintenance and management costs, thereby offering a bio-gas.


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