Developer targets 2,000 houses in three states
The company has entered into partnership with the government of Lagos, Enugu and Imo in making the houses affordable to the youths and low-income earners. It plans to deliver 2,000 housing units across the country before the end of 2017.
In Lagos, the firm currently have six schemes at Ibeju-Lekki, two schemes in Imo State and one scheme in Enugu. All these schemes come under the Westpoint Gardens and Solid Base Gardens Estate.
“Since we target prospective landlords in the lowest end of the property ladder or those that are considered to be low-income earners, prices of plots in our estates start from as low as N250,000. Our most expensive estates are the ones in Ibeju-Lekki axis and other upcoming landmark projects in Lagos, which range from N1 million to N2.5 million,” according to the Managing Director of the firm, Ifeanyi Isaac.
Speaking in Lagos, the Chief Executive Officer of the firm, Ifeanyi Isaac said in achieving the company objectives of the organisation, interested members of public are now being encouraged irrespective of weight of earning, to acquire property at affordable prices.
According to him, payment for plots in all the company’s estates have been structured to run over a period of six and twelve months. He said buyers who pay out-rightly will be able to buy at cheaper prices, while those that want to spread payment over twelve months will only have to pay a little higher that those than can make full payment.
“We currently have over 2,000 subscribers and they have all started to build their own houses added to the ones the firm is building and selling to those who may not want to go through the rigours of starting from land ownership”, he said.
Isaac informed that the company’s’ land are devoid of procedural requirements such as survey fee, inspection fee, allocation fee and agency fee adding that properties are fenced instantly for clients to prevent undue encroachments.
He stated that buyers would be given certain period upon which the land must be developed and in the event of lack of financial muscle to develop it, the company would take up the cleaning on behalf of the client in which the company would recoup such fees later.
“All our estates currently have perimeter fencing with road networks, drainage systems, water, security, play areas for family and shopping centres. We are hoping to create estates that will function with a communal lifestyle, where people will live in peace and harmony irrespective of religion or ethnicity”.
On the challenge of reducing Nigeria’s housing sector, Isaac said the government should start to partner with competent real estate developers.
“This can be done through Private Public Partnership (PPP) where the government provides land to developers at reduced prices and ensures that houses that are built come into the property market at reduced prices. The government can also ensure that Mortgage Banks provide long-term payment facilities for the developed houses and ensure that the interest rate is at single digit. The government should also give concessions in the areas of payments for land documentation.”
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