First World Communities begins Abijo Oasis Garden Estate
THE low and medium class of the population in Lagos having housing challenge, may have reason to laugh as an indigenous real estate development firm, First World Communities Limited, has commenced the development of another residential apartments that will provide 272 housing units on completion.
Christened as Oasis Garden Estate, a mixed development project is sited in Abijo Government Reserved Area of Lagos.
Explaining reason behind the choice of its target market for this project, the developer last week said it was in line with its mandate to assist reducing the housing gap through the provision of affordable homes to the low and middle income earners.
According to the project plan and barring all odds, first phase of the residential estate to be delivered in December 2015.
The firm has recently completed its 342 units housing estates, CHOIS Garden at Abijo, GRA, Off Lekki–Epe Expressway, including similar scheme in Agbowa, Ikosi Ejirin LCDA that comprised 460 units.
The company’s Chairman, Brigadier-General Tunde Reis (rtd), who made this disclosure at the company’s Board of Directors meeting held last week in Badore, Lekki-Peninsula, Lagos to review activities of the company in the last quarter and set strategic plans towards its future, said the company is uniquely positioned to increase access to affordable homes in Lagos state.
Enumerating the benefits of Lease-to Own (LtO), initiative of the company, General Reis, who was also a former Chairman, Federal Housing Authority (FHA), hinted that the scheme is targeted at households who do not qualify for mortgage loans with its advantage of low deposit and flexible elongated re-payment period, which makes it more affordable for low and medium income households.
“To this end, the company, through its innovative Lease-to-Own (LtO) Scheme which is being driven through an incorporated partnership with the Lagos state government, is expected to provide 10, 000 housing units in the state”, he said.
Disclosing that the company has also commenced development of Oasis Garden Estate located in Abijo GRA, comprising 272 mixed housing units with the first phase projected for completion by December 2015, Reis stated that his company is a private limited liability company focused on delivery of affordable homes to households on low to medium income in Nigeria, with plans for expansion to other African cities.
According to the former head of the Post-Army Housing Scheme in Nigeria, Lagos State Governor, Mr. Babatunde Fashola, recently commissioned two of the estates developed by First World Communities under the Lagos Co-operative Home Ownership Incentive Scheme (Lagos CHOIS), pointing out that the commissioned estates comprised 802 completed mixed housing types with associated infrastructure.
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