Investors, Lagos plan Modo Heights residential estate
Another initiative aimed at increasing the housing stock in the country has begun in Lagos under a joint venture scheme. The project will yield over 450 units residential accommodation.
The firm of CARIFOS is promoting the new venture, located on the new eight-lane Mile 12 Ikorodu Town Expressway, in partnership with Imperial Homes Mortgage Bank Limited and the Lagos State Government.
Christened Modo Heights Estate, the ambitious and yet achievable urban mid-risers of eight floors comes as part of the Urban Renewal Initiative (URI) of the State Government to renew and transform the shanties on Ikorodu Road.
The proposed site measures 3.8 hectares in size within a larger residential development and well located on the Mainland at Ajelogo/ Akanimodo area. It is well served by the Ojota-Lagos Highway via the third Mainland Bridge as well as via Ikorodu Road with direct access to Ikeja municipality.
Targeted at the medium income working class, the project has a 24-month construction period. It is expected to be completed in phases with the first being 90units over an 18-month tenor. “The construction of the remaining phases would be subject to demand. All statutory approvals/permits have been secured for the project to take off,” according to the Project Executive Director and Chief Operating Officer of OKB and Associates, an architectural firm, Ms. Abisola Kadiku.
Kadiku stated that the development has been designed for 15Blocks (30nos, three-Bedroom luxury flats on seven floors; each with one-room self-contained service Quarters).
The houses will be built on piling/raft foundation to cater for the soil type. It also comprises four units three-bedroom luxury flats plus one bedroom BQ each, per floor on Floor 1-7 as well as two units of three-bedroom luxury flats plus one bedroom BQ, Launderette and management office on ground floor
Other facilities include two security entrance doors per flat, fitted kitchens, two passenger lifts, one central staircase and one extra emergency staircase per wing,
vitrified floor tiles and two car parks per flat with additional spaces for visitors.
She also revealed that the Estate is designed to be self-serviced with the Perimeter Fencing with Gates, CCTV and Security, Fire Hydrants, Recreation Facilities to include Gymnasium, Basketball Court, Lawn Tennis Court and Central Recreation Area.
Other unique facilities include alternative power/solar powered street lighting, well laid-out road network, concealed and flowing drainages, moderately sized swimming pool complete with changing rooms, water borehole and treatment plant, well-landscaped green areas and gas refill plant for cooking gas.
Each apartment block is supported with well-equipped laundry services on the ground floor and adorned with a spacious terraced living room, a separate dining area, a large kitchen and en-suite bedrooms; a befitting reward for the hard-working, growing and upwardly mobile family.
The development, according to the Project Executive Director, is targeted at medium to high-income working class with earnings enough to sustain 15year mortgage repayment plans at reasonable interest charges. Mortgage Finance has therefore been secured with a high street bank. Rent-to-own finance with fixed repayments slightly over 20 years is also available.
In order to attract off-plan buyers or investors, a down payment of five per cent has been set as effective commitment fees and 25 per cent of sale price is payable at 50per cent completion, further 20per cent payable at 70per cent completion, 20 at 90per cent completion and 30per cent at delivery.