Property Vault launches Abuja SEC Court Estate project
The project being constructed in partnership with the FBN Mortgages Limited sits on a 20 hectares of land behind the Dunamis International Church, Glory Dome., The multi-billion naira SEC Court Estate is developed under a joint venture between the staff cooperative society and Property Vault Limited with FBN Mortgages as a funding partner.
Speaking at the groundbreaking ceremony in Abuja, the Director-General, Security and Exchange Commission (SEC), Ms Mary Uduk said that the idea behind the project is to provide the senior staff of the commission something to look up to after their retirement.
Uduk disclosed the commission is giving an advance loan to the beneficiaries by approving their rent in advance to enable them to pay for the property.
She stressed the need to also initiate a similar project for the junior staff to make them have a sense of belonging, adding that when people work in an organization, they want to come out better and be able to help their families.
The Director-General who noted that over the years, cooperatives had embarked on one form of property investment or the other with most of the projects not doing well, assured that the SEC Court Estate will do well and will not be abandoned.
In his remarks, the MD of FBN Mortgages, Mr. Korede Adedayo said that the firm would offer a holistic package to both the developer and the SEC staff and help them access the National Housing Fund (NHF) loan.
Represented by the Abuja Branch Manager, Mr. Jacob Ezuga, he said: ‘’We will offer a construction finance facility at a special interest rate’’.
The Managing Director, Property Vault Limited, Andy Morkah said that the idea behind the estate is to build an exquisite living environment for the senior staff of the security and Exchange Commission and the general public.
He explained that the nature of the joint venture is that 50 percent of the land will be occupied by SEC staff and 50percent occupied by the public adding that the 550 housing units would consist of 5bedroom duplexes with two room boys quarter, four-bedroom duplexes with one room boy quarter, bungalows with penthouses and terrace houses all built for middle/upper-class environment.
According to him, Property Vault will provide infrastructure in the estate from perimeter fencing to electrification, internal and access roads and drainages, stressing that the finishing of the houses and the road network and other infrastructure will be top-notch.
Morkah stated that the firm has done the perimeter fencing, delineated the plots and with the groundbreaking, while construction of houses will commence soonest.
He said: ‘’We are giving people the opportunity to come and buy plots of lands and houses from the 50 percent of the land that is coming to Property Vault. We are going to sell less than two hectares to the general public and develop the remaining ones.
“It is going to be outright payment and the N18,000 – N20,000 per square metres and whosoever that wants to buy 400sqm will pay between N7.2million to N8million as cost of the land and infrastructure because it is going to be site and services scheme. FBN Mortgages is funding the infrastructure works and is providing construction finance for individuals, which will be converted to mortgage finance upon completion.’’
Morkah said that Property Vault as an organization, has been doing other commercial estate developments and working with some primary mortgage banks and other funding partners. The company will not have the challenge of raising funds for the scheme.
He disclosed that infrastructure works in the estate will be concluded within one year while the construction of the houses will be determined
Morkah explained that houses are going to him smart houses and that the approval of the layout 90 percent completed while the development control has appraised the design and is now waiting for the final approval of the phase V layout.
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