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Propertygate unveils new homes, seeks quality real estate products

By Emmanuel Badejo
30 May 2016   |   1:14 am
Propertygate Development and Investment Plc, has again fulfilled its promise to its numerous customers unveiling new homes targeted at the middle-income group.
One of the units in the estate

One of the units in the estate

As a proof of its dynamism, a frontline real estate company in Lagos, Propertygate Development and Investment Plc, has again fulfilled its promise to its numerous customers unveiling new homes targeted at the middle-income group.

The buildings are residential clusters built on three parcel of land within a precinct upscale residential estate in the Lekki Peninsula area of Lagos. They comprise of fully detached residential units targeted at the middle-income group.

Each unit of the buildings is a luxurious four bedroom (all ensuite) detached house with an inbuilt ensuite boys quarter on an exclusive land space.

They are tastefully furnished with beautiful porcelain tiles for the living room/dining, and ceramic tiles for the toilet and kitchen floors/walls and P.O.P plaster boards for internal ceiling, PVC strips for external ceiling and long span aluminium for the roof.

Also, the master’s bedroom toilet was fitted with Jacuzzi, exquisite wash hand basin, while other toilets have quality shower cubicle, bathtub, water closet and wash hand basin. All toilets are fitted with water heaters.

Similarly, the kitchen cabinets were made up of laminated high density fibre board with granite top, while the kitchen is fitted with gas cooker, heat extractor, and washing machine, as all external doors are made of steel, and well-polished flush doors were used for all internal doors.

While the wardrobes were made with high-density fibreboard, all windows are powder coated aluminium sliding and protected from insects by insect screens.

All electrical cables are run through conduits.

As part of its efforts to make the environment livable, the external areas of the house are well interlocked, and landscaped; the internal walls were screeded with P.O.P and finished in emulsion paints. External walls are texture finished.

Unveiling the products recently, Managing Director and Chief Executive Officer, Propertygate, Mr. Adetokunbo Ajayi revealed that all the units have been bought over by the market.

In addition to their physical appeal, Ajayi said: “We believe the development enjoyed resounding success from the market due to our payment plan, which allowed purchasers to pay in instalments and provided developer’s credit on delivery.”

Ajayi, who said one of the factors promoting his housing products, was quality. He said quality has remained a corner piece of Propertygate’s value delivery to its teeming customers.

He disclosed that acquisition of real estate is typically the biggest investment made by individuals, and may represent significant portion of corporate assets. “We therefore view quality delivery as a non-negotiable part of our products and services”, he said.

Commenting on the clusters of residential houses recently completed by Propertygate, he said: “These are well conceived and well built units of diverse designs, with adequate regards for standards, beauty and living.

He said that, the joy of development was to see a conceived idea comes to birth, with the pains of elongated development period, cost volatility and other challenges forgotten”.

Ajayi added that his company believes the units, which are value for money to investors, will in a modest way add to housing supply.

The real estate investment expert also urged all tiers of government to focus on providing enabling environment and desist from direct construction of houses.

Citing a recent global real estate report, Ajayi said the value of global property at year-end 2015 was put at $217 trillion, amounting to 2.7 times the world’s GDP.

He noted that statistics in Nigeria shows that the real estate sector has grown over the years, making significant contributions to national GDP, adding that, the importance of real estate in addition to the above is further seen in its provision of platforms for our homes, businesses and places of leisure among others, thus impacting our built environment, and ultimately our living.

Amidst the challenges, Ajayi advocated for the need to ensure quality real estate products and services in Nigeria.

While admitting that operators in the sector are facing capacity challenges, funding constraints, harsh operating environment and pressure to deliver on bottom line, the real estate investment expert, however, insisted that the status of real estate as a major asset class, store of wealth and strong economic driver should be overpowering in operators’ consideration.

On the Federal Government’s decision to partner the various state governments to build houses in each state, the Propertygate boss said the government’s zeal to ensure housing for the citizenry is commendable.