IN an attempt to proffer effective real estate solutions and set new standards for efficiency in achieving housing dreams of Nigerians, a Lagos-based private developer, has launched a new concept for homeownership, which will offer ‘affordable yet upscale homes’ to prospective individuals and corporate organisations. The product is known as EssentialHomes.
The concept, being test-run with 100 units in The Southpointe Estate, on a sprawling city of Lafiaji, off Orchid Hotel road, after 2nd tollgate, Lekki, Lagos State, out of which 70 units are fully finished, is breath-taking.
Gran Imperio Group will also deliver 5 hectares in Southpointe II consisting of 196 units of 1, 2, 3 and 4 bedroom bungalows.
There is also 1.9 hectares in Golden Leaf Estate, which upon completion will accommodate 72 families, with 72 units of 3 and 4 bedroom bungalows. A 26.5 hectare land has also been secured to construct 848 housing units of all bungalows in Y’hello Estate, on Lafiaji, Off Orchid Hotel Road, after 2nd toll gate, while a 90.4 hectare land within Abraham Adesanya Estate on the Lekki-Ajah corridor is planned to add 554 housing units to the Nation’s housing stock. This development would be known as The Grand Lake. At Oworoshoki under Oworoshoki Redevelopment Scheme, 200 families would have opportunity to subscribe to any of the 200 units of bungalows.
All these developments are exquisitely finished, spiced with a magnificent ambience, air conditioning, good quality finishes, adequate parking, private garden, AstroTurf football pitch, swimming pool, fitted kitchen among other recreational facilities.
Specifically, these estates have been conceptualized as medium but upscale residential schemes, targeted to redefine the Nation’s housing industry in a significant way. At the moment, EssentialHomes projects are currently ongoing in 4 strategic locations – Lekki, Ajah, Oworo and Abeokuta. Infrastructural facilities that come with the scheme are roads, walkways, streetlights, CCTV, purified water, central sewage system, 24-hour power supply.
And for those who cannot afford to raise the cost of any of the units priced at N7,950,000, N11,950,000, N14,950,000 and N18,950,000 for one, two, three and four bedroom units within 1 year, GIG has put in place mortgage facilities with financial institutions like Imperial Homes Mortgage Bank, Aso Savings & Loans, Zenith Bank, FCMB among others. In fact, Imperial Homes provides flexible mortgage options between 5 and 20 years at 14%.
At the moment, organised private sectors from some blue chip companies have come together under cooperatives and groups in order to take headlong the housing challenges for a lot of the employees.
Financial institutions backing the scheme are Imperial Homes Mortgage, Zenith, FCMB and Heritage Banks. Chief Executive Officer (CEO), of the development company, Mr. Adeyeye Ogunwusi, said at the press briefing which was organized by the company on Thursday 12th June 2014 at Oriental Hotel, Lekki, that his passion to relief the burden of homelessness among middle-class level Nigerians was one of the reasons his company decided to undertake EssentialHomes, adding that his firm had been able to deliver the first phase, as promised in less than 180 days.
“We came out with the concept to simplify construction of residential homes in January, and work began on site in February and judging from the volume of enquiries we get on daily basis, I can say this product has been widely accepted in the market.”
According to him, “our aim is to showcase our efforts over the last 100 days towards the delivery of our affordable housing units as promised earlier this year and the plan for expansion in order to meet the tremendous needs of the markets. We are also here to foster participation and dialogue between relevant stakeholders including the media, mortgage institutions, banks, subscribers and potential subscribers of our EssentialHomes products, in a joint effort to reduce the housing deficit in Nigeria.”
The event brought together stakeholders including the media, mortgage institutions, banks, subscribers and potential subscribers of EssentialHomes products.
To make the project more competitive and viable, Ogunwusi said GIG had acquired land bank through joint ventures with some cooperatives of multi-national companies and had constructed a 3.8 km access road, which would further boost development along the Lekki corridor. The access road, Ogunwusi said, would add value to their estate Golden Leaf and Y’hello Estates, which have been recently reloaded and keyed into the scheme.
He added that, with those units ready for occupation, it would now be easier for his company to manufacture similar feat in other locations and beyond, adding that, EssentialHomes, which is easy to build, is good for both the young and old.
On the Oworoshoki scheme, he said his company has an understanding with a royal family in conjunction with the Lagos State Government, which he said has given it permits to construct a link road and walkway, infrastructures that would drive development along that corridor. “Our product is coming finished. Our strategy for the next 24 months, is to have this product all over Lagos for the middle class sector of the people”, he enthused.
For would-be homeowners, who may want to get their apartment in two or three years time, Gran Imperio has a programme known as ‘Rent-to-Own Housing Scheme’ for them.
Chief Operating Officer (COO), Dele Arowolo, said: “This is a flexible housing savings scheme for tenants of Essential Homes that are anticipating buying their own property in the next two-three years. An initial deposit of 25 percent is required to key into the scheme. Once a subscriber makes up to 50 percent deposit, he or she can move in and continue saving for the house in form of rent monthly.” He hinted that the rent accumulates until the payment for the house is completed; adding this also guarantees a 5 – 7% rental yield to investors interested in buying our products while we provide potential tenants for their units.