As part of efforts to address Nigeria’s housing deficit, a Lagos-based developer, Casafina Development, has launched it’s Coral Foreshore Ogudu Estate scheme.

At the unveiling of the 116 units home project at Ifako-Ogudu, Lagos, the firm’s Chief Operating Officer (COO), Dr. Seyi Olufemi, said the company is offering a rent-to-own mortgage spanning two to 15 years.

He explained that upon payment of 20 per cent of the cost for the homes that include two bedroom terrace duplex, three bedroom terrace and four bedroom semi-detached plus Boy’s Quarters (BQ), the balance is defrayed by subscribers between two and 15 years.

Stating that construction will begin at the end of next month, the COO noted that the multi-billion naira project, which is in three phases, with the first to be delivered in 18 months, would be allocated in batches.

He said: “The design is for 116 units of homes. They are divided into equal numbers. Residents are encompassing. Payment is spread over two to 15 years.”

Olufemi stated: ” Our aim is to make finances for home owners flexible. We chose Ifako-Ogudu on account of proximity. Construction works to begin April ending.”He added: “The Environmental Impact Assessment (EIA) and the necessary approvals have been secured.

“The foundation is 30 metres deep. The size is about 30 square metres. The total land area is 15 hectares.” He urged more regulation of the built and housing sector for better service delivery.

Source The Guardian