Asset and Equity Group, a financial services company, has raised hope for home buyers, saying that construction of its Park101 Estate project in Ibeju-lekki area of Lagos will be completed in the next 12 months (May 2023).
That means a good number of families would be taken away from Nigeria’s crowded housing market. That means too that the country’s housing demand-supply gap, estimated at 20 million units, will be reduced by the number of units which Park101 will put on offer.
Work on the building project sitting on a large expanse of land is to commence this month and will consist of 20 buildings that will serve residential, hospitality and retail purposes, the company has said.
The project is targeted at executives that will be working around that axis and also investors that are willing to invest in the estate.
Kayode Adegoye, the Chief Operating Officer (COO) of the company, disclosed at its real estate conference in Lagos at the weekend that the project was aimed at building generational wealth and investment potentials where investors’ money would appreciate.
“The property is in-between the ocean and the coastal road. The part of the land that faces the ocean will be for the hotel and resort; the mall is planned to be at the part that faces the expressway while the residential houses will be in the middle,” Adegoye said.
He explained that the Group had come up with various payment plans that would make it easy for people to own homes or invest in the estate.
“We have both outright and installment payment plans which make it easy for people to pay within 6months and 24 months. We also introduced the group buying plan where two or more people can combine to buy one property. There is also the mortgage plan where we are reaching out some mortgage providers for affordable mortgage for buyers,” he said.
Adegoye hinted that they were negotiating with Access Bank, Abbey Mortgage Bank and others to offer financing services to buyers.
He disclosed that the projects had been awarded to experienced contractors who would ensure the delivery of very strong buildings and also ensure that the project was delivered within 12 months after the ground breaking.
On their expansion strategy, the COO said they were planning to expand the estate within the Free Trade Zone and across the country, adding that the estate would be a popular name in the next six months.
He assured that the sample building would be ready in the next eight months, adding that the estate was designed to be eco-friendly with green buildings.
Source : Business Day