In a proactive effort to address the substantial housing deficit in Lagos, Legrande Properties Development Company Limited, a reputable Lagos-based real estate firm, has joined forces with the Lagos state government. Together, they are embarking on a joint initiative to provide a remarkable 5,000 cutting-edge residential housing units. This extensive mixed development endeavor, known as Alexandria Courts Coastal City, encompasses contemporary two-bedroom and three-bedroom apartments situated in Ibeju Lekki, often referred to as the new Lagos.
At a recent forum organized by the Property Writers’ Association of Nigeria (PEWAN), Mr. Babajide Durojaiye, the Managing Director of Legrande Properties, unveiled the ambitious housing project’s benefits to the public. He disclosed that the expansive residential estate, named Alexandria Courts Coastal City, offers a range of tastefully designed flats designed to provide maximum comfort to subscribers. The strategic location of the estate, in close proximity to the new Lekki deep seaport, Dangote refinery, Alaro Industrial city, and other prominent companies in the burgeoning new Lagos, augments its economic, residential, and commercial value.
Durojaiye outlined the project’s mission to contribute toward bridging Nigeria’s estimated housing deficit of 28 million units. He revealed that the development is a Public-Private Partnership (PPP) involving the Lagos State Government and the Federal Mortgage Bank of Nigeria (FMBN). The housing project features over 5,000 quality housing units, encompassing two and three-bedroom flats, as well as semi-detached and fully-detached duplexes, all complete with essential infrastructure.
To facilitate access to these units, the initiative will provide mortgage loans to eligible participants who contribute to the National Housing Fund (NHF) scheme, up to the tune of N15 million. The housing units are priced between N36 million and N46 million, while a plot of land costs N22 million. Flexible payment plans have been devised to enable easier homeownership within the estate.
Mr. Durojaiye emphasized that the project is committed to providing options for different financial scenarios. He also highlighted a Rent-to-Own scheme tailored for individuals with low credit scores. Under this scheme, individuals can make monthly rent payments, with a portion of these payments contributing towards their eventual down payment to own their home.
The comprehensive estate offers more than just residences; it encompasses vital amenities such as stable power supply, stringent security measures, internet connectivity, recreational facilities, a playground, a swimming pool, a central sewage system, and even incorporates solar technology.
However, challenges persist in the Nigerian housing sector. Mr. Durojaiye urged governmental intervention to regulate the prices of building materials, combat the proliferation of substandard finishing materials, and control the rising costs of these materials. He also highlighted the importance of resolving disputes between developers and landowners, along with streamlining land transactions to prevent fraudulent activities.
Durojaiye called for the financial sector’s involvement in the quest for affordable housing finance. He stressed the necessity of long-term funds with single-digit interest rates to make sustainable strides in addressing Nigeria’s housing shortage. He also implored the media to encourage a perception shift, urging beneficiaries of government interventions to view them as opportunities for responsible participation rather than viewing such assistance as an unregulated resource.