Developers giving interesting estate offers (with financing options) for the financially challenged

The way developers are putting up status apartments and houses in the N50million and above range, one would have easily surmised that Nigerians are extremely wealthy or ha

ve very strong mortgage lending institutions. As readers of this weekly magazine (indeed any Nigerian) would know, the opposite is the case. So why do developers ignore the bulk of the market? Several reasons have been adduced for the high end preference but some developers are blazing a trail in the “affordable” property market. This week, we preview the choices those with budget wallets can afford.

CHOIS Place, Agbowa is a new 204 (3 clusters). 96 units of 3bed and 108 units of 2bed home garden community developed in partnership with the Lagos State Government under the Lagos Co-Operative Homes Ownership Incentive Scheme. The Estate is located between Agbowa-Ikosi and Itoikin, north of the Lagos Lagoon. These are no ugly developments: according to the developers “Every care has been taken to ensure that the best design standards are achieved. Each apartment enjoys generous internal spaces. Most apartments have en-suites to all bedrooms and all have generous kitchen and storage areas. Each apartment has good quality finishes including security entrance doors, vitrified tiles to the living room, kitchen and bathrooms. In addition, each apartment has two allocated parking spaces with generous provision for guest parking areas”

The Development has easy access to Lagos Island via Epe (40minutes by Car) and Ikorodu (20 minutes by Car). On completion of proposals for Waterway Transport Services on the Lagoon, virtually every part of Lagos will be accessible within 1hour by ferry. Interestingly, Lagos State government is working on the completion of the road between Agbowa and Epe. In fact, a part of the road has been rehabilitated. So, what we are looking at is that at the completion of this project, the road between Agbowa and Epe would have been completed. This will provide access to Lagos Island via Epe, 15 minutes drive to Ikorodu and under an hour to Lekki by car and 40 minutes to Victoria Island through ferry. The aim of the developers: “This CHOIS City will be a replica of the Victoria Garden City (VGC) in Agbowa-Ikosi at the end of the day” The prices are affordable and interesting payment options are available (see box). 

If Agbowa, seems too distant or long term to you and you need a home you can move into now, then the COMMONWEALTH COURTS, EXQUISITELY FINISHED 3 BEDROOM (EN-SUITE) FLATS WITH BOYS QUARTERS ATTACHED TO EACH FLAT CONSISTING OF 6 BLOCKS OF 6 OF FLATS EACH may be more appealing. The estate is located at the 2^ND ROUNDABOUT ON BADORE ROAD BEFORE COOPERATIVE VILLA, AJAH, (LEKKI AXIS), LAGOS and is fully finished, ready for immediate occupation. It has the services of a high brow estate with 355 KVA Cat branded power generating set, with dedicated PHCN transformer and a price of N23m to match. Not to despair, the developers have an interesting finance option: INTERESTED INDIVIDUALs WITH VERIFIABLE INCOME ARE EXPECTED TO DEPOSIT PERSONAL STAKE OF N 5 MILLION, THE REMAINING BALANCE WOULD BE PAID THROUGH MORTGAGE at an interest rate of 8% per annum FINANCED BY SKYFIELD SAVINGS AND LOAN LIMITED(MORTGAGE BANKERS)
These are two options we can alert the public of for now but many developers have approached us with their plans for affordable homes with interesting options like ‘rent to own’ which will make the property space more interesting in the next few years

Installment Purchase options for CHOIS Agbowa
2-Bedroom Terrace Bungalows - Price is N3m
By making 10% Initial deposit – i.e N300,000.00 (Reservation fee)
40% Installmetal payment spread over 3 years at N33,333.33 payable per month.
50% Balance payable for five (5) years at 6% interest per annum, i.e (N28,999.20/month).
That is the essence of what we called lease to buy, the remaining amount, which is 50 per cent, will now be paid monthly while you live in the apartment. But before the completion of the 50 per cent, your status will be that of tenant until you have completed payment, after the full payment the title of the home which is Deed of Sub-Lease will be given to the owner, but prior to that, a letter of allocation will be issued to the allottees.
2-Bedroom Semi-Detached Bungalows - Price is N3.7m
By making 20% initial payment – i.e N740,000.00 (Reservation fee)
80% balance payable monthly for two (2) years at 10% interest (reducing balance method) or N137,100.00/month for two years.
 3-Bedroom Semi-Detached Bungalows- Price is N4.5m
By making 20% initial payment – i.e N900,000.00 (Reservation fee)
80% balance payable monthly for two (2) years at 10% interest (reducing balance method) or N166,722.00/month for two years.
Note that you can pay outright and there are other payment options available

CHOIS Place, Agbowa is presently under construction.

With Commonwealth Courts, you can enjoy an 8% mortgage. SKYFIELD SAVINGS AND LOAN LIMITED(MORTGAGE BANKERS)