After the completion of the first phase of its estate development project,Cornerstone Real Estate Limited, has begun work on the second phase on Kudirat Abiola Way in Oregun, Lagos.The project is a joint venture between the firm and a prominent Lagos family. It is on a-five acre land comprising 26 units. The funding of the N1.4 billion project was arranged by Texas Global LLC and Mutual Benefit Assurance Plc.
A breakdown of the units include 14-unit of houses, consisting of two three-bedroom detached houses with one-room boys’ quarters; six four-bedroom semi-detached houses with one-room boys’ quarters; and six three-bedroom terrace house.
The duplex sits on an approximate land area of 400 square meter each with four bedrooms, all en-suite. The ground floor space area includes entrance lobby, foyer, main living room, dining, kitchen, visitors’ toilet and an en-suite guest room.
The first floor space area includes the family lounge with balcony, two bedrooms and the masters’ bedroom, all en-suite; spacious living and dining areas with exquisite wood work, well-finished wardrobes and kitchen cabinet; plaster of Paris (PoP) ceiling and stainless steel aluminum railings. These features are also available in the terrace units.
Its Managing Director, Mr. Lanre Okupe, said the firm is offering 20 per cent discount to the first five buyers in the scheme to serve as an incentive for potential buyers.
Such buyers must, however, pay inblock for the units they choose. The duplex sells for N85 million; the terrace goes for N75 million. There is however an opportunity for installmental payment through first installment payment of 30 per cent of the unit value at the onset; second installment of 30 per cent at lintel level; third installment of 30 per cent at roofing level and the balance of 10 per cent at the finishing level. The completion period for any unit is 12 months.
“While installmental payment is allowed, there is however an opportunity for the first five buyers to buy at 20 per cent discount off the regular price of N85 million and N75 million at this promotional period. This means that duplex will sell at N68 million and terrace units will sell at N60 million each if the buyer is paying outright. Also, an allottee who pays 30 per cent deposit and settle the balance within 180 days will qualify for N10 million saving on the unit bought,” Okupe explained.
Presently, the completed phase one of the scheme has been sold out with only one unit available for reallocation.
In a similar vein, Okupe said the firm’s Ofada Estate, located in Ogun State, presents another investment opportunity for investors, especially at this crucial period of oil price crash, which necessitates wise investment.
The Cornerstone Estate in Ofada Town, is a 50-acre property divided into two phases. The first phase is a developed 15-acre land comprising of 10 units of three bedroom bungalows; 14 serviced plots are available here at N2 million per plot, while the bungalows sells for between N7million and N8.5 million. The carcass, that is, uncompleted bungalow, sells for N5.5 million; each of the units sits on between 500 – 600 square metres. Facilities in the serviced plots area include perimeter fencing, tarred estate road network, borehole water, good drainage system, PHCN transformer and internal reticulation and street lights.
The Phase two of the Ofada Estate is an undeveloped 35 acres of land, selling at N5.3 million per acre or N900, 000 per plot. Okupe said potential buyers in this scheme, can make a deposit of 20 per cent and pay the balance over a 24-month period.
“For discerning investors, this is a unique opportunity for wise investment given the location of the property and the high return on investment potentials it has,” he said.
Indeed, with the high cost of land in Lagos, and the attendant high cost of rent, peripheral areas to the state have become an option for prospective house owners.
