Business Trade responds to market demand with affordable luxury
Though Nigerian economy is still in early recovery from a 13-month recession, there are signs from macro-economic performance that the country is on growth path again, encouraging investors to develop and put products on the market.
One of the latest arrivals to the market is Lakeside Court being developed and promoted by Business Trade Enterprises, a new generation real estate investment and development company in Lagos.
Lakeside Court is a 15-unit development comprising 3–bedroom flats arranged in 2 x 2 blocks of six flats and one block of three flats. The estate is located within the Lakeview Estate in Amuwo Odofin area of Lagos.
The high-point of this estate is its location. Amuwo Odofin is a fast-developing middle-class settlement whose growth trajectory is driven chiefly by the well laid-out and quality roads network and infrastructure that empty into the Apapa-Oshodi Expressway and the Lagos-Badagry Expressway being expanded into 10 lanes with a light rail line in-between.
“Amuwo Odofin is suitably located by Apapa-Oshodi Expressway/Mile 2 intersection of the new Lagos – Badagry 10-lane Expressway (under construction). Mile 2 is planned to be a Main Station of the Lagos Light Rail Service also under construction”, explained Yinka Mecca, Building Trade Enterprises’ Genneral Manager, during a tour of the estate by BusinessDay at the weekend.
Continuing, Mecca noted, “Amuwo Odofin is fast developing into a fashionable middle class suburb. It boasts a 4-Star Golden Tulip Hotel, The Festival Mall (Shoprite) and the prestigious Conference Centre of the Institute of Chartered Accountants of Nigeria (ICAN)”.
He pointed out that Lakeside Court was well located in terms of transportation around Lagos metropolis and for all the shopping and recreational amenities in Festac Town. According to him, the estate is about 30 minutes drive to Lagos Island, Victoria Island and Muritala Mohammed International Airport.
Added to its excellent location are the estate’s top-notch features and facilities, including good sewage system, equality estate lightings, ample parking space, dedicated transformer, borehole and water treatment plant, gated estate with good security arrangement, exotic landscape, neighbourhood shopping and recreational amenities.
The apartments are quite spacious with king-size master-bedrooms, masterfully created balconies and two relaxed staircases leading to each flat. The site engineer explained that the apartments are designed in such a way that residents don’t need to come and start breaking the walls for fixtures and fittings.
“We have done all the connections; residents will only come and plug-in, whether it is their air-conditioning systems, television sets, refrigerators or any other home appliances”, the engineer assured.
To truly demonstrate that the estate is a response to market realities, the price of the units is not only affordable to its target audience, but also pocket friendly. “What we are offering the buyers is pocket friendly and it is in tune with market realities. We are not unmindful of the fact that purchasing power is still not strong after the crippling impact of an economic recession.
“This is why we are coming to the market with an introductory selling price of N20 million for each of the flats with all the three rooms ensuite. For us, this is a fair market price taking into consideration the location and opportunities which the estate affords prospective residents”, Mecca said.
For those who may be buying for investment purposes, Mecca assured that the estate has an excellent potential for increase in capital value (capital appreciation) in the short term, pointing out that the rental yield, given what obtains in the neighbourhood, is in the region of 10-15 percent per annum.
Buyers wishing to go through mortgage financing are assured of the availability of that option from their partner mortgage–finance institutions. But substantial discounts will be given for full payments received between now and January 31, 2018. Deposit or part-payment of not less than 30 percent of the delivery price is acceptable on a first come, first served basis.
“Already, interesting is growing in the estate, but that is to be expected in an estate that enjoys the kind of quality and refined neighbourhood that Lakeside Court enjoys. This estate which is just a few metres off the newly reconstructed and well interlocked Okota-Ago Palace Way, is also a shouting distance away from the popular and historic Festac Town”, Mecca enthused.
Those who will buying from this estate have nothing to fear. Apart from the air-tight security in the estate, the title deed is good. A Deed of Assignment, deriving from a registered title on the estate, granted by the Lagos State government, will be issued to buyers. The deed is available for inspection.
CHUKA UROKO