Buyers get 20% price slash at Cornerstone’s Oregun housing scheme

In an apparent move to drive interest and stimulate demand, Cornerstone Real Estate Limited (COREL) is offering 20 percent discount on the prices of the different house-types in the Phase Two of its housing scheme in Oregun, Lagos.

This move, according to close housing market watchers, is not only courageous and strategic, but also exciting for a market under strong influence of an election year characterized by subdued demand and diminishing investment appetite.

The entire estate, which sits on five acres of land, is strategically located at the Ikeja end of the Oregun Road and is accessible to the Ikeja Central Business District (CBD), Lagos State Government Secretariat, the commercial Allen Avenue, Lagos-Ibadan Expressway, and the local and International Airports.

The 14-unit Phase Two of the estate has strong consideration for different levels of interest as it comprises two three-bedroom detached houses with one-room boy’s quarter; six four-bedroom semi-detached houses with one-bedroom boy’s quarter, and six three-bedroom terrace houses.

At a press conference to announce the new price regime, Lanre Okupe, the company’s chairman, explained that the 20 percent discount was for the first five buyers who would be making outright payment for the duplexes and terraces which go for normal market prices of N85 million and N75 million respectively.

“What we are offering is promotional price and within this promotional period, the first five buyers will buy each unit of our duplexes for N68 million while each of the terraces will go to lucky buyers at N60 million” , he said,

He added that there was also opportunity for buyers who would not be able to pay at once but could make 30 percent deposit/commitment and pay up the balance within four to six months, adding that such buyers would get 10 percent discount.

Okupe disclosed that COREL, the first indigenous real estate developer in Nigeria, has in the past 27 years of its operation developed 10 estates located in different parts of the country, attributing their success, amidst challenging business environment, to the expertise of their management team. “This environment is a test to human endurance”, he emphasized.

The company, he disclosed further, also has another scheme in Ofada, Ogun State, which it is developing in phases and offering serviced and un-serviced plots of land and bungalows.

The whole estate, according to him, occupies 50 acres of land and Phase one which sits on 15 acres is fully developed and serviced with infrastructure. It has 10 units of three-bedroom bungalows and 14 serviced plots, each plot selling for N2 million. The bungalows which are in big and small sizes sell for N8.5 million and N7 million respectively while the third type delivered as shells sell for N5.5 million.

In addition to sizeable built up areas measuring 500 square metres to 600 square metres which the bungalows occupy, this phase also enjoys perimeter fencing, tarred estate road, water borehole, good drainage system, PHCN transformer, street lights etc.

The Phase Two of the estate, which is un-serviced, has about 25 acres for sale and, according to the chairman, this area is suitable for schools, church camp meetings, cooperative societies, hospitals, recreational ground, hostels etc, adding that each plot here goes for N900,000.

“With 20 percent deposit, a potential buyer can own a plot here and pay the balance over 24 month period”, he assured.

CHUKA UROKO