For homebuyers, investors, opportunity beckons at Gloryland Homes

Concerned about the many odds against homeownership in Nigeria, including the menace of native land owners (omo onile), over-priced rents, few housing schemes, and inadequacy of housing (unaffordable and inaccessible to average income earners where available), Bondbar Investment Limited says it has unveiled its Gloryland Homes – luxury yet pocket-friendly and affordable homes – offering opportunities for homebuyers and savvy investors.

Located in Simawa, a serene settlement along Lagos-Ibadan Expressway, Gloryland Homes sits on 17.14 hectares of land behind Redeemed Camp and, according to its promoters, the estate will, on completion by the end of the first quarter of 2015, deliver about 135 affordable housing units.

Folusho Folorunsho, Bondbar Investment’s general manager, told BusinessDay that the 135 housing units comprise 15 units of one-bedroom terrace houses; 15 units of two-bedroom semi-detached; 15 units of two-bedroom detached; 10 units of three-bedroom semi-detached; 20 units of three-bedroom detached  bungalows; and five units of four-bedroom bungalows with a pent-house which is their company’s premium development.

Gloryland Homes, he said, comes with concise and simple architectural designs that readily attract investors, assuring that the selling prices would be industry-competitive while the infrastructures that will be put in place will bring maximum comfort to would-be residents.

These infrastructure, according to him, include perimeter fencing, paved road, electric poles and strings, integrated security facility, street lighting (solar powered), drainage and walkway.

On pricing, Folorunsho said that interested buyers have the option of buying through outright payment and get 2.5 percent, or through Build-As-You-Pay, pointing out that one-bedroom luxury terrace goes for a promo price of N2.67 million for outright payment, while the Build-As-You-Pay option requires an initial 30 percent commitment and the remaining 70 percent spread over eight months, or N3.57 million for instalment payment in which initial deposit of 20 percent is to be made and 80 percent spread over 18 months.

Two-bedroom semi-detached apartment goes for an outright payment of N4.77 million with 2.5 percent discount and Build-As-You-Pay with 30 percent commitment fee and balance of 70 percent spread over eight consecutive months. Instalment payment plan goes for N6.57 million in which initial deposit of 20 percent is expected and the rest spread within 18 months.

These conditions apply to the detached  two-bedroom which goes for N5.37 million outright and N7.17 million instalment;  three-bedroom exquisite grandeur design which comes as twin just like the two-bedroom as detached and semi-detached. This house-type goes for N8.7 million on outright purchase and N10.37 million on instalment plan, while three-bedroom semi-detached goes for N6.7 million on outright purchase and N8.37 million on instalment payment plan.

Outright purchase, as usual, attracts 2.5 percent discount, 20 percent initial deposit with the rest spread over 18 months; Build-As-You-Pay option attracts 30 percent down payment and balance paid within eight months.

The Custom-Pent House which doubles as Bond Premium, however, costs N12.95 million for outright payment while its instalment price is N14.5 million involving 20 percent initial deposit and the remaining 80 percent paid within 18 months.

By:  Chuka Uroko