Grenadines Homes excites market, offers pool ownership at Atlantic Resort
At a time when some investors, especially real estate developers, are still watching the economy and awaiting the government and its economic policy direction, some others are thinking outside the box and coming up with unique and smart offerings that bring excitement to the dull property market.
Grenadines Homes, a member of the Palton Morgan Holdings and one of the leading lights in the property market, is now in the market with an exciting offer that allows ‘pool ownership’ of spaces in its new iconic development called Atlantic Resort Project.
Atlantic Resort is a mixed-use development comprising residential and commercial towers birthed to be the most iconic destination for living, working and playing in Africa in line with modern developments.
“We are making a statement on stylish living that is not limited to the privileged few. We are not just solving the present needs, but rather creating the experience and future that Nigerians want. Atlantic Resort is an epitome of beauty and brilliance, style and substance,” Francisca Dyegh, the company’s General Manager, Sales and Marketing, said in a statement in Lagos.
Dyegh said the Resort is Africa’s symbol of excellence and presents opportunity for buyers, especially early off-takers, to own as low as a square meter in the newly launched Resort.
“We are out to reinvent the housing industry by making ownership of the best-in-class piece of real estate available to all with the introduction of this ‘one square meter concept’ under what we called ‘pool ownership structure’”, Adeyinka Adesope, the CEO of Palton Morgan, explained, adding that the concept could change the Nigerian real estate landscape into a world class standard ahead of Dubai.
He disclosed that work on the Resort project had been on-going for the past two years when its idea was conceived, pointing out that “the dilemma was how to come up with an iconic project and yet make ownership of same available to all. We finally cracked the code with the concept of ‘Per Square Scheme.”
“The objectives making this a world class project available to all became a real puzzle to fix as best in class developments are usually out of the reach of average investor and forcing participation of average investor in luxury project, most times, destroys the quality and brand equity of the development. We are glad to say that the puzzle has been fixed”, the CEO enthused.
This scheme allows prospective subscribers to own as low as ‘One Square Meter’ and earn rental income in the commercial tower. An average investor can participate in the ‘pool ownership structure’ which is restricted to one of the commercial towers while the other towers are available for owner-occupiers.
The smallest space costs about N250 million in the ‘independent owner’ towers while the pool option allows for as low as one square meter investment which costs about N1,293,800 which is a reflection of the Resorts upscale location at Water Corporation Drive, off Ligali Ayorinde, Victoria Island Lagos.
The residential towers are exclusive to top-end investors at N887,800 per square meter but allows flexible payment plan at 30 percent down payment and the balance spread over 24months. The second phase of this project promises a full 5-Star Resort Hotel and an office tower making a total of five Towers in the Resort.
Adesope stated that Nigeria has to be built by Nigerians, adding that the era of waiting for foreigners to help the country had gone. “Foreigners are here to invest and ensure that the benefits are aimed at a certain high net worth individuals. In addition to that, majority of the properties given to us are less iconic in standards compared to what is obtainable outside the country. An average grade A project in Nigeria today cannot win an International award. Our malls are like Asda & Tesco in the UK or Walmart in the US”, he noted.
According to him, “the drive for excellence and quest for giving our customers and the nation the best, has led Grenadines Homes to synergize with the best in the industry both locally and internationally. “This led to the engagement of HOK, UK an arm of HOK, the largest Architectural firm in USA, alongside Nigerian leading Architectural firm, ECAD to work on this project”
The Resort which parades such facilities as coffee shops, art gallery, extensive library, health &fitness club, retail stores, award-winning spa restaurants, laundry services, children’s play area, swimming pools, maids‘ room in most apartments, etc, is expected to be developed within 24-36 months. The first phase will be delivered in 24 months.
CHUKA UROKO