High rental yield, value appreciation define Femab Properties selling proposition at Diamond Estate II
For investors and prospective home owners, the next destination is Diamond Estate Phase II where the developer’s selling proposition is defined by verifiable high rental yield and value appreciation of the various house-types the estate offers.
Diamond Estate Phase 11, developed and promoted by Femab Properties Limited, a subsidiary of the Femab Group, is a 25-hectare estate offering about 284 housing units of different types and designs. Located in Sangotedo, Lekki, along the Lekki-Epe Expressway, the estate is a few minutes’ drive from Victoria Garden City (VGC) and the Lagos Business School. Its closest neighbour is Crown Estate.
This is an estate that has, in just 26 months, seen its rental value shoot up to N2 million per annum while the price of its site and service plots has risen to N19 million, up from N3 million within five years.
Abiodun Aguda, the company’s Group MD/CEO, explains that the company has a unique selling proposition with a development principle hinged on long term rental value objective. “We help homeowners and investors to have short, medium and long term benefits by ensuring that our estates are built to last long and ensuring that rental values are driven by first class infrastructure, the ambience and design of the estates”, he said.
“Investors with clear investment objectives should key into developments that have unique selling proposition”, he advised, disclosing that, for the first time in the history of developments, his company was partnering with American infrastructure experts to lay fibres for cable TV and internet services to raise the quality of their infrastructure and ensure that there are no problems with such services.
Conducting journalists round the estate earlier, John Moronfolu and Saheed Amusa—Senior Architect/Project Coordinator and Head of Marketing respectively—disclosed that they had two types of developments in the estate which were the Build-and-Sell and the Site-and-Service schemes.
According to Saheed, in the first scheme, Femab develops its showcased designs and sells to interested parties while in the second scheme it prepares the land and provides infrastructure and facilities as subscribers come in with their own designs that suit their personalities, though in conformity with approved code of conduct, saying however, that blocks of flats were not allowed in the estate.
Moronfolu pointed out their different house designs which included the Flagship—a four-bedroom semi-detached housing sitting on 650 square metres of land with 240 building area for the two wings; the Arcadia—a four-bedroom detached duplex with one-room boy’s quarter sitting on 370 square metres, and the Monarch which is a four-bedroom detached house built on a relatively large land area.
Others are the Ecstacy—a five-bedroom detached house on 370 square metres; Grand Royale—a four-bedroom semi-detached house on a plot size of 650 square metres, and Harmony—a four-bedroom terrace apartment sitting on 275 square metres of land.
This phase which kicks off in the next few days with the development of 50 housing units comprising 20 Grand Royale, 20 Flagship and 10 Arcadia, also promises three-bedroom bungalows with one master-bedroom pent house. It also offers about 200 site and service plots selling for N14 million each.
The estate boasts facilities such as recreation centres, club house, shopping mall, clinic/pharmacy, nursery/primary school and gym with swimming pool. Its infrastructure include gated perimeter fencing, central water system, covered drains, electricity, walkways, interlocked roads, street lights, 24-hour security, and green areas/beautiful landscaping.
CHUKA UROKO