Lekki Gardens demonstrates property market leadership through uncommon pricing, delivery time

Lekki Gardens and its authorities have not only broken the affordability jinx in the Nigerian property market, but also demonstrated leadership and near-perfect understanding of the market dynamics through uncommon pricing and project delivery on time and on budget.

Since it started out with ambitious property developments, about four years ago, the company has always entered the market with seemingly impossible propositions, but has always followed such propositions through, delivering products in highbrow locations at “rock-bottom” prices.

“The customer is at the centre of our development considerations, and in every step we take, we ask ourselves what we can do to save money for the customer,” explains Richard Nyong, the company’s CEO, which is why the prices of Lekki Gardens’ houses in Ikoyi can hardly buy only land in Victoria Island.

Nyong, who does not believe in greed or profiteering, says he is okay with just N10 million profit from a project where he could make N30 million, laying credence to an explanation by Omochiere Aisagbonhi, the president/CEO, Omais Homes, that many developers are greedy in their pricing.

“Some of these developers were asking for $150,000 per annum for a three-bedroom apartment in Ikoyi until many people realized, when the Ikoyi-Lekki link bridge was done, that in Lekki, you could get a similar unit at half the price, leaving  many houses vacant in Ikoyi,” he said.

When in December 2014 Lekki Gardens offered for sale luxury terraces at Osborne Foreshore in Ikoyi, Lagos at N65 million per unit, making it the most affordable house within that highbrow neighbourhood, many saw that offer as an impossible proposition.

When the company also came up with an offer of N5 million discount for ‘early-bird’ subscribers. Many more market watchers dismissed it as a huge joke, but gradually and steadily, the company went on with the development notwithstanding the challenges in the economy.

In less than 12 months, the company has come off the development, telling whoever cares to hear that “impossible is nothing” and, according to Nyong, those who “dared to dream” and invested in those units are sitting back and smiling at over 50 percent value appreciation in their investment.

Besides this fabulous value appreciation, those who would be buying these units for residence will be enjoying the upscale features and recreational facilities Ikoyi is known for including the Lekki-Ikoyi Link Bridge, Ikoyi Polo Club, Lagos Motor Boat Club and Ikoyi Golf Club.

Only recently, the company offered free flats and cars to people who bought two flats from its estates in Lekki Phase One.

Those who bought two flats from any of its four already delivered estates by Lekki Phase One including Horizon 1, Horizon 2 Extension, New Horizon 1 and New Horizon 2 at N24.5 million each, got another flat free plus a brand new car which was to be delivered upon full payment for the flats.

Again, whoever bought two flats got one flat free plus a Hundai Accent, while a buyer who went for four flats got one flat free plus a brand new Range Rover Vogue.

The company assured that these estates which were located within the precinct of 3rd and 4th Roundabout, and Meadow Hall, Lekki Epe Expressway, were fully built and already habitable with the two-bedroom flats already renting for N2.5 million per annum.