Lekki Gardens: Riding affordable pricing, timely delivery to market dominance

Nigeria is ranked among the most expensive markets where property prices are in hundreds of millions, thus creating huge affordability gap which is frequently cited as reason for low home-ownership level in the country. Closing this gap is central to the mission of Lekki Gardens in the Nigerian property market.

Lekki Gardens Estates Limited, a special purpose vehicle (SPV) floated by GT Rich Investment, has taken the Nigerian market by storm, tending towards market dominance by simple reason of demystifying and breaking the affordability jinx, and also by keeping its own part of the contract with the buyer through  timely delivery on budget.

As a property investment and development firm with core competence in providing quality and luxury homes within a affordable budget, Lekki Gardens has strong presence in the highbrow areas of Lagos island and mainland, and arrived Port Harcourt late last year.

According to officials of the company, their core competence is in providing quality and luxury homes within affordable budget, adding, “we’ve dedicated ourselves to giving everyone opportunity to own a home of their own. It’s our sole reason for existence. Our houses are affordable and luxurious with exceptional estate facilities such as electricity, potable water, good road network and more”.

The company develops mainly residential estate schemes and their serviced plots and houses are positioned as quality affordable home units with strong value increase potential to the average income earners. They offer buyers easy opportunity to maximize future value of their property investment budget as well as places to live with recreational facilities, estate management and security benefits.

Though many have wondered at the ‘magic’ that hasn see this company through 14 real estate projects and over 2,000 housing units delivered in less than 3 years, close market watchers are quick to explain that the company’s ‘magic’ is in its affordable pricing and a strong commitment to delivery.

In a market dominated by an army of home seekers with limited affordability, any product with appropriate pricing and an assurance that it will be there when it is needed will always find buyers, and this is what is working for Lekki Gardens and its managers.

A look at its first project—Lekki Gardens—relative to neighbouring estates shows that it is far ahead in terms of affordable pricing. Their close neighbours include Grenadines Estate, Crown Estates, Royal Gardens, and Fountain Springville developed by HFP Engineering and Capital Alliance Property Investment Company

Whereas a three-bedroom duplex at Lekki Gardens sells for N13.9 million, Grenadines Estate’s three-bedroom terrace houses sell for N19.8 million and charges additional development fee of N2 million. At Crown Estate, about three minutes drive away, a three-bedroom house sells for N38 million while four-bedroom house sells for N45 million;  a plot of land at Royal Garden, owned by Trojan Properties, sells for about N60 million while at Fountain Springville, a plot of land sells for N16.5 million.

At its Mainland Garden in Ikeja GRA, Lekki Gardens sells a five-bedroom triplex for N55 million way below estates like UPDC’s Grandville, Briscoe Properties’s Orchid Court, Harmony and Cappa Estates. A four-bedroom duplex at Grandville sells for N128 million; at Orchid Court, apartments are sold for N75 million to N100 million, duplexes go for N120 million and triplexes are sold for N125 million; five-bedroom duplex at Harmony goes for N300 million while Cappa Estate sells its five-bedroom detached house for N250 million. 

 “At Lekki Gardens, we have consistently delivered. Our phase 1 project is up and running. Our Scheme 1 in phase 2 is delivered; phase 3 project was delivered just  seven months after it was sold out; phase 4 is in advanced stage of construction while Horizon 1 and 2 are nearing completion just as Ikoyi Gardens is under construction. At Chevron Drive, Lekki Paradise 1 and 3 are also in full gear”, the officials enthused.

Chuka Uroko