Luxury apartments on offer as Ekcel Court enters market
In spite of the economic downturn which has affected significantly individual, household and institutional income, the Lagos property market frequently experiences exciting moments as private developers come to the market with quality products that belie the impact of recession.
In the sub-market of Amuwo Odofin area of the state, Ekcel Court is taking a regal step to the market, offering nine luxury apartments of one-bedroom studio flat, two-bedroom and three-bedroom apartments.
Excel Court is a well-finished, one-storey apartment block located in the heart of the serene Amuwo Odofin GRA, close to the Festac Town Link Bridge. It enjoys quality and high profile neighbourhood.
Apart from its build quality and secure environment, the Court parades top of the range services and facilities. These include 100KVA sound proof generator; automatic fire detection and alarm system and digital central TV signal distribution and provision in all the rooms.
Others are intercommunication distribution system; internet protocol distribution system of CCTV signals; wireless internet service; potable fire fighting system; water borehole and water treatment plant, adequate water storage and distribution; gym room; children play ground, and adequate car park within the compound.
Like what obtains in high end markets of Ikoyi, Victoria Island and Lekki Scheme 1 in Lagos, and Asokro, Maitama and Wuse in Abuja, Ekcel Court also offers facilities management services and the facilities that are to be managed include service and maintenance of the 100 KVA generator; diesel; borehole and water pump machines; water treatment plant chemicals, IT maintenance; fire detector/alarm system; CCTV camera; intercom and general electrical system.
“Amuwo Odofin is a middle class settlement but what we offer here are the kind of facilities you get in Ikoyi and other highbrow locations”, the promoters explained to BusinessDay recently, adding that the reason for installing fire detectors, alarm systems and CCTV system was to give prospective tenants a sense of security and comfort.
According to them, Ekcel Court offers both residential and investment opportunities. The reason is that Amuwo Odofin, by virtue of its location and proximity to Festac Town, is an active property market fueled by the presence of industries and factories whose staff take residence in that area.
“A house, not far away from Ekcel Court, which was built in March this year is already fully tenanted”, they disclosed, pointing out though that rents paid within the GRA vary according to the quality of finishing and facilities in the buildings.
This explains why apartments in a nearby block of flats are rented for between N600,000 and N800,000 per annum but in Ekcel Court, one-bedroom studio flat goes for N600,000 per annum; two-bedroom goes for N1 million, while three-bedroom is rented out for N1.2 million.
“These prices are even recession-sensitive; the market has been affected by the economic recession such that there has been a drop of about 25 percent in the last six months”, the promoters said, disclosing that interest in their facility has been quite encouraging.
“We have not closed any deals yet, but that is not because the prospective tenants are not ready; it is because we want the building to be fully finished before renting the apartments out. From the interest we have received so far, hopefully, the whole building will be fully let in the next two months when it is expected to be 100 percent completed”, they assured.
CHUKA UROKO