Megamound responds to market realities with affordable luxury apartments

In response to the economic realities in Nigeria where the economy is struggling with dwindling oil revenue and weakening local currency, which have impacted negatively on corporate and household income, real estate development companies are reviewing their project portfolios and sizes.

Megamound Investment Limited, one of the leading developers of luxury detached, semi-detached and town houses, is responding to these realities with 120 units of affordable luxury homes at its new County Apartments project which, it reasons, make more economic sense at a time like this.

Apartments or flats, also called multi-family units, make up over a third of all new housing units coming into the market in recent time and, according to a recent survey on the Nigerian housing market, this development gives this house-type the largest share of the market.

Megamound is the developer of Carlton Gate Estate on Shevron Drive, and Lekki County Homes, where it crystallized luxury, comfort and convenience with concrete and mortar in alluring and serene environments in the burgeoning Lekki Peninsula, Lagos.

Due to the economic downturn in the country, Olumide Osunsina, the company’s MD/CEO notes that climbing the property ladder has become extremely difficult for most families in Nigeria today which is why his company has come up with the new apartments project.

“We had not done apartments before. This is the first time and it is our response to the yearnings in the market”, Osunsina said at the media launch of the project in Lagos recently, explaining that a lot of their projects were necessitated by the environment and issues around the environment.

He recalled that they were the first developer to start selling town houses for N10 million about 10 years ago, disclosing that those houses were today selling for N35 million and that the people who bought then took a very wise decision and are enjoying 350 percent value appreciation on their properties.

County Apartments project, designed as an extension of the Lekki Country Homes, is yet another opportunity the company is offering prospective homeowners and savvy investors at N24.9 million per unit which it considers quite affordable given its location and build quality.

“The County Apartments are designed exclusively for those who desire a truly unique social environment. Each apartment incorporates a distinctive design with modern innovation to create homes with unique settings of spacious three-bedroom with three baths, visitor’s toilet, front and back side balcony, fully equipped kitchen and car park”, Osunsina said.

He assured that, on completion of the project in the next 18-24 months, buyers would certainly enjoy 50 percent value appreciation. “Because of the quality and location of the project, buyers are sure of 50 percent value appreciation; our projects appreciate fast and this is because we take good care of our project environment with tree planting, beautiful landscaping, etc. They are well attended to everyday”, he enthused.

Continuing, he said, “the selling point of our projects is the we lay emphasis on clean and green environment with ample setback. We also emphasise expert and quality finishing of our houses. So, environment is key to our developments and we also deliver quality”.

According to him, they make their projects very affordable and this because they get direct supply of cement, reinforcement and other material inputs while they also believe in local content such that no foreign firm or personnel is used in doing their projects. “This is why our three-bedroom apartment sells for N24.9 million while same size apartment at Victoria Garden City (VGC) which is further down, coming from Victoria Island, sells for N45 million”.

Apart from the luxury, alluring ambience, well paved roads with ornamental trees which the Lekki County Homes environment offers, the new apartment project also boasts top of the range facilities including a dedicated shopping mall, club house.

Roads, drainage, walkways, transformers, street lights, telecommunication, gardening and landscape, borehole, water treatment plants are some of the infrastructure to be provided on the estate along with such facilities as recreational parks, clinics, pharmacy, nursery and primary schools, shopping mall, fast-food outlet, club house, security post, etc.

CHUKA UROKO