Residential destination offering luxury value proposition

In real estate, location is critical but it is not everything. Values offered are also very important and it because quite compelling when the two are combined in a given development. Real estate developers are, therefore, adopting strategies and offering strong value propositions that not only keep them above the tide and stimulate demand, but also provoke interest and investment appetite.
Recently, Realty Point Limited, a real estate investment and development firm, entered the Nigerian crowded property market recently with compelling value propositions that make its new Cedar Homes a must-buy-in residential and investment destination.
Strategically located in Lekki Scheme II in Lagos and Jabi District in the Federal Capital Territory (FCT), Abuja, Cedar Homes which sits on approximately 22,000 square metres of land in Lagos, is carefully conceptualized and designed as a haven of unparalleled comfort for prospective owners, occupiers, investors and tenant-buyers.
Apart from comfort, convenience, quality and affordability which are at the core of its value proposition, the estate is also conceived as an eco-friendly and environmentally sustainable gated community offering exceptional facilities and services to foster qualitative living, better health, improved communal relationship and social engagement within the most affordable and cost-effective means.
“This project is painstakingly conceived to ensure that the expectations of both the owner-occupier and would-be investors are well taken care of across the different house-types available within the estate”, Stephen Ajayi-James, Reality Point ’s Construction Project Manager, explained to BusinessDay during a tour of the project site at the weekend.
The estate aims to deliver 168 comfortable, affordable, convenient and qualitative housing units and, according to Ajayi-James, as an affordable housing development, primarily aimed at providing access to quality housing solutions for middle income earners, Cedar Homes promises to deliver unparalleled and comfortable living experience within the most affordable and cost-effective means to customers.
To make this happen, the developer has assembled project partners with track records. Debo Adejare, Realty Point’s managing director, listed Corporate Castles Design Associates as the Architect while the Planner is Corporate Castle Limited. Quantity Surveyor is Tolu Olufemi and Partners; McDonstep and Structural Engineering Limited is the Structural Engineer while Gold Management Associates is the financial consultant. Homebase Mortgage Bank Limited is the mortgage partner just as Brokerfield Real Estate Services Limited is the Marketing Partner.
As an investment destination, this estate has some inherent advantages that place it ahead of competition. Its location is compelling. It is just ‎four minutes drive from Abraham Adesanya Estate and six minutes from Ajah Round-About.
“It is just 10 minutes drive away from Pan Atlantic University (Lagos Business School) and an equal distance from Ikota Shopping Complex and VGC. It sits in close proximity to Atican Beach Resort‎ with easy access to Lekki-Epe Expressway, the New Lekki Mall, the ‎new Lekki Development Zone comprising pipeline projects such as Lekki Free Trade Zone (LFTZ), Lekki Deep Sea Port, New Lekki Airport, Dangote Refinery, among others”, Ajayi-James disclosed.
Continuing, he said, “the estate is also close to other estates including Atican Beach Estate, Grenadines Apartments & Terraces, Ocean Bay Estate, Lekki Gardens Estate, Lekki Pearl, Inoyo Estate, Gran Imperio’s Grand Lake Estate, etc”. He listed its strengths as non-encumbered title, capital sourcing strategy, integrity of project sponsors, unique design, high market absorption, project planning and delivery, and pricing strategy.
The estate which will be standing on four floors in 15 blocks consists of various house-types including studio apartments, one, two and three-bedroom apartments with some of the 3-bedrooms accompanied by maids rooms and private family lounge.
It offers flexible payment options the first of which is Rent-to-Own. This requires a buyer to pay an initial 30 percent deposit spread over 24/36 months and, upon delivery and handover, an agreed rent payment over a period of 10 to 15 years is followed by payment of a lump sum that closes the deal to own the unit. Four housing units have been reserved for this purpose and these are 3-bedroom with maid’s room, 3-bedroom with family lounge and 2-bedroom types one and two.
Houses can also be bought from the estate through installment payment which involves making a minimum initial deposit of between 20 and 30 percent of the value of the unit and the balance spread over a period not exceeding 36 months.
The third option is mortgage facility that requires ‎making a minimum initial deposit followed by payment of the balance in partnership with a chosen mortgage bank for qualified prospects. Ajayi James disclosed that outright payment at pre-delivery stage attracts a reasonable discount.
For anybody who want to key into this scheme, there are advanced shell and finished houses. Prices for advanced shell range from N4.9 million for a studio apartment to N21.7 million for a 3-bedroom apartment with maid’s room, while prices for finished houses range from N6.5 million for a studio apartment to N28.9 million for a 3-bedroom apartment and maid’s room.

CHUKA UROKO