Residential, investment opportunity opens as developer delivers Nexus Estate
It was an exciting moment recently in the Nigerian property market when Nexus Estate entered the market, opening up both residential and investment opportunity for home seekers and yield seeking investors.
Sitting on approximately 20,540 square metres of prime land, Nexus Estate, is located in Life Camp on Plot 1146, J.T.Useni Way, Abuja. The 35-unit estate, described as “the best built property in Abuja” at the moment, comprises three blocks of terrace houses classed A, B and C.
The first block of houses comprises seven 5-bedroom terrace houses with 2-bedroom basement flat and a self-contained servant room. The second block consists of 14 units of 5-bedroom semi-detached houses with a self-contained servant room while the third block also comprises 14 units of 5-bedroom terrace houses plus a self-contained servant room.
The estate is fully serviced and fenced round with sandcrete block-wall to an average height of about three metres. Entrance into the estate is through double-leaf vehicular metal and a pedestrian gate.
“Abuja developments generally have the challenge of quality finishing, but this estate is different; it is the best built property in Abuja today”, said Chudi Ubosi, Principal Partner at Ubosi Eleh + Co, in an interview with BusinessDay.
The estate, built by a corporate construction company, has an excellent finishing and material quality. It boasts top-notch features and facilities including a gate house, club house and gym, Badminton Court, two generating sets, swimming pool/bar, two dedicated transformers, perimeter fencing and full estate services. Other features include fitted wardrobes, kitchen cabinets, gas cookers, air-conditioners, satellite TV dishes, etc.
“What we have on offer here are buildings whose design and layout are not only functional, but also practical; the estate’s location at Life Camp Abuja is ideal for companies seeking accommodation for their staff so as to centralize their cost instead of giving them accommodation at different locations, said Ubosi, whose company along with Knight Frank and Bode Adediji Partnership are the lead agents and markers of the estate.
Nigeria is an economy where investment choices are limited with real estate presenting the best in class option, and so, Ubosi is advising that Nexus Estate is also ideal for funds under management that need to be invested such as pension fund and co-operative society funds.
“These houses are just ideal for pension funds and co-operative society funds looking for where to invest in a recessing economy such ours. The estate, by virtue of its location where demand is relatively high, guarantees investors’ capital appreciation in the region of 10-15 percent per annum”, he assured.
Continuing, he said, “this is not an estate where the developer will be asking you to deposit money and come back at a later period to collect key. No, this estate is newly built, well finished and ready for occupation. Once you pay and you are ready, you pack in”.
The estate, which essentially targets corporate buyers or institutional investors, is in the market for a minimum of N3.50 billion which, Ubosi said, reflects market realities because, “we are talking about 35 housing units each comprising 5-bedroom terrace house and a boy quarter”.
“Agreed that Abuja, like any other sub-market in Nigeria, is having challenges which reflects the challenges in the local economy, but any day, any time, a well built and well priced property with quality materials and finishing finds buyers, more so if it is built by a reputable developer”, he assured.
CHUKA UROKO