Residential, investment opportunity opens for mid-income buyers

Opportunity for residence and investment has opened for mid-income earners who are, incidentally, the target market for the Lekky County Apartments which has just been introduced to the housing market.

A 120-unit estate that holds promise for three-bedroom luxury apartments, this development being promoted by Megamound Investment Limited, is located within the Lekky County Homes Estate situated close to Victoria Garden City, off Lekki-Epe Expressway.

“Though this is not the best of times to come to the market with a new product, we are not deterred by the challenges in the market posed by the economic recession in Nigeria today”, said Olumide Osunsina, MD/CEO, Megamound Investment.

Osunsina, who spoke at the launch of the estate and the announcement of M.I.Okoro & Associates—a firm of Estate Surveyors and Valuers—as its sales and marketing consultants, disclosed that the estate was their first outing in the low end of the property market, saying the development of the estate was their response to the economic realities  in the country.

Apart from the Lekky County Homes, a massive estate that is home to about 2,000 residents, Megamound  is also the developer of Carlton Gate Estate by Chevron Drive, Carlton Gate Akodo, Carlton Gate Ibadan and Carlton Gate Abeokuta.

Meckson Innocent Okoro, the Principal Partner at M.I.Okoro & Associates, disclosed at the launch that the appointment of his company was to collaborate with Megamound in the sales and marketing of the estate which has both luxury flats and service plots on offer.

M.I. Okoro as corporate estate agents and marketing consultants have, in their decades of offering  top-notch  real estate services, etched their name in gold with the marketing of high profile projects and offering invaluable consultancy services that have earned them the name ‘turnaround strategist’.

Okoro assured of good marketing deals having paid his dues in his chosen profession, adding that, “in life, it takes a good brand name to identify another good brand; Megamound needs no introduction in the housing and real estate industry in Nigeria”.

The new apartments project designed as an extension of the Lekky County Homes is yet another opportunity the company is offering prospective homeowners and savvy investors at N24.9 million per unit which the company considers quite affordable given the estate’s location and quality.

Osunsina assured that on completion of the project in the next 18-24 months, buyers who would enjoy 36 months of flexible payment after an initial deposit of N8 million, would certainly enjoy 50 percent value appreciation. “Because of the quality and location of the project, in the next 12 months, 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 said.

Concerned about the plight of low income earners who are apparently excluded in most housing schemes, Okoro called on both the state and federal governments to partner developers like Megamound make housing available to this class of Nigerians.

“This company believes in meeting standards of construction with affordability, aesthetics, safety and functionality; the greatest challenge any developer has in this country is accessibility to land at reasonable cost, and cost of fund”, he noted, lamenting that Nigeria cannot boast of a functional mortgage system and easy access to land.

Okoro believes that when government  provides land, infrastructure and arrange single digit interest rate on borrowed funds used strictly for providing public housing, the price of houses per unit will drop, advising that government must invest in social housing to help small income earners own homes.