PROPERTY TRANSACTION GUIDE

Developers Unveil Lekki Palm Springs Residents And Resorts
Stories by Dada Jackson, Senior Correspondent, Lagos

Independent, Monday, 3rd August 2009

"Palm Springs Residents and Resorts," a multi-million-naira estate being nuilt along the Lekki-Epe corridor in Lagos, was last Tuesday unveiled to the public. It sits atop a 35-hectare expanse of land.

The estate which is being promoted by Palm Springs Residents and Resorts Limited is a mixed development comprising terrace houses, apartments, a business park, office complexes, shopping complex, international quality hotel and a club house.

"Palm Springs Residents and Resorts" comprises 84 units of which 50 units have been completed and are being offered for sale. The estate was designed to encompass three phases. The first phase is expected to be completed in September.

According to Dr. Meckson Innocent Okoro, Managing Partner of M.I. Okoro & Associates, one of the agents responsible for the marketing of the estate, the emergence of the estate is a revolutionary vision to create an international standard and evergreen home ownership lifestyle by the promoters of the project.

Okoro noted that the technique and process adapted to build this vision was based on international standards and parameters while the allocation of large percentage of land to landscape and creating an environment in a planned fashion had been the mission of the developers.

The 50 completed units are being offered for sale while some serviced plots of land each measuring 1,000 square metres in area are equally up for grabs at a cost of N85 million per plot.

The units which are being offered on a cash-and-carry basis have different prices attached to them namely: middle terrace which sells for N89 million and which is non-negotiable, three-bedroom corner piece goes for N115 million and the five clusters which is on offer for N109 million.

According to Okoro, a prospective buyer is expected to pay a 50 per cent deposit by the end of July, another 20 per cent in August and another 20 per cent in September while the remaining 10 per cent would wrap things up with the signing of the deed of assignment.

The estate displays electric fencing, green area, a shopping complex (which is being managed by Shoprite), landscaping, street lights installed from the expressway to and within the estate, battery of generators are being installed to all the services and also to the first phase of the development. There is a central water treatment plant to provide adequate water for the estate.

The homes feature living and dinning areas, bar, fitted Italian style kitchen with three stainless appliances, a pantry room, and ensuite servant quarters.

The finishing include porcelain tiles, internal walls and ceilings finished with acrylic plaster and paints, designer doors with solid kiln dried timber, split air conditioning, powder-coated sliding windows with clear glass.

The first floor consists of a family living room, master bedroom with a balcony overlooking the frontage of the plot, master walk in wardrobe room, master bedroom fitted with Jacuzzi-size showers and stainless steel fittings.

Security in the estate is being provided by an Israeli company while its maintenance has been contracted to an undisclosed outfit.