PROPERTY NEWS

THE FAST developing Mowe/Ofada axis in Ogun State has added another development to its growing list following the unveiling of "Green City Estate," a residential scheme estimated to gulp about N2 billion.

Managing Director of Future Bridge Limited, promoters of the ultra -modern estate, Mr. Akinlabi Akinrinade, told media executives last week at a parley in his office in Lekki that the estate was a revolution in the annals of estate development in Ofada.

According to him, the estate, which consists of about 200 units, would change the face of Ofada and bring about the influx of upscale Nigerians to the neighbourhood.

Akinrinade pointed out that the estate would on completion erase the erroneous impression that Ofada is for the low class of the society.

Green City estate which comes in 200 units of three -bedroom detached bungalows with ensuite rooms goes for N10 million per unit.

The estate has features and facilities such as sizable plots, ensuite rooms, paved roads and street lighting.

Akinrinade stated further that Green City houses are separated from each other by at least 10 metres, adding that a park with game and swimming would be provided while an imposing shopping mall would welcome visitors to the estate because of its proximity to the main gate leading to the estate.

Apparently in line with its name, the estate features an expansive green area, making it environmentally -friendly.

He listed other facilities to include hospital, police post, high quality interior finishing, cubicle bathing rooms, central water supply, fire station and a school.

For all these facilities, the company will contract the maintenance of the estate to a reputable maintenance concern, while the marketing of the estate has been given out to Cross and Churchill Realtors Limited.

He hinted that the payment scheduled include five percent (N500,000) on application, 15 per cent on foundation (N1.5 million), 30 per cent on lintel (N3 million), 30 percent during finishing (N2 million) and 20 per cent (N2 million) on completion.

Akinrinade said that the company was discussing with a reputable finance institution for the purpose of making available mortgage facilities for those who may want to avail themselves of such opportunity.

Green City Estate, he noted, is not being financed by any bank but added that revenue from the sister company, St Aakins, was being channeled into the development of the estate.