PROPERTY NEWS

A HANDFUL of developers in the fast -growing Mowe -Ofada -Papalanto neighbourhood in Ogun State appear to be making appreciable strides, even as controversy continues to surround the spate and authenticity of real estate development initiatives in the axis.

In an apparent bid to counter allegations that they were making false claims on land and infrastructure development, the developers last week insisted that work was steadily progressing on their estates and beneficiaries had begun taking possession of their land as well as commence the development of their homes. They also disclosed that considerable progress had been made regarding the acquisition of land title document.

Investigations last week disclosed that out of the about 300 schemes springing up in the axis, considerable work is actually ongoing in estates like Sherry View Garden (being developed by City Planners Property & Investment Limited), Masters Golden City (Sim Properties Limited), Palms Garden/Mainland Gardens (Propertymart Real Estate Investment Limited) and Cornerstone Housing Scheme (Cornerstone Construction Company Limited).

Also, while City Planners Limited has applied for a certificate of occupancy (C -of -O) and the application published, Propertymart has obtained a global C -of -O and approved layout plan from the state government.

Officials of City Planners, who have an approved layout plan for Sherry View, have initiated discussion with a project partner for the use of solar roofing sheet as alternative power system in the estate. Similarly, back up power generator will be provided for interested residents at an agreed amount, and managed by the estate association.

Masters Golden City at Ofada is currently at the fourth phase, and a special offer that enabled installment payment within 10 months ended last July.

Shedding some light on Palms Garden Estate, Mr. Adeyinka Adesope of Propertymart disclosed that infrastructure works on drainage channels and roads had commenced. He added that fencing of the estate that started last year was in progress.

He said, "Work has also commenced on the electrification scheme, and allocation of plots to buyers has started. Propertymart and some of the clients have started the construction of dwelling units. We are building up to 100 three -bedroom executive bungalows to drive and speed up the development of the estate in particular and the entire neighbourhood in general."

Some beneficiaries spoken to last week seem satisfied over the level of development as well as Propertymart's performance.

Mr. Dosu Joseph, ex -international footballer who is a beneficiary of Promertymart's estate, said, "I commend the great work that Propertymart is doing. Many of my friends who bought from other companies on the same axis were never taken for a single site inspection, but at Propertymart we were taken for site inspection and this makes me feel confident over the product. Also, with the physical development on site and its accessibility to other cities in Nigeria, the company has an edge over others."

Another ex -international soccer star, Mr. Mutiu Adepoju, submitted, "I believe Propertymart is doing well. I invested money in the property because I believe that the area will soon develop."

While Republic of Ireland -based business mogul, Mr. Tunde Soduke, expresses the firm's reliability, another beneficiary, one Colonel Akintola, underlined the belief that firm's performance was remarkable.

Apart from Adeyinka (an experienced real estate marketer), other directors of Propertymart include Mr. Egbeyemi Sultan (an architect registered in Nigeria and the UK, and holds membership of the Commonwealth Architects Association (CAA) and the International Union of Architects (IUA)), Dr. Raju Zubair Atobiloye (a construction and environmental engineer who graduated with a First Class bachelor's degree from the Ahmadu Bello University in Zaria and bagged his doctorate from Cambridge University in the UK), Mr. Bode Entan Obat -Olowu (a legal practitioner with 17 years post -call experience and experienced mortgage finance expert) and Mr. Olakunle Francis (a chartered surveyor/realtor with over two decades of experience).

On the Ogun State Government's recent call for caution over developments in the axis, Adeyinka said, "I support and commend government's effort to develop and sanitise the area. However, this should be done in a way that will separate Paul from Barnabas so as to ensure that innocent people will not be made to suffer for nothing."

He added, "Our dream at Propertymart is to see the average Nigerian own a home and we know that this is achievable. As part of our expansion plans, we are developing Palms Garden in Kuje in Abuja, and opened a new office along Ademola Adetokunbo Way (off Ahmadu Bello Way) in the FCT, thereby making real estate ownership a reality to home seekers in Abuja and beyond."