PROPERTY NEWS

THREE estate surveying firms are leading the marketing of a major housing initiative, which is to provide 1005 housing units in Abijo government reservation area (GRA), along the Lekki-Epe Expressway.

The scheme is being promoted by Messrs First World Communities (FWC) Limited comes as a partnership deal with the Lagos State government to build 10, 000 housing units across the three senatorial districts in Lagos State. The Abijo scheme is the pilot phase of the N10 billion schemes. The funding partners on the project are Access Bank, First Bank, Guaranty Trust Bank and Oceanic bank.

The project, which sits on a 24-hectares parcel of land, is to be developed under a scheme tagged the "Cooperative Home Ownership Incentive Scheme" (CHOIS), in an effort to replicate the former 1004 Flats Estate on Ozumba Mbadiwe Road, Victoria Island.

The consortium of estate surveying firms selected for the sale of the houses is Messrs M.I. Okoro and Associates, Bode Adedji Partnership and Emeka Onuorah and Company.

Under the arrangement members of existing co-operatives are expected to tap into scheme and use their numbers to access home ownership. The developer would form them into 'CHOIS Clubs' and get them to contribute a certain amount of money on a monthly basis.

Three house types are designed for the estate, namely; the two-bedroom standard, tagged 'Mobolaji', the two-bedroom deluxe flats, named 'Baba Kekere', and the three-bedroom luxury flats named 'Ashiwaju'.

The Vice President of First World Communities Limited, Mr. James Godson said during a facility tour of the estate by journalists last week that the project is on course, noting that payment options available to prospective buyers are outright purchase or buying through a mortgage facility.

He disclosed that 68 houses are nearing completion and at 90 per cent completion stage under the first phase, comprising 34 two bedroom unit and 32 three bedroom units.

The principal partner of M.I. Okoro and Associates, Chief Meckson Okoro who spoke on behalf of the consortium of marketers disclosed that the initial deposit for outright purchase is 30 per cent, with a second installment of 20 per cent to be paid not later than 60 days after the initial payment.

"The third installment (30 per cent), is to be paid not later than 60 days after payment of the second installment, while the balance of 20 per cent is to be paid not later than 30 days after the allocation of the completed property. To access the mortgage facility, a 20 per cent down payment of the cost of the house type would be paid at point of subscription. Further payments on this equity contribution would be determined by the terms and agreement of the participating banks."

According to Godson the developer, FWC, may assist in facilitating funding under the Lagos Mortgage Scheme.

Infrastructure provided at the estate include dedicated transformers, treated water supply, internet and cable television services, drainage facilities, street lighting, open space facility designed for recreational needs of residents, security arrangement and playing ground for the youth and children. "There will also be a club house, mini market and other related amenities that would enhance the comfort of the people," he said.

According to Godson, the housing sector can only witness growth through the involvement of the private sectors, or for government to go into partnership with the interested private developers.

"It is in recognition of this reality that informed the joint development of the proposed 10,000 housing units of housing between Lagos government and FWC.

"The idea is that members of existing co-operatives can bring themselves together and use their numbers to access home ownership. The developer would form them into 'CHOIS Clubs' and get them to contribute a certain amount of money on a monthly basis." The details, however, are still at the formulation stage.

"The choice of Abijo is to re-produce the famous 1004 flats in Victoria Island. The 1005 units planned here is symbolic. Lagosians are used to the once popular housing estate before it was sold out to private investors. We want the dream to linger, hence, the choice of 1005, along the same axis," said the FWC vice president.