PROPERTY NEWS

Propertymart Real Estate Investment Limited has raised the tempo of its work on the provision of infrastructure at the various estates in the Mowe-Ofada axis of Ogun State.

It has also announced the commencement of other schemes in Arepo, Ogun State; Abuja and Port Harcourt, just as it is in the process of taking possession of the land title documents to the various estates.

Work on its flagship project, Palms Gardens Estate, is ongoing, with the completion of the tarring of roads, five prototype three-bedroom bungalow units, street lighting and electric poles, fencing of the estate, engagement of a mobile police security outfit, landscaping and construction of drainage channels and side walkways.

According to the General Manager, Propertymart, Mr. Rolinx Adetola, 80 per cent of subscribers, who have paid the necessary fees, have been allocated their plots, while some have commenced the development of their dwelling units.

"The Certificate-of-Occupancy and the layout plan for the estate are ready," he stated, adding that a central borehole sunk recently would provide water within the estate.

According to him, additional land has been acquired by the company in order to expand the frontiers of the site and service estate, such that aspiring beneficiaries can still acquire a plot of land at the cost of N1.2m, if payment is made in instalments within 12 months. Outright payment, however, attracts the sum of N1m.

The multi-phase Mainland Garden Estate, according to Adetola, has also recorded some allocations, pointing out that a promotion for the initial leg of the scheme came to a close recently.

With the gatehouse already in place at the estate, drainage and electrification works are ongoing, while security officials are being mobilised to site to speed up the process of making the estate habitable.

Though the initiative is yet to commence, Propertymart is planning to embark on the physical construction of homes at Mainland Garden Estate under the build and pay package, where beneficiaries will pay an initial sum representing 20-30 per cent of the total cost of the property to take possession and move in, while the rest is paid back within 24 months.