By Jude NJOKU
THE dream of Messrs Nice Dreams Properties Limited to provide affordable housing for middle income earners in the Lagos area is gradually yielding positive results.
The company which commenced real estate development barely three years ago, is already developing three estates – Havillah Gardens, Dreams 111 Estate and Fresh Dew Courts.
Managing Director of the company, Mr. Richard Uwagie, an architect, told newsmen last week that the company will spend over N3 billion to develop the infrastructure in the three estates.
The funds for the project, according to Uwagie, are internally generated. And in a bid to assist its subscribers to buy into the estates, the company has embarked on a 90 days promotion which will enable buyers to pay on instalments for the properties.
Specifically, Havillah Gardens which is the company’s flagship estate is located on a 10 acres parcel of land close to the Deeper Life Bible Church Camp along the Lagos-Ibadan expressway.
Havillah Gardens comprises 125 units of four-bedroom detached duplexes, three-bedroom ensuite bungalows and three-bedroom luxury flats. Arc.
Uwagie said the duplexes are currently being sold for N25 million while the three bedroom luxury detached bungalows and the three bedroom flats are going for N11 million and N8.2 million respectively.
The developers which commenced a “90 days seasons offer” explained that with a down payment of 15 percent of the total cost of each unit, a prospective buyer can own any of the units.
The buyer would however be required to pay another 20 percent in the third month, 25 per cent in the 7th month while the balance of 40 percent could be spread over a period of three years.
Prominent facilities being provided by the company at Havillah Gardens include paved road, drainage and street lighting, POP ceiling, recreational facilities such as a gymnasium, swimming pool, children park and club house.
Apart from being a gated estate, Havillah Gardens will also have the full complement of 24 hours security power and treated water supply. Arc. Uwagie said the company will put over N700 million to develop the needed infrastructure in the estate.
On its part, Dreams Estate 111 will be built on a 400 acres parcel of land at Mowe Ofada. According to Uwagie, 85 percent of the land would be sold as serviced plots while 500 units of three bedroom ensuite bungalows and two-bedroom ensuite bungalows would be built on the remaining parcel of land.
The company, according to Uwagie, expects to spend a staggering N1.3 billion to provide infrastructure in the estate. “Dreams Estate Mowe Ofada will have basic but quality finishing using aluminum, PVC, and vitrified tiles that look like marble.
Havillah on the other hand is on the luxury side and our target is the upper middle class working around Ikeja who cannot afford a property in a place like Magodo where a plot of land is over N50 million.
What we are doing at Havillah is Lekki standard. We are using luxurious POP and vitrified tiles while the compound will be paved with interlocking paving stones. The plumbing system will also be top class,” he said, adding that the paving stones and blocks being used for construction, are manufactured by the company.
Fresh Dew Courts which is the third estate in Nice Properties portfolio is at Igbesa Agbara which is targeted at the Igbo businessmen at Trade Fair and Alaba International Market.
Uwagie said the company has already sold 226 plots in the 105 acres estate and will use about N1 billion to provide the needed infrastructure. “Our target is the Igbo traders who presently live in Satellite Town and FESTAC.
Out of the 226 plots we have sold, over 90 percent of the subscribers were Igbos. They were the ones who requested us to build some houses in the estate,” he said, adding that the company has plans to build 100 units of three-bedroom bungalows there.
Subscribers at Dreams 111 Estate and Fresh Dew Courts are also part of the 90 days seasons offer embarked upon by the company to make it easier for subscribers to pay for the various units.