By YINKA KOLAWOLE
Pentagon Real Estate Investment Limited has issued allocation papers to the first batch of subscribers to its Cedar Gardens estate project.
Addressing subscribers at the allocation ceremony at its head office in Lagos, last week, Managing Director of Pentagon, Pastor Emeka Okoye, noted that Cedar Garden is conceived as a model gated community, along the Seme border-town axis, sitting at Igbesa town, along Atan Road, near Agbara, Ogun State.
According to him, it is strategically located around the Agbara Industrial Layout, with so many multi-national companies like Nestle Nig Plc, Unilever Nig Plc, Pharmadeco Nig Ltd, and is surrounded by two private universities, Opic Estate and the Lagos Free-Trade Zone. “This area is blessed with great potentials because of its sophistication, lucrative business environment and, of course, the impact of the on-going mega road and rail transport construction project. When completed the road will vastly open up the area in grand style, linking it with other parts of the metropolis as well as the Central Business Area through railway and road transportation,” he said.
Okoye apologised for issuing the allocation documents a month behind the promised date of October. He said that as a result of the delay, subscribers are now expected to take physical possession of their properties as from december ending or early January next year, instead of the earlier schedule date of November. He said the allocation date when they are expected to be on site to take physical possession will be communicated to them.
The Pentagon boss said only those who have completed their subscription payments were being issued their allocation documents, advising them to scrutinise the documents for any possible errors that need to be corrected before the final allocation. He added that subscribers who have not completed their payments could still do so before the allocation on site takes place.
Okoye assured all the subscribers that the company will deliver on its promises on provision of basic amenities. “Pentagon will keep the basic promises to the subscribers. Everything we promised in the estate will be delivered, and that is even the reason we advised that subscribers form an association as a form of pressure group to follow up on the delivery of promised infrastructure.”
He noted that basic amenities promised include provision of paved roads, borehole and bringing electricity into the estate. “We want to maintain our brand. Our goal is to get documents ready for all the subscribers. This partly explains the reason for waiting till December ending or early January before we begin physical allocation,” he stated.
According to him, forming an association will benefit the subscribers as they can better liaise with the company which can use its influence as a member of Real Estate Development association of Nigeria (REDAN) to help raise funds, at a cheaper rate, for the development of the houses. “This is however voluntary, the choice is yours to either build or allow us to build for you,” he noted.
Okoye said that to make payment easier for potential subscribers, initial 30%down payment could be made while the remainder can be spread over 18 months, noting however that allocation will only be made upon full payment. He further disclosed that though the current price of a plot in the estate is N1.5 million, however for the Christmas season, an interested subscriber can get a plot for N1 million.
“Initial subscribers have gained over 100 per cent capital appreciation. Property watchers expect this trend to quadruple in the next 12 months. Cedar Garden has secured the mandatory Certificate of Occupancy and Approved Layout, including other regulatory approvals. As a first step, we plan to have about 1000 modern housing units for the middle and low income earners in this estate.
Infrastructural facilities shall include a modern Police Post, recreational facilities such as Nature Park, street light and steady power supply, central sewage system, superior road network, quality water supply and standard drainage system,” Okoye stated.