By Kingsley Adegboye
Lagos State Government in partnership with First World Communities Limited, a private developer at the weekend unveiled a new estate christened CHOIS City Garden which is expected to provide 4,000 housing unit types at its completion in 2015.
Meanwhile, 588 units of mixed development comprising two and three-bedroom flats have been fully completed and ready for occupation at the sprawling city located on 468 acres of land at Owu, Agbowa along Itoikin-Epe Road, Lagos state.
Speaking at the site of the project which commenced in 2011, during the inauguration of CHOIS Club Lease to Buy, an initiative to encourage prospective home owners to have easy access to houses, Mr. Ayodele Yussuf, Business Development Manager, First World Communities Limited said his company in partnership with Lagos state has a target to develop 10,000 housing units between 2011 and 2015 across the state.
According to Yussuf, 4,000 of the houses will be built in Abijo area of the state, 4,000 in Agbowa and 2,000 at Mile 2 area of the state, adding that Abijo CHOIS Garden is part of the 4,000 units to be built just as the Agbowa site is ongoing. He said the Mile 2 site is yet to commence.
He explained that the aim of the state government to embark on the partnership with his firm is to provide two and three-bedroom apartments that will be affordable to the people, particularly the low income group.
“In order to make this possible, we decided to introduce what we call CHOIS Club Lease to Buy. CHOIS stands for Cooperative Home Ownership Incentive Scheme. By this initiative, subscribers are expected to make10 per cent initial payment and contribute additional 40 per cent for a period of three years and take possession of the housing type paid for. The balance of the remaining 50 per cent is to be paid for five years at six per cent per annum.
“There is also deferred payment option for the houses which is a sales arrangement where the customer makes 20 per cent initial contribution and pay the rest 80 per cent over two to three years either monthly or quarterly. We equally have outright purchase method which means that the houses can be purchased outright by paying 100 per cent cash without installment. Intending customers can also purchase the houses with mortgage loans from any of the primary mortgage institutions or commercial banks where they have accounts for mortgage arrangement.
“Two-bedroom terrace bungalow goes for N3 million, three-bedroom semi-detached is N4.5 million while two-bedroom semi-detached costs N3.7 million. The benefits of CHOIS Club membership include low interest rate, long term repayment period to ease cash flow, buying from a government scheme, no encroachment of any meas and brings about reduced infrastructure/facilities cost through economy of scale”, Yussuf explained.
Describing the strategic location of the estate to parts of the state, he said it has easy access to Lagos Island through Epe, pointing out that it is 15 minutes drive to Ikorodu and under one hour to Lekki by car. He noted that it is 40 minutes to Victoria Island through ferry, adding that on completion of proposals for Waterway Transport Services on the Lagoon, virtually every part of Lagos will be accessible within one hour from the estate by ferry.
The infrastructure and amenities in the estate according to the business development manager, include electricity with dedicated transformers, schools for wards, medical centre and hospital, shopping centre, BRT services to be introduced, Ferry services to be introduced, street light, water and security.