By Kingsley Adegboye

Three national primary mortgage institutions, PMIs – Messrs Imperial Homes Mortgage Limited, TrustBond Mortgage Plc and Abbey Mortgage- have concluded plans to come together as a syndicate to finance the development of Grand Lake Estate.a housing project in Ajah area of Lagos.

The proposed estate which would be sited on 93 hectares of land, is located near Abraham Adesanya Housing Estate along the Lekki-Ajah Expressway.

Imperial Homes Mortgage Bank is leading the syndicating banks to bankroll the project. The partnership agreement was finalised in Lagos last week.

The trio, are also partnering with Gran Imperio Group (the lead developer ) Ocean Springs Estates Ltd, Vestril Ltd and White Oak Real Estate Ltd to to provide decent, affordable and functional homes for the middle class segment.

The coming of this syndication, according to the partners, underscores the need for the newly established Nigerian Mortgage Refinance Company, NMRC to provide housing stock very fast in order to meet up with the increasing demand for quality, yet affordable homes.

The 554 housing project which would be completed between 18 -24 months, is expected to make a significant impact on the nation’s housing market, especially for prospective middle income home buyers.

The Managing Director and Chief Executive Officer of Gran Imperio Group, Mr. Adeyeye Ogunwusi said at the event that said other developers, who wish to come on board for various kinds of concepts and designs to fit into the entire Grand Lake concept, are welcome.

He added that developers that have capacity to handle a minimum of 10,000 sqm to 20,000 sqm, would be brought in as the scheme progresses.

The scheme, according to him, is an affordable residential community development offering spectacular ambience, detailed finishing, security and recreational facilities.

Striking in its design is a unique man-made lake with a relaxation centre to complement the magnificent landscape.

“Grand Lake comprises one, two, three and four bedroom exquisitely finished terraced bungalows as well as other housing types that suit the overall design of the emerging city in the Lekki corridor.

It would be delivered in phases with air conditioning, PABX system, CCTV, Stone coated roof tiles, swimming pool, bar and lounge, astro turf football pitch, gym, good quality finishes, fully fitted kitchen and recreational facilities.

The scheme will also feature site and serviced plots for residential and commercial developments offering three different plot sizes to suit your requirement. Prices and payment options are flexible, as the project financiers have between five to 20 years payment plan for the subscribers,” he said.

Continuing, |Ogunwusi said: “One-off payment attracts five percent, payment in three installments of 30 percent, 40 percent at roofing stage and the final 30 percent at completion. While a bedroom is going for N7,950,000, two bedroom would cost N10,950,000, three bedroom is up for grabs at N13,950,000, and the four bedroom terrace is for a token of N17,950,000 . Under the serviced plots, a square metre in the residential 600 square metre would cost N30,000, while a plot goes for N18,000,000 “, Ogunwusi said.

 

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