By Kingsley Adegboye

Cornerstone Real Estate Ltd (COREL), one of the pioneer real estate development firms in Nigeria which commenced business 27 years ago has unfolded plans to complete the phase 2 of its five-acre residential estate located at the Ikeja end of Oregun Road and that the incentives will be open to early subscribers to housing types in the second phase of the housing project. The phase 1 comprising 12 units of various duplexes has been occupied with just one unit available for reallocation.

The phase 2 which consists of 14 units of various duplex types comprises two units of three-bedroom detached houses with one boys’ quarters, six units of four-bedroom semi-detached houses with one room boys’ quarters, and six units of three-bedroom terrace houses.

According to Mr. Lanre Okupe, Managing Director, Cornerstone Real Estate Ltd while briefing journalists on the project, said each duplex which sits on an approximate land area of between 350 square metres and 400 square metres comprising four bedrooms which are all en-suite consists of ground floor space which includes the entrance lobby, foyer, main living room, dining, kitchen, visitors’ toilet and en-suite guest room.

Mr. Okupe who disclosed that his company has so far delivered 10 residential housing estates across Lagos metropolis and won several awards for delivering qualitative housing projects, added that the first floor space area includes the family lounge with balcony, two bedrooms and the master’s bedroom all en-suite, spacious living and dining areas with exquisite wood work, well finished wardrobes and kitchen cabinet as well as P.O.P. ceiling. He said it also comprises stainless steel aluminum railings.

Explaining the procedures for the purchase of the housing types, Cornerstone Real Estate boss said “while installment payment is allowed, there is however, an opportunity for the first five buyers to purchase the units at a 20 per cent discount off the actual price of N85 million and N75 million at this promotional period for detached duplex and terrace. Duplex will sell at N68 million each and terrace will sell at N60 million each if the buyer is paying outright. An allottee that makes outright payment on any of the units would enjoy the discount while an allottee who pays 30 per cent deposit and the balance paid within 180 days will qualify for N10 million discount”, he stated.

Mr. Okupe who noted that the five- acre estate is covered by a registered Deed of Conveyance, added that allottees shall however receive Deed of Sub-Lease as evidence of their title to their respective units.

Speaking further on the company’s site at Ofada, he said the company has a 50-acre residential estate in Ofada area of Ogun State which is divided into phases 1 and 2. According to him, the phase 1 is a developed 15-acre land while the phase 2 is an undeveloped 35-acre land, explaining that the phase 1 has 10 units of three-bedroom bungalows with 14 vacant serviced plots available at N2 million per plot. He said the bungalows are of two types, pointing out the bigger ones sell for N8.5 million each while smaller ones sell for N7 million each. He added that the uncompleted bungalows otherwise referred to as carcass, sell for N5.5 million each.

Pointing out that all the houses are sitting on 500 square metres to 600 square metres, Cornerstone Real Estate helmsman disclosed that the serviced plots in phase 1 have perimeter fencing, tarred estate road, borehole water, good drainage system, PHCN transformer and internal reticulation and street lights.

According to him, 25 acres of the un-serviced plots are however, still available for sale at N5.3 million per acre which can be used for developmental projects, pointing out that with 20 per cent deposit, a potential buyer can own a plot and pay the balance over 24 month period.

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