LAGOS — Helli-Ellis Planets Limited, a property development firm, has expressed concerns regarding the progress of a joint property development project on a 10-hectare parcel of land located in Hampton Bay Estate, Eti-Osa Local Government Area, Lagos State.

In a letter addressed to the Managing Director of Oretol Nigeria Limited and issued through its legal counsel, Paschal Baylon Umpaka & Co., Helli-Ellis referenced a Property Development Agreement (PDA) signed on May 26, 2019. The agreement involved the subdivision and development of the land into residential units.

The proposed development was to include eight blocks of 96 flats, 23 detached houses, and 35 terrace houses, as detailed in Schedules 1 and 2 of the agreement.

According to the letter, Helli-Ellis’s contribution to the joint venture was the land, valued at ₦4.5 billion, in exchange for certain developed assets comprising 15 undeveloped plots (each 800 sqm), three blocks of flats, eight detached houses, and 12 terrace houses.

Oretol Nigeria Limited, under the agreement, was expected to contribute ₦11.4 billion based on a Priced Bill of Quantities dated December 2018. Upon meeting its contribution obligations, Oretol would assume the remaining rights and interests in the project.

Helli-Ellis noted that progress on the development has not met expectations. The firm expressed the need for adherence to the terms of the agreement, particularly the delivery of the specified property units.

The letter also referenced a Power of Attorney granted to Oretol Nigeria Limited, emphasizing that the transfer of legal interest in the property is contingent on the completion of the development as agreed.

“The understanding, as captured in the PDA, is that completion of the project in line with the schedules is a condition for the transfer of legal interest. Our client wishes to reiterate the importance of adhering to this structure to safeguard all parties’ rights,” the letter stated.