Investment advisors believe that when an economy is in recession, such as Nigeria’s, it does not serve any good for anyone not to put their money to good use.
Stocks are good but property, even as the times are, still looks better, and this is the reason the Chairman of Megamound, Otunba Olumide Osunsina conceived his Lekki County Apartments, the latest addition to his company’s portfolio, to fit the times.
Megamound Investment Company has added Lekky County Apartments, to its portfolio in response to the market, said Osunsina, as he brings in M.I.Okoro & Associates, a reputable player in the industry, to market these homes.
Megamound’s Lekky County Homes are developed in the Lekki axis of Lagos, and few outside Lagos, and these are: Carlton Gate Estate off Chevron Drive; Carlton Gate Akodo; Carlton Gate Ibadan; Heritage Estate Abeokuta; NICON Town, Lekki, Lagos; and now they plan to begin the development of Lekky County Apartments between October and November, this year.
Megamound is known for its town houses and the County Apartments will be its first, said the Managing Director, while introducing the project and the marketer, M.I. Okoro & Associates, in Lekki, recently.
“We understand the hardship Nigerians are going through at the moment and this might not look like a very good time to introduce new building products but I believe that the way building purchases are done is different.
“People who have planned to buy buildings for a while will still continue to pursue their plan. We also believe that everybody aspire to have a roof over their heads and they try to achieve this regardless of the situation because it is usually a long-term plan; while some people will be doing it in the hard period, others will be doing it in periods that are much favourable; that is why we are continuing. So, we are not deterred by what is going on in the larger society.”
Osunsina said this was not the first time they would be launching products during a difficult period and that they usually partner their clients to go through with the purchase.
He described the company’s previous estates, Calton Gate and NICON Town as landmarks in the Lekki axis, saying it is one of the most beautiful estates in Africa.
Lekky County Estate, where the County Apartments are being built, is an existing estate, which the Managing Director said is their special project that has duplexes that sold for N10 million on the Lekki axis “at a time when similar houses on the axis were averaging about N40 to N45 million. Some people got discount because of volume and they paid N9 million.”
He said Lekki County Estate, which is before Chevron, was built by Nigerian team of professionals from sand-filling to construction of the homes, taking the peculiar weather and other conditions of the country into play.
The County Apartments development was conceived, he said because they have observed that there are no quality flats in the Lekki axis. “So, we designed these quality flats to be sold for N24.9 million. Each apartment has a distinctive design with modern innovation to create homes that are unique. Each has balconies visitors’ toilet, fully equipped kitchen and car park.”
Prospective buyers can make outright payment or split it but they are expected to deposit 30 per cent of the money and the rest would be in phases that would match the stages of development. The key to the home would only be presented to the buyer on completion of payment, he said.
“We are giving the buyers at least 24 months to pay. Unfortunately, we are not in the business of giving mortgages but we believe a lot of our subscribers will be able to access money because our estate is known. Not only that; from the day you buy this property, you will be making a minimum equity of N10 million because we know that in the market, this property is worth at least N35 million. The truth is we are not just selling a house to you, but we are actually increasing your family’s wealth. We are trying to ensure that people have a positive equity by buying these properties.”
County Apartments are high quality 3-bedroom flats, all ensuite and they are bigger than the company’s town houses, Osunsina said. Megamound is also a construction company with a facilities/estate management arm. “We are also a real estate management company to the extent that we do sales, we do a bit of dredging as well and we consult for people who want to develop brand new estates.”
Last month, Megamound appointed M.I. Okoro & Associates, (Estate Surveyors & Valuers/Property consultants and Corporate Estate Agents), as the main Estate Agent and marketing consultants for the sale of Lekky County Homes, Lekki Lagos, said the Principal Consultant of the company, Dr. Meckson Innocent Okoro.
On Lekky County Apartments, he said Megamound Investment Limited is scheduled to begin the development of County Apartments within the months of November and December 2016. “We are happy to inform you that all the necessary formalities, including approvals have been obtained from the Lagos State Government Physical Planning Authority. They intend to deliver about 120 fiats.”
He said, “Sequel to the said appointment, an Agency Agreement has equally been executed between Megamound Investment Limited and M.I.Okoro & Associates. The main reason for the appointment of M.I. Okoro & Associates is to collaborate effectively with Megamound investment Limited in the sales and marketing of both the finished houses and the serviced plots to the general public. We call on the general public and prospective purchasers to deal with M.I. Okoro & Associates as if they are dealing with owners of the estate because M.I. Okoro & Associates is a very viable brand name in the Nigerian Real Estate subsector.
Okoro said, “From what we can see and hear, I am bold to say that Megamound Investment Limited is single largest property Development Company in Lagos and known to develop estates that can compete with those in any part of advanced countries like the Uk and USA. A time has come for federal and state government to use Megamound as a model for housing delivery in the country. Lagos State policy on mega city fits into the vision of Megamound Investment Limited.”
The company was preparing to launch different categories of houses that would meet the desires and expectations of the working class. “This company believes in meeting standard of construction with affordability, aesthetics, safety and functionality. The greatest challenge any developer has in Nigeria is accessibility to land at reasonable cost and lack of finance. Going forward, the only time I will find peace in my heart as a Real Estate professional is when common man would have access to their homes via an efficient mortgage system, Okoro said.
“Unfortunately, in the 21st century, Nigeria cannot boast of efficient mortgage system and freedom of access to land. When these twin problems are addressed through deliberate housing policy by the State and Federal government, the hope of common man in acquiring their houses would have been realised. I call on the federal and state government to support Megamound Investment Limited and, if possible, partner with the company via public -private -partnership, so as to deliver houses of different types at reasonable and affordable costs.
“When government makes land available, provide infrastructure and arrange single digit interest on borrowed funds used for strictly providing houses for public purposes, then the price of houses per unit must drop. In the same way, government must invest directly in social housing aimed at helping the small income group to have their homes.
“This class of housing cannot be left in the hands of private developers. The government, particularly state and federal must invest in social housing via all the local governments of the federation. The idea is for housing to reach the grass-root people. There is no way the low income people could access housing under the present situation unless the federal and state government intervene and this intervention is long overdue.”