Bank partners Lagos State government in 340-unit project
Another residential estate, Sterling Court, is set to join the ranks of housing estates in the Lagos metropolis.
Up to 320 units are planned for the estate, being jointly developed by Sterling Court Development and Lagos State Government as a pubic private partnership scheme. The initiative has Sterling Bank Plc as its financial partner also as its first client; plans to offer solution to the acute housing shortage being experienced in the nation, particularly in Lagos State as its population grows geometrically.
Sterling Court, conceptualised by the concessionaires in 2009, is located in at Ajelogo Housing Scheme, Alapere under Agboyi-Ketu Local Council Development Area.
The scope includes construction of 40 blocks of 320 units starting with 26 blocks of 116 units as first phase in the year 2017. It consists of contemporary designed apartment building, modern terraces and duplexes aimed at meeting accommodation needs of the medium earning families.
The design of the first phase consists of three prototype buildings to enrich proposed homeowners with variety of options. These prototypes are; eight blocks of apartment building with a total of 64 flats. Each apartments provides accommodations of three bedrooms en-suite with spacious living room, fitted kitchen and maids room to service every flat
Another type is the eight blocks of terrace buildings with a total of 32 apartments, each apartments provides accommodations of three bedrooms en-suite with spacious living room , fitted kitchen, family lounge and maids room.
There is also 10 Blocks of duplexes with a total of 20 apartments; each apartments provides accommodations of three bedrooms en-suite with spacious living room, fitted kitchen, family lounge maids room and a dedicated compound.
The estate has been designed to provide energy for self-sustainability, adequate parking spaces, 24hrs security, excellent road network, ample parking and good central sewage disposal system.
The group head, non-interest banking Sterling Bank Plc, Dr. Bashir Oshodi, said: “The banks involvement as the first client and financiers of the development is therefore borne out of Sterling Bank’s culture of community engagement and promotion of a sustainable society by enriching lives”.
According to Dr. Oshodi, the project will be of immense benefit to medium income families with satisfactory facilities provided at very moderate cost.
The Developers, OKB and Associates Limited noted that Sterling Court intends to create a world adaptable to urban commercialization where clients live life in style and learn to embrace life’s true pleasures within their budget range.
“Population growth in metropolitan Lagos”, Mr. Owolabi Kola-Balogun, CEO, OKB & Associates said, “has assumed a geometrical proportion while the provision of urban infrastructure and housing to meet this demand is not at commensurate level”.
This, according to him, has resulted in acute shortage of housing to the teeming population with Lagos alone, according to statistics available, accounting for about 5 million deficit which represents 31% of the estimated national housing deficit of 18 million. “This figure is growing at an exponential rate and therefore, the urgent need to provide affordable mass housing to help cushion the effect on the demand for housing”, he stressed.
Corroborating this, the Project Manager, Arc. Taiwo Adeleke of Triarch Projects and Services Limited; a household name in property development and management consultancy stated that his team and financiers of the development; Sterling Bank Plc, share a strong desire which is to transform the landscape with effective presence in Nigeria, Africa and internationally by transmuting concepts and ideas into substantial realities.
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