Developer in N5b Abuja, Lagos estates’ scheme
Against the backdrop of government’s inability and seeming failure in the housing sector, a real estates developer has set an ambitious target of being one of the engines to drive the country into achieving homeownership and bridging the gap in the sector.
Thus, the all too familiar hurdles in securing cheap funds, notwithstanding, the firm of Landmark Corporate Realty Limited has, against all odds, achieved the unusual feat of rolling out four estates in four years of its existence, offering both site and services scheme and constructing actual housing units sales.
The managing Director/ Chief Executive Officer, of the company, Mr. Harrison Agboifoh, reveals, “I had to start small with what I had”. Thus with personal savings in hand, the first project of the company kick-started in 2012 on five hectares land in the Mowe – Ofada axis, popularly known in the housing sector as the new Lagos.
“I had been a banker for nearly a decade but all through my years in the banking industry I had always longed for self-employment. So, I planned for it. Also, as a banker, I knew what obtained in the industry with regards to borrowing money for investment purposes; so I was determined never to go there,” he said.
It was from that humble beginning that the 5hectares project expanded first to 20hectares and then to 120hectares estate and sold out in 2014. The company has since started the phase-two project in a nearby location only about five minutes drive away in Mowe – Ofada.
A chartered accountant by profession and a Harvard-trained real estates developer, Agboifoh’s experience as a banker seems to have paid off, as he has been able to achieve success without becoming a debtor to any bank, even with investments now worth over N5billion to his credit.
He made a bold incursion to Abuja market January last year with 15 hectares in Queen’s Park Estate and by the last quarter of the year had introduced phase II Queen’s Garden Estate next doors to Centenary City in Kuje, Abuja commissioned under former President Jonathan and named after the centenary anniversary of the country.
“My thinking at the time was to take advantage of the location so that those who could not grab a piece of the Centenary City can as well settle for something equally good next doors,” he said.
Newest on the block is Queen’s Garden, Isheri North right beside popular Magodo G.R.A Phase I. According to Agboifoh, “it is a location people are moving to faster than anywhere else in Lagos State”. He revealed that he intends to do a replica of estates like the North Foreshore Tower, Ikoyi and Victoria Garden City (VGC), Lekki.
The company moved to site for that project precisely six weeks ago; with a promo offer of N10million and plans to subsequently raise the price to N15million at the end of the promo by March ending.
Landmark’s structure designs come in three variants of three -bedroom apartment blocks, four – bedroom terrace houses and five-bedroom detached houses.
Payment is made flexible to facilitate the possibility of subscribers owning their own individual land or house within 24 to 36 months with a minimum payment of N25, 000 for instance in its Mowe – Ofada Phase II project, stated Agboifoh.
He added: “We are finishing to taste to meet both medium and high-income earners and the ideology behind this is the popular belief that a good market will sell itself. Our target is to bridge the gap in housing deficit and to look back in a few years from now and say that I have indeed contributed my quota.”
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