Megamound, MI Okoro seal pact on Lekky County Homes
The estate situated at Ikota, Lekki, Lagos occupies a 66.6 hectares parcel of land close to the Lekki –Epe Expressway. Under the new scheme, Megamound is proposing 120 luxurious three-bedroom flats known as County Apartments.
Managing Director, Megamound Investments, Mr. Olumide Osunsina, who announced the new partnership during the relaunch of the scheme, last week, said that a mortgage arrangement is being worked out with financial institution to enhance widespread ownership and affordability.
The company plans to kick- started construction activities on the apartments in November. Already, off-plan sales have started and an open house to showcase different classes of houses and serviced plots to prospective subscribers was organised at the weekend. “County Apartments are designed exclusively for those who desire a truly unique social environment,” according to Osunsina.
He said: “Each apartment incorporates a distinctive design with modern innovation to create homes with unique settings of spacious three bedroom with baths, visitor’s toilet, front and back side balcony, fully equipped kitchen and car park.”
Each unit of the Lekky County Apartments goes for N24.9 million with a 30 per cent down payment while the balance is spread over 36 months. “ We’re encouraging people to get into the property ladder. We ensure that people have positive equity by owning homes, “Osunsina said.
He pointed out that the County Apartments would be delivered to their owners in 24 months. The day the subscriber buys the house, he gets a value with extra N10 million as the value of the property is N35 million.
Osunsina assured that the houses would not be below standard, adding that competent construction professionals and local contractors would be engaged to handle the work. Estate infrastructure includes roads, drainage, walkways, transformers, street lighting, telecommunication, gardening and landscape, borehole and water treatment plants.
Principal Partner, M.I.Okoro and Associates, Dr. Meckson Okoro explained that the agreement is in the sales and marketing of finished houses and serviced plots. He urged the state and federal governments to address the twin problem of efficient mortgage system and access to land as a means of ensuring home ownership.
“When government makes land available, provide infrastructure and arrange single digit interest on borrowed funds used strictly for public housing, the price of houses per unit will drop,” he said.Okoro further called on state and federal governments to invest in social housing to assist the low income earners to have their homes.
“This class of housing cannot be left in the hands of private developers, the state and federal must invest in social housing the local governments. This is the only way housing can reach the grassroots.”
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