Daily Independent (Lagos)
Dada Jackson
17 November 2008
Lagos — Developers of Lake View Estate in Amuwo-Odofin Extension, Lagos, Personal Trust Savings and Loans Limited, have stated that the company is not going to accord Nigerian living in the Diaspora any special treatment but promised them that the company is poised to deliver a world-class estate in December.
Managing Director of the firm, Mr. Anthony Owuye, said that though they do not have a special arrangement for Nigerians coming home to buy their units, the company however has a liberal payment schedule which allows for the prospective buyers of their units to pay 10 per cent as initial deposit for the house type they want.
He pointed out that Nigerians coming home from abroad should not find it difficult to access homes in the country. He was quick to point out that for such category of Nigerians, they should be able to buy houses on a cash-and-carry basis.
According to Owuye, a prospective buyer of a unit which costs N7 million is expected to put down 10 per cent of the total cost which translates to N700,000 while he sources for the balance either through a mortgage arrangement or spread the balance over a period of time as stipulated by the company.
Owuye said that the multi-million-naira estate occupies a 10,000-square metres (m2) land and will be ready for occupation in the first week of December 2008 after which buyers will move in.
Daily Independent gathered that construction work on the estate started late 2006 and that the company would likely remain in the location for another four or five years engaging in several construction work as this phase is not the only one the company intends to deliver.
He pointed out that Personal Trust Savings and Loans Limited was primary a mortgage firm but felt the need to have its own property to enable it provide the mortgage for those who want to buy their units. The company thus becomes the first PMI to build its own estate in metropolitan Lagos.
The estate is being developed in two phases and the first consists of 10 blocks of eight units per block of different types, adding up to 80 units. Work on the second phase is expected to commence soon. The phase two will consist of four blocks of eight units per block, totaling 32 units.
Upon completion, the estate will comprise 112 units, made up of 16 units of two-bedroom units and 64 units of three-bedroom houses.
The two-bedroom unit comprises an ensuite master bedroom with an extra toilet for the second room and guest. The asking price for the two-bedroom unit is N7 million.
The three-bedroom units consist of a master bedroom, which is equally ensuite with two toilets to serve the second and third rooms and guests. Its asking price is N8 million.
Some of the attractions in the estate include a recreation centre, proximity to a lake and a standby generating set.
The blocks are built with bricks that, according to the site architect, come cheaper, last longer and beautify the surrounding.
Daily Independent exclusively gathered that the payment schedule, which is different from the mortgage arrangement already in place, entails prospective buyers paying for their units on an installment basis.
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