17 July 2011

Nigeria: Propertymart Offers Pre-Payment Allocation Option at City Park Estate

Lagos-based firm of property developers, Messrs. Propertymart Real Estate Investment Limited, has adopted an innovative strategy in the marketing of "City Park Estate 1," one of the organisation's latest housing schemes.

Located at Ofada in Mowe within the Papalanto axis in Ogun State, the estate entails a dual approach involving the allocation of plots to subscribers prior to payment on one hand, and followed by an outright purchase (payment) of the product on the other.

A plot of 500 square metre (sqm)-size land is going for a promo price of N689,999 and, according to Propertymart officials, the allocation of plots is effected 24 hours after confirmation of the payment. The price-tag will however revert to N999,999 upon the expiration of the offer.

Marketing Manager at Propertymart, Arosanyin Olaolu, shed some light on what informed the policy. He said, "It has been a norm recently where people pay for landed property but have to wait for a long period of time before getting allocation. Some even go as far as involving the law to settle disputes for delays or being defrauded. As a result of this incident, a lot of individuals are sceptical when it comes to investing in landed property.

"It can be so worrisome when one pays for a landed property and have to wait endlessly to take physical possession. At Propertymart, our word is our bond. We are sensitive to the needs of our clients and that is why we are offering you your plot before payment."

Manager, Sales & Customer Service, Banke Ogunkoya, said that work had already commenced on infrastructure works in the estate, adding that the scheme would be "100 percent ready in 24 months."

According to her, subscribers are expected to fully mobilise to site and commence the development of their site "within six months or lose out." She countered rumours making the rounds that the authorities might take over the fast-developing area.

She said, "The state government is not acquiring the Mowe-Ofada axis, even then those that have duly perfected their title document have no cause to worry. Mowe-Ofada will develop as other places have. People should remain focused and positive. We (Propertymart) are credible, and we have kept every promise we have made in the past."

Olaolu emphasised that facilities such as perimeter fencing, road network, drainage, green belt, street lighting, electricity and recreation centres would be made available in the estate, and that group allotment is permissible in the case of registered cooperative societies or companies.

He added however that recent developments have informed the commencement of the second phase of the estate, christened "City Park Estate 2" where, quite to the contrary, payments can be made by subscribers instalmentally.

"At a disposal price of N720,000, a monthly payment of N20,000 can be made within 36 months," Olaolu disclosed, adding that a beneficiary can commence work on his/her property even while paying, "as long as we have an evidence of ability and capacity to complete the construction."

He added that subscribers in both estates are enjoined to pay the development fee, which can also be made in instalment. Subscribers are encouraged to commence development on their plots before conclusion of payment of the development fee, Olaolu stated, adding that other payable fees include those for survey and legal documentation.

He said, "Subscribers are expected to commence appreciable development of their properties within six months of receiving their Letters of Allocation, failing which they stand the risk of having their plots reallocated to other subscribers who are ready to develop while the delaying subscriber will be allocated another plot within the estate."

The City Park Estates 1 and 2 are coming as the fifth and sixth projects undertaken by Propertymart, which had previously commissioned estates like Palms Gardens, Mowe-Ofada; Mainland Gardens, Mowe-Ofada; Palms Gardens, Abuja; and CitiView, Arepo. While City Park 1 is just opposite Mainland Gardens, City Park 2 is located close to Palms Gardens, all at Mowe-Ofada in Ogun State.

All the estates have made remarkable progress in terms of infrastructural facilities development, such as roads, drainage channels as well as powerline cabling, according to Propertymart officials. They added that prototype houses have also been built to showcase the house types earmarked for the schemes.

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