22 May 2018

Nigeria: Housing Deficit - Firm Unveils Fairmont Estate to Reduce Gap

Following the successful roll-out of its medium housing model, Fairmont Estate, located in Arepo, Ogun State last year, Propertymart, a Lagos-based real estate development firm, has introduced Fairmont Lekki, Lagos, in pursuit of its mission to be the number one affordable housing solution provider in the country.

Specifically, Fairmont Lekki, aims to demystify the perception that middle class citizens cannot own a property in the Lekki axis, which informed the decision to offer a land sale promo at Fairmont, Sangotedo, near the Novare Mall at a cheap rate with easy and scalable payment options.

Giving a hint on what is set to revolutionise access to real estate assets in Nigeria, the Managing Director of Propertymart, Deji Fasuwon said: "At Propertymart, we do not just believe in housing that meets subscribers' needs, we also believe in interrogating the challenges at every point in the housing value-chain and providing credible answers which meet the need of our customers.

"The Fairmont deal is therefore not different. With the Fairmont land sale in Lekki, we are steadily reversing the country's housing deficit especially in an area most Nigerians believe is out of their reach."

Fasuwon who disclosed that though payment can be made at once by those who prefer the one-off payment option, added that there is opportunity for payment in instalments spread across a five-year period.

According to him, "Beyond the issue of access, the company is also pushing affordability as an edge in the Fairmont Lekki offer, given the fact that the land is also being offered at an unbeatably cheap price. Being a social enterprise, Propertymart believes in driving inclusion and access, to this end, arriving at the reduced price was more of providing a necessity than pushing for profit.

"To buttress, the position of Propertymart, a survey of housing estate prices in the Lekki area revealed that a similar plot of land around Ajah and Ibeju Lekki area goes for as high as N15m to N20m. Fairmont is the best land sale deal on the Lekki corridor and people can take it to the bank. "Besides the fact that Lekki stands out as the new Lagos with a lot of infrastructure and economic projects earmarked for the area such as the Free-Trade Zone, the Deep Sea Port, the Airport, the Refinery project and many others, the area stands out as a corridor for those seeking long-term value from real estate investments. So, the Fairmont land sale deal could not have come at a better time.

"Where else can you find land in Lekki, at N12m with opportunity for five years instalmental payment that starts from N640,000? There is, however, opportunity for one-off payment by those interested in shortening the repayment plan. Other advantages of Fairmont Lekki include absence of the traditional land grabbers and land speculators as all legal documentations are given out to buyers of land under the Fairmont scheme by Propertymart, upon the completion of payment, with no hidden charges," Fasuwon noted.

The idea of Fairmont, he asserted, was to create a luxury private community at a fast-growing location where quality is put into details with a perfect blend of urban and country living at an affordable cost.

"The estate is also carefully conceptualised to give a well-planned environment with lush green gardens, extensive walkways and modern infrastructure putting into consideration serenity, splendour, security and space. Surrounded by estates like Grenadines Homes Scheme 1 and 2, Cranbel Edge, Lagos Homes and Emperor Estate, its aesthetics are further heightened by availability of street lights, paved roads, good drainage, recreational facilities and patrol of security officers and easy transfer of ownership in a high capital appreciation area", he said.

Testifying to his experience with the company, Festus Adeleye who bought a housing unit at Fairmont, Arepo, said it was like a dream come true for him as he used to believe he cannot own a housing unit in his life until a friend told him about Propertymart.

Adeleye said the present level of land appreciation and development of the area, made him believe that patronising the firm was one of the best decisions of his life as he did not listen to comments about the risks involved from some persons who doubt if anything good can be done by Nigerians.

Another customer, Mrs. Aminat Adebukola, at the launch said becoming a landlady which once appeared impossible due to the fact that she is just a petty trader, has come to fruition with the help of Propertymart management.

Adebukola said though she didn't pay at once for her unit in Arepo, but the payment in instalments was very comfortable for her as it was done without stress and when she was told that she had finished payment, she couldn't believe it until she moved into the estate.

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