In a renewed bid to cushion effect of housing shortage in Lagos, a new housing project is being considered at the Ogudu Government Reserved Area extension, Alapere, Lagos.
The project, a Public Private Partnership (PPP) initiative is at the instance of the Lagos State Property Development Cooperation (LSDPC) and Direct Construction Nigeria Limited. The housing development called ‘The Avenue Estate’ hinges on the urban renewal drive of the Lagos state government and is situated in an expanse of land of about 17,000sqm at the Ogudu section of the Alapere/Oworosoki expressway.
It consist, 48 units of four bedroom semi detached duplex with one bedroom boys quarter and facilities which will include, five A-side football field, gymnasium, swimming pool, children play ground, 24 hours electricity, good drainage system, water treatment plant, central sewage system and other facilities.
Due to a reduction in the supply of luxurious and contemporary quality housing in the mainland as a result of increasing demand, which has led to many relocating to the Island to seek for desired homes, LSDPC in partnership with Direct Construction Limited is set to change the narrative. The location is strategic and the most convenient connecting points between the mainland Lagos and the Island Lagos.
Specifically, the location offers the best of serene and secured environment while the designs and structures are tailored made as well as allow for a workable deliverable price as agreed between the subscribers and the developer.Average unit of the housing will occupies about 174Sqm floor space of livable area, typical ground floor and first floor. Each semi-detached house has car park space for up to three to four cars.
According to sources, mortgage facilities would be made available through the Lagos Building Investment Company Plc (LBIC) for intending subscribers.An official of LSDPC, Olusola Martins said the project aimed at providing houses for residents who falls within the middle as well as those in the upper income class of the population.He told The Guardian that subscribers would be introduced to mortgage facilities to enable them have access to finance and purchase their units.
He said, “The target buyers are the middle classes; we are also looking at the upper middle class as well. The project is embarked on, to provide more houses for Lagosians. We have arrangement with mortgage houses that would also provide mortgage for buyers. “When people come, we introduce them to mortgage houses that can give them mortgage so that they won’t need to bring out the whole money from their pocket”.
Price for unit is offered at an introductory price of N65, 000,000 for outright sale and a twelve months installment payment plan. The delivery period for the project is 12months.