Despite the construction freeze that accompanied the bursting of the bubble, the nation’s real estate market, especially in Lagos may have begun to peak, with property investors’ and developers’ renewed confidence in the economy.
A new report last week hinted that the property sector has clearly been affected by the unprecedented economic malaise, hampered by rising interest rates (now at 14per cent), global economic instability, soaring inflation and a weak as well as redundancies beyond the oil sector and reduction in property transaction volumes.
But senior officials of Messrs Grenadines Homes are upbeat about the Nigerian commercial property sector, despite analysts’ expectations that the market will remain sluggish. They say the current economic climate is providing opportunities for developers and investors.
The Lagos-based firm is preparing to start construction on its premiere facility early 2017, a high-rise structure combining features of an apartment complex and a hotel in the heart of Victoria Island.
Billed by its developers as Lagos’s most luxurious multi- development, The Coral will be a two-twin tower building, set to rise in the Water Corporation Drive, Off Ligali Ayorinde Street. It is flanked by Trinity House Church to the right and Atlantic Resort to the left.
In housing projects, the real estate development company has dozens more in various stages of development and dedicated to reinventing the concept of home ownership in Nigeria.
“We create homes that are at the forefront of cutting edge architecture and its homes represent luxury and high class that suit varying tastes and preferences,” according to the company’s General Manager, Sales and Marketing, Francisca Dyegh.
Specifically, The Coral is a stunning, thoughtfully designed, high specification and beachfront apartments. The proposed 17-floor luxury finished edifice comprises 112 units of two bedroom hotel apartments, sitting on a land size of about 5,000sqm and built up area of about 15,876 square meters.
Each unit has two bedrooms (en-suite), a spacious living room, a dinning section, guest toilet, a box room/ store, spacious lobby, kitchen and a maid room. Every unit has two parking lots.
She explained that the architects have created a development, which connects with its surroundings, offering views across the city landscape and the Atlantic Ocean.
“The Coral is a discrete yet tasteful design, using shading and site specific environmental design, the spaces with-in the building feels light and airy with plenty of natural sunlight, without creating an uncomfortable environment during the hottest months of the year.
“The 17-floor tower is carefully rested on a podium, which is a delight to behold. The three-floor podium is suitable for private gatherings or just lounging with family and friends. It contains a pool deck, a swimming pool, a garden, skylight, a lounge, gym and a kitchen.
The apartments come in two types. In the type A, the unit has a total area of 144sqm, terrace 34sqm; contains family living room, dining section, bedrooms, kitchen, and box room and guest toilet. All bedrooms are en-suite.
The type B consists of a total area of 146 sqm, terrace 21sqm and contains family living room, dining section, bedrooms, kitchen, box room and guest toilet. All bedrooms are also en-suite. But has a maid room in addition to other rooms. All the units range from N76 million.
Dyegh explained that from 30 per cent of purchase price, the subscribers would deposit 10 per cent, 10 per cent after three months of payment and another 10per cent after six month of first deposit while balance is spread over 24 months.