To ensure easy payment and homeownership, a private developer, Previs Developments, has introduced a ‘rent and own’ scheme in its mid-market residential project, known as Premiere Apartments.
The Apartments, located in Lekki Scheme II, consists of 12 blocks of three bedroom apartments, totalling 854 units. The real estate project, is conveniently situated close to recreational centres, shopping malls, private schools as well as a fire station.
Also, the estate is within the largest Shoprite Mall in Lagos, with popular brands including Genesis Deluxe Cinemas, game, Atican beach and the Lagos Business School/Pan Atlantic University are all within 10 minutes of the estate.
“We have considered all the factors important to a prospective home owner”, says Peter Coker, the Managing Director of Previs Developments.
According to him, “Quality, affordability, good neighbourhood, infrastructure, ease of living, security: these are some of the features of our developments. We have recently began sales in Premiere Apartments, which embodies the vision of the company to provide quality housing to Nigeria’s middle market.”
Each apartment comes with three bedrooms including an en-suite master bedroom, a shared bathroom with adjoining toilet, and a guest toilet/washroom; a spacious living/dining room; and a fitted kitchen, spaces that reiterate the joy and ease of modern living.
The project will occupy 16,000 square metres, while 20 per cent of the land-size is dedicated for greenery. While physical construction is scheduled to commence mid-2017, however, land acquisition, project board and minimal land preparation were on-going.
Of the 72 units that will be built in the first phase of Premiere Apartments, 18 units have been committed so far since its off-plan sales commenced last month. From projections, the developer expects to be fully subscribed by January.
For expansion purpose, developer said it is acquiring additional 130,000 m2 for phase II of the project.
To make it easy for the off-takers, Previs Marketing Manager, Adebola Seun-Ayeni said the apartments are being offered under its “Pay Rent and Own Property (PR-OP) scheme.
Ayeni said: “Our projects are delivered through the innovative Pay Rent Own Property model which we specifically designed for the Nigerian market,”.
Seun-Ayeni added: “After about three-four years of reviewing and using the rent-to-own model, which incidentally seems to be the most common model for developers today, we have successfully launched this modified plan that allows prospective home owners to own their homes while paying rent. A typical Pay Rent Own Property contract runs for about 10 – 15 years with annual rental payments that remain constant throughout the period.”