A prolific real estate development company, Tetramanor has delivered a N600m housing project known as TM Gardens to its investors.
The middle to upper-income housing estate, which was inaugurated recently, is located at Olaleye New Town, Iponri Surulere, Lagos.
TM Gardens has eight units of townhouses, and each has four bedrooms en-suite with maid’s rooms, and private backyard, priced at N56.7m; two units of maisonette/penthouse with four bedrooms en-suite, a study, and penthouse garden, priced at N54.5m; and four units of condominium which has three bedrooms en-suite, master’s bedroom with walk-in closet, and large kitchens, priced at N36.3m.
Other features of the estate include common areas of bush-bar for hanging out and a garden for relaxation, with a view to foster a real community. Services provided are security, backup power, treated water supply, landscaping, cleaning of common areas, waste disposal.
The finished units are fully completed to high standards, tastefully finished with POP ceilings, vitrified & granite tiles, vintage PVC French windows for soundproofing, high-quality kitchen cabinets and wardrobes, and sanitary fittings, according to officials of the company.
Despite the prevailing economic challenges, the project which commenced March 2016 has been delivered in only 15months.
The commissioning ceremony was witnessed by an array of stakeholders, subscribers, partners, contractors, investors, and prospective buyers.
The estate was built to standards, said the CEO of Tetramanor, John Beecroft. “We will not compromise our standards for any reasons whatsoever, we will not extort our clients in order to make profit, and we will not sell to our clients spaces we are not willing to live in ourselves.”
The next project in line, Beecroft said is the TM Meadows. The 45 unit multifamily estate is projected to cost over N1.5bn for multifamily buildings and will be sited at Ebute-Metta on Lagos Mainland. Still, at the conceptual stages of design, construction is planned to start Q4 2017/Q1 2018.
He said, “We are still committed to develop more projects on the mainland to alleviate the housing shortfall for our target market” and “are looking to applying all relevant lessons learnt from our previous projects towards making TM Meadows a huge success as it is part of our continuous improvement culture.”
Despite the current economic challenges, the company hopes to deliver TM Meadows with the same quality as TM Gardens, but it would be at a much lower price point – between N25m and N45m, adding that it would depend on the type of units to be built.