Parkland Estate Promoter Promises Good ROI, Lifestyle Upgrade

Prospective investors in the proposed Parkland Estate, promoted by Wealth Island Properties (WIP), are sure to receive good returns on their investments, the Managing Director, Tade Cash has said.

Parkland Estate is planned on 14.5 acres of land and designed to have 150 housing units. The piece of land is surrounded by a lake and residents can enjoy a boat ride to adjoining area like Ajoa Estate that is close to the Murtala Mohammed International Airport.

Cash said the estate was designed to also upgrade the lifestyle of its residents while enhancing urbanisation in the neigbourhood, particularly because of the world-class infrastructure they plan to build, adding that “every great city is built on great and innovative infrastructure.”

They intend to provide 24 units of 3 bedrooms and 2 bedrooms, costing N18.9 million and N14.5 million, respectively with a 600-metre road network. The project includes site and services scheme but owners of such would build to the promoter’s specifications.

He said they would spend over N150 million to build a bridge and would invest an unspecified amount to clear the canal to enable a boat cruise by residents.

On the reason they are investing so much on infrastructure, he said: “Majority of Lagos can be categorised as urban slum areas. Most prime neigbourhoods like Victoria lsland, Lekki and other parts of Lagos are a mixture of shanties and cities. This is what has brought about a high deficit in infrastructures. The problem urban slum areas pose is that it could become a hideout for social miscreants and that defeats the overall goal of the government’s vision to build great cities and have a safe environment for residents.”

His company, he said would their type of infrastructure to correct the ugly experiences of residents in some highbrow estates in Lagos, stating that “where one lives determines how he lives.”

The cost of estate development in Lagos, he said was hampered by the high cost of approval fees, poor infrastructure provision where developers are expected to provide needed infrastructure, delays and multiple taxation that discourage investment from the private sector.

The managing director urged both state and federal government to “provide an enabling environment and competitive infrastructure to enable businesses such as ours thrive.”

Cash said his holding company would provide financing for subscribers for between five and 10 years on 13 per cent interest. According to him, he believes in the maxim that says generosity is a winning strategy and would want every prospective subscriber to be part of their strong customer base that can serve as a referral point.

He said: “Our mission is daring it is driven by a fundamental philosophy to make cities in seemingly impossible places. Some people call this whole area a canal but looking at the level of infrastructure we are bringing here bringing here, we decided to call it ‘the love canal. Boats will be able to cruise around and it is going to be a healthy environment for the residents. The philosophy driving us as an entity is to build cities that enable the prosperity of all.”

Other limiting factors, according to him, are the high cost of building materials, he said when they started building in the estate the price of cement was relatively manageable but regretted that today the prices has hit the roof with 200 per cent increase.