The promoter of Excellence estate, a new low-density community that is evolving in Arepo, off the Lagos-Ibadan expressway, insists on rendering high quality homes, complete with lush green areas that will replicate the ambience of Ikoyi, report Bennett Oghifo and Fadekemi Ajakaiye
Estate developers along the Lagos-Sagamu stretch of the Lagos-Ibadan Expressway are beginning to add classy designs in their construction process to ensure faster uptake.
The latest to adopt that upscale rendition is the evolving Excellence Estate, which is about 15 minutes from Alausa Central Business District. The estate, which is modelled on the low density ambience of Ikoyi in Lagos, is located close to the Journalist Estate at Arepo. The project is being built on 20-acres of prime land. Already, construction work has started on site.
According to the Managing Director of Inclusive Concrete & Engineering LTD, Engr. Misbau Opeyemi Aminu, promoter of the exquisite estate, construction work would take three years and prospective investors would get a million naira payback deal on construction cost.
He stated that Inclusive Concrete & Engineering LTD, a building and Civil Engineering Construction Company established in 2008, has worked with both private and public sectors, various companies like Zenith Bank, GTB, Vitafoam, and the Lagos state government, and many more.
The company would bring its wealth of experience in various field of construction in both the public and private sectors to bear in development of Excellence Estate, he said.
He stated that the success of the company’s previous projects gave rise to Excellence Estate. “The company is out to do things right and also follow proper routine. These tenets have kept the company going for a long time. We are not developers but a construction company with integrity,” he said.
Excellence Estate is a combination of horticulture and aesthetics. It comprises homes that are fully detached, semi- detached, terraces, and block of flats.
The estate is subdivided into two; the built-up area, which is about two- thirds of the land, and the site and services plots that form about one-third of the land, he said.
He stated that the built-up area would be strictly regulated and fully designed. “This property is sold either as a building or acquired land, which is developed to stated regulations and design. The other one-third affords the buyer coming up with personal designs.”
However, the structural elements of these buildings are not negotiable, he said. “The regulation will begin from foundation, frame structure, slabs, among others, in order ensure the security of the buildings,” he said.
He stated that the entire estate was service-driven, and so its pristine nature is not negotiable. “The horticulture, that is, the green areas are also not negotiable.”
Other facilities in Excellence estate would include, a shopping mall, church, mosque, school, hospital, corner shops and the recreational facilities like the park/green park, he said.
He explained that a pay- back value was “an incentive given to our buyers. This is in form of discounted amount that will be given to them during construction of the buildings. These will include but not limited to expertise services, cement provision, that will be provided to them at discounted rate.”
There is tight security provision for the estate, according to him. Aside the estate been fenced round and having a gate, there is provision for CCTV monitoring the entire premises, security officers, as well as the presence of Divisional police, he said.
He stated that the buildings could be bought in stages either as; carcass, or semi-completed, and the completed stage. The completed building is targeted at people in the diaspora who are expected to buy and just move into a completed decent apartment.
The carcass stage of a 3-bedroom apartment goes for N9 million; semi completed stage of same is at N12 million; while the completed stage of the apartment goes for N16 million. The fully detached comes with 2 BQs; it goes for N24 million at carcass stage; N34 million at semi completed stage; and N45 million at completed stage.
Others include, the semi- detached with a BQ at N17 million carcass stage; N23 million for the semi completed; while the completed building goes for N31million. The terraces also come with a BQ at N12 million at carcass stage; N14 million at semi completed stage; and N17 million for the completed building.
He stated that the mode of payment was flexible as 30% could be paid up front, while the balance is spread through 18 months. The Excellence Estate project is being financed by Zenith bank.