Firm Set To Develop 5000 Housing Estate at Alexandra Courts, Ibeju Lekki, Lagos

• Pledges to reduce housing deficit through ‘rent-to-own’ scheme

 

Legrande Properties Development Company Limited, a leading firm in the real estate sector in Nigeria, says it is set to deliver eleven estates at its Alexandra Courts, Coastal City project at Ibeju Lekki, in Lagos State with all facilities installed for the purpose of ‘Rent-to Own’.

The Managing Director, Legrande Properties Development Company Limited, Deacon Jide Durojaiyi, disclosed this during a facility tour with members of the Property and Environment Writers Association of Nigeria, (PEWAN) on Thursday at the project site in Ibeju Lekki, Lagos.

Durojaiyi said that the Alexandra Courts, Coastal City project at Ibeu Lekki is being developed in partnership with the Lagos State government, adding that it is a new development hub of the Lekki Peninsular called ‘New Lagos’.

He stated that the estate is a mixed development of 2-bedroom and 3-bedroom flats tastefully designed to provide utmost comfort to the end users.

The estate, he said is enriched with economic, residential, and commercial value because of its proximity to the new Lekki Deep Sea Port, the Dangote Refinery, the Lagos Free Trade Zone, the new Lekki Airport and Alero Industrial City.

Durojaiyi explained that it is going to be equipped with over 5000 quality housing of 2-bedroom and 3-bedroom flats including semi-detached and fully- detached duplexes together with requisite infrastructure.

According to him, the Alexandra Courts is a public private partnership (PPP) with the Lagos State Government and the Federal Mortgage Bank (FMB), adding that loans are available for the off takers who are contributors to the National Housing Fund (NHF) scheme up to N15million.

He stated further that the estates comes with a solar inverter system that provides 24 hours lighting, CCTV Camera, 24 hours electricity (PHCN) power supply, 24 hours security (mobile police and civil security, central internet connection, swimming pool, central park and playground, Gym and other recreational sports, the central sewage system including treatment plant and water treatment plant, central mall, health centre, among others.

He noted that 2-bedroom cost N30million, and 3-bedroom flats flat cost N40 million, while land per plot is put at N22million.

However, he said that there are different payment plans for the estate like outright purchase, and the NHF plans.

The MD Legrande Properties Development Company Limited explained that the firm introduced the rent-to-own in the scheme for those who are subscribers of NHF, stressing that there are requirement for those who want the two bedroom for N36million and the three bedroom for N46million, while the purchaser do the part payments, the FMBN will pay the other part on behalf of the contributor.

In his words: “Legrande will help the subscriber secure the said N15million of N14million loan from the Federal Mortgage Bank of Nigeria provided the subscriber is a contributor to the National Housing Fund scheme and the subscriber will only be expected to start repaying the loan sum to FMBN after the unit has been completed and handed over to the subscriber.

“However, the document would be issued to FMBN in trust for the repayment of the loan and upon completion of the payment of the loan sum which takes 30 years depending on the subscriber’s current age. The document will be handed over to the subscriber by FMBN.”

Durojaiyi hinted that Legrande already have a primary mortgage bank that they are working with, which is AG Mortgage Bank, noting that through the bank all the subscribers’ documents will be submitted  to FMBN on the subscriber’s behalf for the processing of the loan.

He affirmed that the Rent-to Own are homes that include a clause in the rental agreement which either gives you the option to buy or an obligation to buy after a certain time period.

He added that “You make rent payments each month and a portion of those payment can count toward your down payment, should you decide to buy the excess money can be applied to the home purchase. Renting to own can be an appealing concept for people who are interested in owing property, but have thus far been shut out of the traditional home buying process.”

The Company boss, pointed out that Legrande Properties Development Company limited is a reliable and trusted organization with a track record of impeccable service delivery.

“Prior to Alexandra Courts, Coastal City project at Ibeu Lekki, some of our projects built and successfully delivered include Cooplug Gardens Lekki; County Courts GRA; Alexandra Courts GRA; Courtland Estate Lekki; Alexandra Courts in Sangotedo; Royalty Courts Estate, Lekki, AB Villa Ilupuju, Palm Grove Estate and Mende Villas Estate 1,2,3 and 4 at Maryland,” he enthused.

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