The cheapest Apartments in the ilubirin Foreshore development housing project which started out as a Lagos State project to provide Cheaper housing to the city of 21 million people is now expected to cost N89 million.
Lagos is Nigeria’s commercial hub and is estimated to have a housing deficit of about three million, as millions live in slums.
The 29 hectare-land Ilubirin Foreshore Housing Estate begun during the tenure of the former Lagos State Governor, Babatunde Fashola, was left uncompleted due to a lack of funds and has now morphed into some sort of public-private partnership between the state and First Investment Development Company (FIDC).
The project which has been redesigned now comprises of studio apartments, 1, 2 and 3 bedroom flats, terraces and penthouses, while commercial unit and recreational facilities such as sporting facilities, parks, a club house as well as child day care facilities would also be accommodated.
MoneyCentral learnt that the first 2 blocks in the project (Ègà and Álùkò) will now be delivered in December 2020, while a further three blocks namely Àdàbá, Odíderé and Àkókó will be delivered in mid-2021.
These 5 blocks constitute the 1st phase of the development which will consist of 108 apartments, made up of studio apartments (73m2), 2 bedroom apartments (140m2) and 3 bedroom apartments (198m2).
Also forming part of Phase 1 will be a commercial and retail component, as well as recreational facilities. The first set of apartments will be delivered in December 2020.
Phase 1 is a small portion of the greater development which will house many other facilities.
MoneyCentral investigations show that prices for the Studio apartments start at N89,000,000 and the 2-bed apartments start at N112,000,000 and the 3-bed apartments will start at N159,000,000 inclusive of all fees except the transfer of title.
The prices will vary slightly depending on the floor level and the views.
The payment plan terms for the units that will be ready in December are as follows:
- A 30% deposit is required on signing of the sales contract.
- A first stage payment of 25% (twenty-five percent) of the Purchase Price shall be due and payable in July 2020.
- A second stage payment of an additional 25% (twenty-five percent) of the Purchase Price shall be due and payable in September 2020.
- The final 20% (twenty percent) of the Purchase Price shall be due and payable in December 2020.
The developers have also signed an agreement with Prudential Mortgage Bank to offer the buyers at Ilubirin a 70% mortgage facility with a payback period of up to 15 years.
So there you have it. A project originally begun as an affordable real-estate offering for the low to upper middle class and above in Lagos has pretty much been priced for the high end market.