Buy while it's hot, no credit-crunching this!

Lagos, Nigeria 1004 flats now on unit sales:

This is the biggest single transaction in the real estate business in Nigeria (07/04/2009).

Somewhere around Adetokunbo Ademola and Ozumba Mbadiwe, Lekki – Epe Expressway, the building UACN Property Development Company (UDPC) Plc purchased for a few billion naira will now sell for (HOW MUCH?) at least 60 billion naira! The building has been equipped with CCTV survillance cameras, electronic card access system, 4 swimming pools, lawn tennis and squash courts, 4 gymnasiums, 4 Generators, security patrol team, water fountains, panoramic lifts, club house and bar. Each apartment, fully funished has prepaid PHCN meter, microwave, a/c, washing machine and dryer.

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How much? Okay, it’s VERY cheap and affordable especially for salary earners, students and self-employed individuals (no be me talk am o). Each of the 2-bedroom apartments goes for 45m if the buyer is paying cash and 50m if payment is by installment. 3 and 4-bedroom apartments go for 65m and 85m respectiviely with 5% discount if it is a cash deal (jale jale). To all the alaroros, they are closing approximately 1 out of 10 enquiries (I mean 10 phone calls lead to 1 sure deal). Zenith and IBTC are the risk takers. There are only 42×2br flats, 84×3br maissionette, 34×4-storeyed of 8/4-br flats each, 8×4-storeyed blocks of 6×2-br maissonettes, 1×3-storeyed block of 6×2-br flats. If your calculator isn’t displaying 1004 total at the moment then you probably aren’t ICAN certified!

Is it worth it?

I can’t answer that, but logically, I think it is. The location (proximity to important places) makes it even more valuable than Lekki Phase 1 – VGC and beyond. In the heart of Victoria Island, with less traffic and more options (roads, clubs, hotels, work e.t.c.) I think it’s the best bargain anywhere on the Island. Former residents can bear me witness. Surrounding buildings include Civic Centre, Law School, Sweet Sensation, Cactus, BJay’s Hotel, Jazz Club e.t.c to mention a handful. If you can, then buy and rent it out.

ps: This is the biggest single transaction in the real estate business in Nigeria.

LagosMet: My problem, for aproximately 5,000 people in one huge compound, no medical facilities, no creche, no school just a bar and a night club? C’mon.

Trackback: Is your home crumbling? As buildings keep crumbling, the Lagos State Government has reacted by visiting suspected and reported buildings, marking them X and bringing them down to ground zero. If you suspect any such building, please report to the authorities (no toll-free 911, sorry!)

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