Lekki- Epe Expressway. PHOTO: Rendel-ltd
The Fairmont Estate on the Sangotedo axis of Lekki corridor that recently joined the ranks of residential scheme in the Lagos metropolis is being aggressively developed and offering affordable land to prospective subscribers.
Developed by Propertymart, the scheme comes with an innovative and accessible payment structure for the young and upwardly mobile who are looking for good and affordable value on the Lekki corridor but who do not have the ability to put down bulk sum for land, pay cut-throat prices or be left at the mercy of land-grabbers or antics of traditional land owners – the Omo-oniles.
The Lekki corridor, reputed to be the fastest growing corridor in Africa will soon be home to the biggest port, the biggest refinery, one of the most beautiful and eco-friendly airports in Africa and a free trade zone which is already oversubscribed by future-oriented local and global businesses.
To this end, there has been concerted efforts by the state government to provide road infrastructure around the corridor given that it is already a high traffic routes – one that holds a significant economic benefit and potential to accommodate mass influx.
However, when all the infrastructure is done, perhaps, the missing link will be affordable housing for those who will work around this new economic hub.
Given this noticeable gap, Propertymart has launched a social enterprise strategy which it aptly calls the “housing revolution,” to intensify the strategy with the Fairmont land sale.
Speaking on the company’s housing revolution, the Managing Director, Mr. Deji Fasuwon said the need to encourage more persons to acquire their own properties at an affordable price under a flexible arrangement, a key-thrust of the housing revolution which the company is championing, is the reason for the Fairmont land sale deal, adding that with this deal, subscribers will be able to save over N4 million and pay over a five year period for premium land asset.
Fasuwon further said “we want to avail affordable and accessible housing to accommodate the volume of influx expected in this vicinity in the next couple of years given the envisaged business and economic infrastructure on the corridor.”
Speaking on the company’s vision, he said, “the thrust of our housing revolution is hinged on three critical things, the first is the provision of needed infrastructure such as roads, walk-ways, recreational facilities and security in order to having a serene living community with space and splendor.
The second is the availability of premium land and housing to the average middle-class Nigerian hence the convenient payment option with five-year tenor.
The third critical consideration is affordability – through creating unique products which are not priced out of the reach of working class Nigerians.”
Beyond the issue of access and affordability, the company is also pushing safety, security and style as advantages of the Fairmont Lekki offer. The estate will also be serviced, with paved roads, play-areas, large walkways and recreational facilities as well as a guarantee of constant electricity.
While comparing the Fairmont Lekki offer to similar developed and serviced plots, a survey of housing estate prices in the Lekki area revealed that a similar serviced plot of land of the same standard around the Lekki-Ajah area goes for as high as N20 million while a plot of Fairmont land is being sold at twelve million eight hundred naira (excluding ancillary charges) with opportunity of installment payment which starts with N640 000 while others are doing one-off payments which are not suitable to the cash-flow of salary earners who desire a share in the thriving prospect of the Lekki corridor.
Above this, the price is currently being driven by a promo and will revert to 16.8 million naira at the end of the promo.
Justifying, the Fairmont value advantage, Fasuwon said “being a social enterprise’, Propertymart believes in driving inclusion and access, and in arriving at a handsomely reduced price for the Fairmont serviced plots, we considered the need to drive our Housing Revolution using novel products aligned to current economic realities and the pocket of our target subscribers.”
He further said early buyers will also be at an advantage as lands in the estate will soon appreciate more than their present value as infrastructure developments in the area come to fruition.
