Lekki Gardens, one of Nigeria’s leading residential real estate developer, has brought exciting moments into the Nigerian dull property market with its out-of-the-ordinary and fabulous offers to prospective home buyers from its numerous schemes in the Lekki area of Lagos.
In more ways than one, Lekki Gardens has distinguished itself from the crowd of developers, especially in the middle- and upper-middle segments of the property market where it plays. This time, the company is offering free flats and cars to people who buy two flats from its estates in Lekki Phase One.
The company, in a statement in Lagos, said home seekers who buy two flats from any of its four already delivered estates by Lekki Phase One – including Horizon 1, Horizon 2 Extension, New Horizon 1 and New Horizon 2 – at N24.5 million each, get another flat free plus a brand new car, which is to be delivered upon full payment for the flats.
According to the statement, whoever buys two flats, gets one flat free plus a Hundai Accent, while a buyer who goes for four flats gets one flat free plus a brand new Range Rover Vogue.
The company assures that these estates, which are located within the precinct of 3rd and 4th Roundabout, and Meadow Hall, Lekki Epe Expressway, are fully built and already habitable with the two-bedroom flats already renting for N2.5 million per annum.
It also assures investors of 40 percent immediate capital appreciation at the estates, which boast 24-hour electricity supply, underground power systems, stealth-level security, central sewage and water systems, recreational centre and good road network.
Lekki Gardens has been variously described as a game changer, a disruptive market leader, a new revelation in a crowded market, etc, all because of the way it has been able to break into the affordability jinx in Nigerian housing market.
Through its appropriate pricing mechanism, the company has offered rare homeownership opportunities to ‘everybody’ at locations they couldn’t ordinarily have been able to own homes.
“The customer is at the centre of our development considerations, and in every step we take, we ask ourselves what we can do to save money for the customer,” Richard Nyong, the company’s CEO, told BusinessDay in an interview.
Nyong said further that “if we do a project where we can make N30 million margin, if we make just N10 million because we want to save money for the customer, for us, that is a good deal, because our emphasis is not on huge profit but good deal for the customer.”
Recently, the company unveiled its housing development plan that targets 1 million housing units by 2023, and, according to Nyong, this target will see the firm spread its footprints from the current Lagos, Abuja and Port Harcourt property market to, at least, to 12 states in the country and subsequently Africa.
Analysts estimate that Nigeria’s 17 million housing deficit holds a market potential of $500 billion, pointing out that only 25 percent of the said deficit accounts for an effective demand.
Affirming this at his company’s recent real estate investment forum tagged ‘Unlocking the Opportunities in Nigeria Real Estate Market,’ Nyong noted that, with families spending between 40 to 70 percent of their income on real estate, the sector remains investors delight.
He disclosed that in an effort to tap into these new opportunities, his firm had developed unique capacities, such as deeper managerial skills, accountability and huge infrastructure investment.