• Friday, May 24, 2024
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Consortium offers investors mortgage facility on Festac Phase 11 Estate


A consortium of professional real estate marketing agents says there is mortgage facility for investors wishing to buy from the 7,000 serviced plots of land on offer at the recently concessioned Festac Phase 11 Estate in Amuwo Odofin Local Government Area of Lagos State.

The consortium appointed by the New Festac  Property Development Company Limited (NFPDCL), concessionaire and developer of the new estate, comprises  M.I.Okoro & Asssociates, Ajayi Patunola & Co, Osas & Oseji, Herbert Onodingene & Partners, Godwin Iteghete &Co, and Sola Badmus & Co.

At a press conference in Lagos at the weekend, the consortium which has M.I.Okoro & Asssociates as its coordinator, explained that  their principal, NFPDCL, which has given them exclusive marketing right to the estate, has assembled some Nigerian banks led by Sterling Bank Plc for the purpose of providing mortgage facility for prospective buyers and investors.

Meckson Innocent Okoro, Principal Partner, M.I.Okoro & Associates, recalled that the Federal Government in 1977 acquired 2,024 hectares of land in Lagos for housing development, adding that  part of this land was developed in preparation for the hosting of second World Black Festival of Arts and Culture (FESTAC) hosted by Nigeria in 1977.

He added that this development left a balance of 1,126 hectares of swampy land now known as Festac Phase II which was concessioned to a consortium of investors with NFPDCL as special purpose vehicle under a 30-year build, operate and transfer lease agreement (BOT).

Okoro said that the consortium has been mandated by their principal to commence off-plan sale of the plots at an introductory price of N25 million per plot size of 850 square metres, explaining that the plots would sell at this price  for the first 100 plots as an encouragement to buyers.

“The price will change to between N35 million and N40 million immediately after the first 100 plots are sold out  and buyers will  take physical possession of their plots within 24  months when sand filling and other  infrastructural facilities are expected to be fully put in place”, He assured.

According to him, the concessionaire’s choice of professional and reputable real estate agents was to allay buyers ‘ fears of fraudsters and quacks in estate agency practice,  stressing that because they are all  members  of the Nigerian Institution of Estate Surveyors & Valuers (NIESV), buyers should go to sleep  as their investment is in safe hands.

Okoro assured that buying into Festac Phase 11 Estate was a good investment decision, explaining that  the investor would get good and quick return on his investment  because that part of Festac zone accommodates developments for high, medium and low income  residential schemes.

“Adequate zoning arrangement has been made for commercial, residential, recreational, industrial, institutional and other complementary uses which is in tandem with town planning regulatory laws”, he said, adding that  the serviced plots would be complemented with green areas, off street parking, power supply, petrol station, shopping malls, hospitals, hospitality centres, well laid roads, water  works, street lights, sewage disposal systems, incinerators and all necessary support infrastructure which, he said, would drive up the value of the land  within a short time.

Chuka Uroko