Gran Imperio Group, a holding company to Howard Roark Limited and Metropole Interproject Limited, brought excitement into the property market recently with its “EssentialHomes”, targeting middle-income earners who, it says, are grossly under-served with one of the basic needs of man.
Set out to deliver significant value in the real estate market to institutional, corporate and private clients, Gran Imperio has been involved in the construction of more than 2,500 housing units in Lagos and, according to its officials, the company is also out to support investors with its rent-to-own initiative.
Isaac Etim, Howard Roark’s marketing manager, explained to BusinessDay that EssentialHomes aims to deliver affordable yet classy homes to young individuals and families, pointing out that they have the objective and capacity to support this category of people to achieve their dreams of owning their own homes.
“Our ‘Rent-to-Own Housing Scheme’ is a flexible housing savings scheme for tenants that are anticipating to buy their own property in the next 2 to 3 years; it guarantees rental yield to investors interested in buying our products while we provide potential tenants for their units,” he said.
Configured in 2-bedroom, 3-bedroom, and 4-bedroom terrace bungalows, EssentialHomes is exquisitely finished and delivered within 180 days with air-conditioners, good quality finishes, adequate parking spaces, private garden, AstroTurf football pitch, swimming pool and other recreational facilities.
Yinka Olafimihan, project manager, Civil Infrastructure and Land Development, confirmed that construction activities on the pilot projects are currently on-going in five strategic locations in Lagos. These include Southpointe Estate Lake View Park II, Golden Leaf Estate, all in Lekki; Lord’s Estate located off Abeokuta Expressway, Ogun State; and Oworonsoki Redevelopment Scheme, off Third Mainland Bridge, Lagos.
An exciting feature of this scheme is its relative affordability and flexible payment system which includes mortgage facility to be provided to buyers by GTHomes, a primary mortgage bank.
“A 2- and 3-year payment plan has been designed. Flexible mortgage options are also available from GTHomes for 5 years, 10 years, 15 years and up to 20 years tenor,” the marketing manager assured, adding that a one-off payment for any of the units attracts 7.5 percent discount.
For payment in two instalments within 120 days, he added, the first instalment, expected to be at least 50 percent of the total cost, attracts 3 percent discount, while payment in 4 instalments, attracts no discount.
For those wishing to buy through mortgage, the payment plan for the three house-types requires 25 percent initial deposit or equity contribution, while the mortgage bank provides loan facility on the 75 percent balance repayable in 5, 10, 15 or 20 years as applicable.
“Any buyer going for our 2-bedroom bungalow which goes for N11,950,000 has to bring 25 percent equity representing N2,987,500, leaving him with a balance of N8,962,500 on which mortgage is provided,” Etim explained.
