Babajide Odusolu, Managing Director, Ogun State Property and Investment Corporation (OPIC) has declared that massive sales of housing stocks located within highbrow MTR Gardens at Isheri end of Lagos-Ibadan expressway, among other returns, has fetched the State government N1.32 billion revenue in the first quarter (Q1) of 2019.
BusinessDay reports that the MTR Gardens is an organic community located at Isheri, a 10- minute drive from the Alausa Secretariat, and 30 minutes away from Murtala Mohammed International Airport, both in Ikeja which provides over 600 apartments consisting of 460 units of premium 3-bedroom apartments with BQ and 120 units of 2-bedroom apartments.
MTR Gardens is one of the flagship housing estates apart from Maku residential and industrial estates tagged “New Makun City situated at Sagamu interchange end of Lagos-Ibadan expressway which is designed to bridge housing deficit for three Southwest states, namely, Ogun, Oyo and Lagos with a view to domesticating more workers working in those states mentioned in Ogun state as part of effort to shore up revenue through Pay-As-You-Earn tax (PAYE).
Speaking at Q1 evaluation of 2019 budget by Ogun State House of Assembly on Wednesday, Odusolu, who was represented by Adeniyi Adenekan, Director of Finance at OPIC, gave the breakdown of revenue generated within three months of this year, to have included contractor and deed registration fees, change of ownership fee, sales of building, rent on government assets and properties among others.
He said, “The massive sales of housing units at MTR Gardens, Isheri brought the largest percentage of revenue made with the first three months of the year and we have made such a huge revenue from that housing project based on world standard structure and offerings embedded in the entire housing estate.
“We have made MTR Gardens in such a way that central services within the estate offers a recreation facility with a neighbourhood store, swimming pool and multipurpose gym, dedicated power supply, paved road and walkways, packaged sewage facilities, potable water and security services.
“We have also constructed a 2.5km arterial road network to service both the community and the larger River View/Isheri North communities around it as well as a link road that connects the MTR Gardens to Lagos-Ibadan expressway. All these and many more have increased the value of the buildings over time and have also made the place a choice area doe would-be buyers and occupants of the estate.”
RAZAQ AYINLA, Abeokuta
