After the election season that brought lull into the property market in Nigeria, developers are returning to the market with products, offering strong value propositions aimed to rekindle investor-interest and also stimulate demand by home buyers.
One of such products that has entered the post-election market is The meadows—a project launched in Lagos recently by Palton Morgan Holdings and promoted by its subsidiary, Propertymart Real Estate Investment.
Besides superior infrastructure, good location and prospects of high return on investment which headline its value propositions to buyers and investors, The Meadows is also offering investors good price incentive that comes as 20 percent discount on each purchase made.
“The 20 percent price drop is our response to the post-election economic realities in the country. We are also mindful of the cash squeeze which the people are going through. It is our hope that this price incentive will bring excitement into the market,” the developer told BusinessDay at the weekend.
As a frontline player in the luxury residential segment of the property market, Palton Morgan has demonstrated an uncommon understanding of the state of the economy with this product located at Magbon-Alade, Ibeju-Lekki, in the heart of the New Lagos, close to the Lekki Free Trade Zone.
According to the developer, the 20 percent limited-offer discount on each plot at the estate means that more people now have the opportunity to invest and await the good return which the estate promises.
He added that, by virtue of its location and modern infrastructure.The Meadows will offer investors good value for their money as capital appreciation will happen in just a few years.
The development is a city where beauty meets nature; it is a true definition of future work and living, just as it is a Smart-Green Community where individuals and enterprises co-exist and thrive.
The Meadows, which offers home buyers opportunity to live in the heart of the new economic hub of Lagos, also offers them a lifestyle that will inspire them to thrive. It is a community that has a strategic location being sited at the heart of the ‘New Lagos’.
“The Meadows is a place to discover a resort lifestyle at its finest. You’ve known serenity, but not in a smart home. This unique development is set to be one of the smartest, master-planned communities,” Hakeem Bakare, General Manager, Propertymart Real Estate Investment Limited, assured.
Continuing, Bakare said, “this project features a Community Centre, Swimming Pool, Gymnasium, Tennis Court, Basketball Court, 5-A-Side Football Pitch, Jogging Track, Kids Play Area, Wifi Towers, Park Furniture, Water Treatment Plant, Sewage Treatment Plant, among others.”
Upon these best-in-class features and the 20 percent price cut which we are offering, Bakare assures buyers of whole 40 percent return on their investment within the shortest time. “Diversify your investment and get up to 40 percent ROI on The Meadows. It’s not just land, but an investment in the New Lagos,” he said.
A major highpoint of this development, according to the general manager, is the flexible payment options available to buyers. Currently, there is promotional price offer in which outright purchase is N27,250, 000 while 12-24 months instalment plan is N35,667,500 with minimum initial deposit of N6,400,000. The price for commercial plots is available on request.
“Buy now and get instant 20 percent discount,” Bakare said, explaining that the special offer is for a limited time and would be valid for limited plots. He stressed that buyers were expected to make initial payment of N6.4 million.
Giving further insights into The Meadows, Oladimeji Olatunji-Audu, the Business Development/Commercial Director, disclosed that Propertymart Real Estate, is a subsidiary of Palton Morgan Holdings, and that it is the developer of the new project which he described as a new definition of luxury and modern architecture.
Oladimeji noted that Palton Morgan, as a brand, was running at the forefront to build top-quality projects that will set a standard in the real estate sector in Africa as it commits itself to revolutionary ideas and strategies that fuel great innovations within the Nigerian property market.
He described Propertymart as an old and new story put together, saying that the company is ancient and modern because, though it is a subsidiary of the Palton Morgan Group, it predates the group.
“I can confidently say that only a few companies in Nigeria have come as far as Propertymart has. Looking at the entire group, by my last check, we have close to 7,000 families that have benefited from the housing and land schemes we have sold and delivered to different customers.
“Many of them bought from our serviced land and I can tell you that this is one of the ways through which the housing deficit in Nigeria can be resolved,” Oladimeji said.
He noted that besides location and infrastructure, return on investment (ROI) is another catch-word frequently cited by real estate products suppliers as a major value proposition for potential investors and home buyers, adding that Palton Morgan combines the three in its luxury developments.
He said that, for regular investors, especially the types called portfolio investors, the great story they always wait to hear on a real estate project, big or small, is how much comes back to them as return on their investments.
“This explains why, almost always, products suppliers put forth figures that can hardly stand the test of time unless supported by features and facilities that drive interest and, at the same time, raise value propositions.
“Masters of the game know this and so, go the extra mile to plan their developments in such a way that they become too compelling to ignore by both portfolio investors and savvy investors who have short- and long-term views of the property market,” he said.
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It is a common view among real estate products suppliers that the growing sophistication of these products consumers, whose taste and class have also changed significantly, demand that developers have to scale up their value propositions along with their kind of offerings.
For that reason, many real estate developers in Nigeria are, increasingly, catching this bug and the country’s burgeoning market is the better for it. Propertymart Real Estate is one of the frontliners leading this charge.
The Meadows is a new addition to the many developments by Propertymart. Others are the prestigiouse Citiview Estate, Arepo; Fairmont Hilltop, Alagbado; Mitcheville Estate, Lokogoma; and Cranbel Court, New Makun City which, in their own right, are major openers or pace-setters in their respective communities.
The Citiview Estate, for instance, remains a positive turnaround in the economic fortunes of Arepo in Ogun State where it is located. Many refer to the estate as the Banana-island of Lagos mainland. Until Citiview Estate happened, Arepo was a sleepy community that investors avoided. The coming of Propertymart was the reason for the community’s new story today.