For mid-income home buyers and investors that have yield appetite, Merit Abode, a new generation real estate investment company, is creating opportunities with its new developments across four main locations in Lagos and Ogun states.
Known as Emerald Garden City Series, these developments are compelling destinations for reasons of their accessible locations, good roads infrastructure and return on investment potential for those who will be buying for investment purposes.
Apart from being a set of affordable residential properties promising to be safe havens for individuals and families, Emerald Garden City Series is designed to be Nigeria’s first privately owned estate series in suburban communities aimed to provide middle class Nigerians with luxury, comfort and security similar to what obtains in highbrow neighbourhoods in Lagos.
Simawa, Mowe-ofada, Ikorodu, Agbara and Ibeju Lekki where the properties are being developed are green, high-growth areas which, unlike the built-up city centres, hold promise for high demand and good return on investment due to the development of new infrastructure and industrial growth that will require facilities for living, working and leisure.
Simawa is a green but fast-growing area where property value is still relatively low but with strong expectation of appreciation, meaning that buying in that location today for investment purposes guarantees significant value appreciation tomorrow.
For the expansion of the Lagos-Badagry Expressway into 10-lanes with a light rail, any property bought along that axis is a very wise investment decision. Infrastructure is a great enabler of property value appreciation. This explains why three-bedroom bungalow s that were sold for N7.5 million each five years ago in one of the estates along that expressway now sells for between N12-15 million.
Ibeju Lekki where Emerald Garden City Series is also coming up is described today as the fastest growing neighbourhood in West Africa and the reason is simple. The Lekki Free Zone and the up-coming over 600 barrels per day Dangote Refinery are part of the reasons property demand in that axis is already rising.
The Alaro City being developed by Rendeavour in partnership with Lagos State government was launched in January 2019 and, only 12 months later, its residential plots of land were fully sold out, which underscores the level of demand in that axis.
It is expected that Dangote Refinery alone will be employing about 10,000 workers who will be needing houses to live and offices to work in. There are so many other industries that will be coming up in and around the Free Trade Zone.
“What we offer are innovative real-estate based investment solutions that intelligently and ethically leverage the current crises in the economy; we are out to empower investors and enable them achieve high returns on their real estate investments with low-risk exposure,” Oludotun Oseni , Merit Abode’s CEO, says, assuring that the development will be a reference point for future residential developments in the property market.
He disclosed that the company, through the Emerald Garden City Series, will make available over 100 acres of livable spaces to middle class Nigerians to build and occupy, thereby facilitating the development of over 1,000 housing units within the next 24 months.
“Merit Abode is committed to providing affordable homes to Nigerians at home and in Diaspora. We are taking steps to tackle the housing crisis in the economy by exploring viable suburban communities with close proximities to commercial city centres; We are also ensuring the availability of affordable residential homes of the highest standards to Nigerians that are willing and able to buy,” Oseni stated.
Ofure Oseni, the company’s General Manager, explained that the company carefully selected the communities for Emerald Garden City estates, pointing out that, since the introduction of the estates in 2013, the company has sold out over five phases across communities.
