By 02/07/2012 04:51:00
RENEWED efforts in increasing the nation’s housing stock have continued to yield dividend, with the unveiling of a multi-million naira luxury terrace buildings in
RENEWED efforts in increasing the nation’s housing stock have continued to yield dividend, with the unveiling of a multi-million naira luxury terrace buildings in the heart of Ikeja, Lagos.
The estate, promoted by Messrs Commercial Properties Limited is located at Ikeja GRA and known as Fountain Estate.
The project was completed with a mix of offshore and local financing through what the developer called spontaneous financing. Messrs Haske Technologies of Long Island, New York, United States of America provided financial creativity that piloted the project. Local financial institutions that backed the company financially include – Ecobank, Zenith, First Bank and GT Bank, and Keystone Bank.
The concept of Fountain Estate was mooted under the trade name Sotajo Nigeria Limited. This concept was successfully marketed to Express Discount Limited who after observance of due process released funds for the project. “A time came when non-Banking financial institutions were instructed to divest from certain investments and this just opened the door for Commercial Properties Limited buy over the stakes in the estate,” according to company’s Managing Director, Mr. Sesan Oluwasanya.
Essentially, the estate consisting of 40 units of three bedroom terrace houses, and each of the units is laid out on three floors. The ground floor has an anteroom, kitchen and maid’s room en-suite, first floor comprises sitting room with balcony and a bedroom with balcony while the second floor has two bedrooms with balcony.
Each of the unit has a price tag on N80 million. Fountain estate’s amenities for the residents include standby generator, borehole and water treatment plant, paved floor, swimming pool and gym and two dedicated transformers.
Oluwasanya explained that the spontaneous financing adopted enable the firm delay payments on suppliers, use contractor financing, go into off plan marketing to raise funds to finance receipts from contractors and suppliers.
“Because of the high-wire financial engineering that we needed to deploy during the course of executing the project, a lot of tensed moments came between us and our Contractors who had to, at more than one occasion; accept a shift of our payment promises,” he said.
He said the mix development promoted by the Lagos State Government in Ikeja GRA is healthy for environment and would boost commerce.