Home | REAL ESTATE | Commercial Properties reveals Lagos ‘flagship’ estate project

Commercial Properties reveals Lagos ‘flagship’ estate project

Font size: Decrease font Enlarge font
fountain_estate fountain_estate

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.

Subscribe to comments feed Comments (44 posted)

lägenhet mallorca 07/08/2012 09:25:43
Thanks for sharing this information. I really like your way of expressing the opinions and sharing the information.The decision to invest in real estate can be a rewarding experience or an expensive error. It is good to move as chance bring new things in life, paves the way for advancement.
Calgary Rental Properties 11/10/2012 13:16:19
I found this is an informative and interesting post, I think it is very useful and knowledgeable. I would like to thank you for the efforts you have made in writing this article. I am hoping the same best work from you in the future as well. In fact your creative writing ability has inspired me. Really the article is spreading its wings rapidly.
Edmonton Apartments 11/10/2012 14:42:08
This is my very first time here, really good looking blog. I found a lot of fascinating things in your blog especially its discussion. From all the remarks on your posts, it looks like this is a extremely popular website. Keep up the good work
Cheap removals 25/10/2012 11:33:37
Great news. The post is absolutely fantastic! Lots of great, thank you so much for the informative article share with us, please continue to write such articles. I will be your faithful reader. Thank you again.
Owner Builder 22/11/2012 08:01:28
It is very nice post. I Have really enjoyed reading this great and fun article.So its great post.....
Reply Thumbs Up Thumbs Down
Report as inappropriate
Owner Builder 22/11/2012 08:04:23
It is very nice post. I Have really enjoyed reading this great and fun article.So its great post...
rolex fake 25/11/2012 00:23:29
Wonderful site=) I will take some time to think over the post!
replica watch 25/11/2012 06:56:34
Wonderful learn, I simply handed this onto a colleague who was doing some research on that. And he truly bought me lunch as a result of I discovered it for him smile So let me rephrase that: Thanks for lunch! Anyway, in my language, there aren t much good supply like this.
Interstate furniture removals 26/11/2012 12:10:55
This is a Nice post! It is very generous of you for taking the time to discuss this, the article is very nicely written and I am happy to find so many useful information here in the post, Honestly It is extremely helpful for me .
ugg boot discount 30/11/2012 05:53:18
wonderful!I was just looking for the information.Thank you very much.
christian louboutin pumps 30/11/2012 11:44:21
Great post. Just found it on AOL. Thanks for the useful information. Keep up the good work
1 2 3 4 5 next total: 43 | displaying: 1 - 10

Post your comment

Please enter the code you see in the image:

  • Email to a friend Email to a friend
  • Print version Print version
  • Plain text Plain text

Tagged as:

lagos, project, commercial, nigeia, properties, reveals, flagship, estate, Commercial Properties reveals Lagos ‘flagship’ est

Rate this article