FEMAB partners Chinese
firm, offers mortgage incentives in Diamond Estate
By PAUL ERONSELE OJENAGBON Email: pauloje2000@yahoo.com
Monday, September 11, 2006
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Units of 4-bedroom semi-detached houses in Diamond Estate
Photo: Sun News Publishing |
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A result-oriented partnership with a reputable Chinese firm,
rock-solid guarantee from a top rate bank and fabulous mortgage
incentives are the major highlights of the FEMAB initiative
in Diamond Estate.
In a rare entrepreneurial real estate drive, FEMAB Properties
Limited has entered into partnership with Chinese firm, Messrs
Zibo Qingyuan Construction & Installation Company Limited.
The firm which grew out of the larger Lucun Building Engineering
Company of Yijuan County is one of the earliest Chinese enterprises
in construction and installment.
Zibo which essentially comes into partnership with its Nigerian
counterpart as contractor of the project brings into the development
its hard-earned high technology in construction and rich experience
garnered from numerous campaigns abroad.
Other members of the team include Messrs Concost Limited as
Quantity Surveyors, Messrs Yomi Adebisi & Partners as
Town Planners. Perhaps, to instill public confidence in the
project, the developers have gone a step further to secure
the guarantee of Ecobank Nigeria Plc. The bank throws its
financial weight behind the project as guarantor for all deposits
of prospective buyers, while serving as mortgage provider
and also as the depositor bank.
The Managing Director/Chief Executive Officer of FEMAB Properties
Limited, Mr. Biodun Aguda, took the opportunity of a recent
media briefing to emphasize the relationship with Ecobank
on the project: “we have secured the guarantee of Ecobank
Plc for all deposits made into the project. We operate a transparent
system and we will prove it to all prospective homeowners.”
The third plank of the mouth-watering package is the fabulous
mortgage incentive, which FEMAB offers on the project. For
many people for whom the inability to secure a good home of
their own still rests on the mortgage inadequacy, it is a
major opportunity to break out. FEMAB though regrets that
it could not offer more home-ownership opportunities in its
Diamond Estate: “we are conscientious developers. We
have feelings for people and the generality of Nigerians who
cannot own a home because of inability to obtain mortgage.
That is why we offer such fabulous mortgage incentives in
Diamond Estate. Sincerely speaking, we wish we had more homes
to offer than what we have currently,” Aguda asserted.
Underlying the convenient mortgage arrangement, which FEMAB
has put in place for its prospective buyers is the offer to
give physical possession to prospective homeowners who have
been able to meet at least 20 percent down-payment on their
dream home. The flexible payment structure allows prospective
homeowners to get allocation on the payment of 10 percent
and to move in on further payment of 10 percent while the
balance 80 percent is spread out in mortgage installments
over 10 years.
This is indeed a very rare offer as most developers of today
would insist on down-payment of at least 75 percent before
they give possession to would be owners, and according to
Aguda, “this is why we are different. We are not just
businessmen. We have an enduring concept to sell which other
developers are yet to know. We are on the scene essentially
to provide shelter to Nigerians. You can see that in the low
prices of the houses that we offer. Our offer is simply unbeatable
in every ramification.”
Diamond Estate is situated at Sangotedo along the popular
Lekki-Epe Expressway. It effectively covers a land area of
15 hectares. On offering are 200 housing units of types comprising:
3-bedroom flats, 3-bedroom Terrace (executive), 3-bedroom
(standard), 4-bedroom Terrace (standard), 4-bedroom Terrace
(executive), and 4-bedroom detached house.
Amazingly, the prices range between N8.5 million and N24 million.
Though site preparation works have commenced, the building
team expects to move to site in October. The development which
will cover two phases will yield 100 units in each phase.
As bonus, 50 housing units are offered at the introductory
rate (an offer which elapses by end of September). There are
also service plots of 650, 700 and 900 square metres at the
discounted rate of N6, 700 per square metre. Plot owners are
however required to conform to existing specifications in
building.
With the low prices, how will FEMAB manage the quality of
the development was a question Mr. Deji Ajayi, the firm’s
head of Business Development cut in to answer. “We got
our land very cheap. There is no reason to add to our people’s
housing problems by charging excessive prices. In Diamond
Estate, we will provide high quality homes that are better
than the more expensive ones in other estates.”
Houses in Diamond Estate will be well finished. The floor
is a combination of PVC tiles, ceramic tiles and vitrified
floor tiles. The internal wall finishes are a combination
of ceramic tiles, texcote and emulsion paint while the external
walls will be finished in emulsion. The ceiling is partly
asbestos and partly concrete.
To ensure the comfort and convenience of the residents, the
developers have made arrangement to put in place the necessary
infrastructure. These include roads consisting of interlocking
paved road network with covered drainage system to remove
surface run-off and waste water, to make the estate completely
flood free. To be put in place is a service network that encourages
constant electricity supply; provision of potable water from
borehole system; streetlights to illuminate the streets at
night; and a razor sharp security system with state of the
art equipment.
The community-based services to be provided include a neighbourhood
shopping mall, service stations, and hospitality centres.
Others include public open spaces for recreational activities,
nursery/primary school, clinics and community centre for multipurpose
activities.
The project which will gulp a whooping N4billion will be financed
from both foreign and local sources. Already, FEMAB has entered
into alliance with several multi-national cooperatives. The
construction period is effectively 12 months.
Concurrently, FEMAB is flagging off another development campaign
at Ikorodu to cater for the low-income cadre. West-side Estate,
as the project is called, is National Housing Fund (NHF) backed
and offers various house types including 2-bedroom Terrace
Bungalow, 3-bedroom twin Bungalow, 3-bedroom detached bungalow
and 4-bedroom detached bungalow. According to plans, construction
period is “effectively” six months and houses
would finally be delivered in another six months.
The main attraction is the much lower price.
For as low as N3.85 million, a home seeker can obtain a mortgage
backed 2-bedroom twin flat upon 20 percent down payment. With
the fantastic mortgage and price offers, FEMAB also targets
Housing Cooperatives of private and public organizations to
grab the unique opportunity with both hands. Intercontinental
Savings & Loans Limited will help prospective homeowners
to access mortgage facility from the NHF.
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