Property Advice
Financing your dream home is no longer as difficult as it once was. The days of strictly cash-and-carry transactions are long gone, and have given rise to payment plans designed to take away the burden of having to pay one massive lump sum. Here are some of these options.
Eden Gardens
Location
Situated close to Abraham Adesanya, Ajah, Eden Gardens offers a studio apartment as well as one-bedroom, two-bedroom, and three-bedroom flats, four-bedroom terraces, semi-detached duplexes and detached duplexes. The developer, Citiprops, also has three options of finish: Polished Shell—finishing on the exterior and all services done on the interior; Classic Finish—top finishing with fitted kitchens; and City Smart Finish—smart installations done for you (price available on request).
Payment Plan
Citiprops teases a plan alongside partner banks so that you can pay between 20% and 40% upfront, with the balance of 60-80% paid as a mortgage loan over five to 10 years or more. Here, the agency will take on the task of finding a bank, doing your pre-qualification and other requirements.
But for now, the real estate agency offers two options. The first is Stage Payment, where you pay in milestones while the house is under development, which lasts one to three years. The prices depend on how many years it takes for it to be developed. With each milestone, you pay an instalment, and when the house is completed, you move in.
The other option available is Develop-and-Rent-to-Own, which allows you to move in as you continue your payment. Here, you pay 60% during the construction period—10% to commit and 50% during the construction period. Once the 60% payment is complete, you can move in. The construction period could be six months or one year. After moving in, you pay the 40% balance over up to three to five years on a rent-to-own arrangement. It is structured to your cash flow and you even have the options of paying monthly, quarterly or annually as you would pay rent.
Note that it comes with a bit of a premium. Your payment includes the Rent Credit, which goes towards repaying your instalment. You also have the Rent Premium and a management fee, in addition to a 1% entry fee, 1% exit fee, and 1% legal fee. However, Citiprops assures you that in the long run, the rate is approximately 10% per annum, saving 20%-30% when compared to taking a regular bank loan.
Gloch Tower
Location
Gloch Tower, Victoria Island is a 21-floor residential structure located at 9A, AJ Marinho Drive, just behind Eko Hotels and Tours. It offers one-bedroom apartments, three-bedroom apartments, and four-bedroom maisonette penthouses totalling 340 units on five flours.
Amenities
The ground floor, first and second floors are parking areas. On the floor, you will find recreational facilities, including the swimming pool, gym and lounge, as well as the facility management office.
Payment Plan
There is a 30% down payment, and since the buildings are under construction, the balance is tied to milestones, spread across 30 calendar months, enabling you to monitor the progress. Gloch Tower offers the benefit of flexibility when you buy at this stage of development, being able to spread the payment and make changes to your apartment as you wish. Then you can move in when construction and payment are complete.
Galilee Heights
Location
Also developed by Gloch Stylistic Limited, Galilee Heights Duplexes is a 21-floor apartment block located on Kwara Street, Banana Island.
While the one-bedroom flats on the fourth floor are priced at N50m, the ones on the 12th floor and below are N65m, and those on the 13th floor and above are N75m. As for the three-bedroom flats, on the 12th floor and below, the price is N150m, while those on the 13th floor and above go for N165m. Meanwhile, the four-bedroom maisonettes penthouse are selling for N520m.
Galilee Heights comprises 28 units of four-bedroom maisonettes with two attached maid rooms and is crowned with two units of five-bedroom maisonette penthouses with two attached maid rooms, which occupy the 20th and 21st floors, providing an unrestricted view of the Ikoyi neighbourhood.
Amenities
The facilities include an infinity swimming pool, gym, elevators, smart homes, 24-hour power supply, concierge services, pool bar and café and multi-level car park.
Payment Plan
Three-bedroom flats are selling for N285m, while the four-bedroom maisonettes are N520m. Like Gloch Tower, Galilee Heights requires a 30% down payment, while the balance is spread over 30 months and tied to milestones. It also promises an over 40% return on investment after construction.
Queen’s Homes
Location
Queen’s Homes, located in Isheri North GRA, developed by Landmark Corporate Realty Ltd, offers apartments and duplexes. It is situated within a 2-3km radius of Channels Television, Lasena Water, Rainbow FM and FAAN Quarters.
Amenities
It offers an advanced home network, automated doors, distributed audio, advanced security, lighting control, remote access, and 24-hour power supply. The houses are sold fully finished with interior doors, tiles, sanitary fittings and kitchen fittings.
Payment Plan
The two-bedroom apartments are N27.5m (0-6 months), N30m (12 months), N32m (18 months) and N35m (24 months). For the three-bedroom apartments, the plans are N32.5m (0-6 months), N35m (12 months), N37m (18 months), and N40m (24 months).
The three-bedroom terrace duplex with one BQ as well as the three-bedroom semi-detached duplex with one BQ go for N40m (0-6 months), N42.5m (12 months), N45m (18 months) and N47.5m (24 months). The initial deposit is N2.5m.
For the four-bedroom fully detached duplex with a BQ (without penthouse), the prices are N75m (0-6 months), N77.5m (12 months), N80m (18 months), and N82m (24 months). Meanwhile, the four-bedroom fully detached duplex with a BQ (with penthouse) goes for N85m (0-6 months), N87.5m (12 months), N90m (18 months) and N92.5m (24 months). The initial deposit is N5m.
After the initial deposit, you are expected to pay the balance monthly. Queen’s Homes notes that the prices are subject to periodic reviews.
Fairfield Apartments and Eastland Golf Estate
Location
Fairfield Apartments and Eastland Golf Estate are neighbouring estates located in Abijo, a five-minute drive from Novare Mall, Lekki.
In Fairfield Apartments, a finished or semi-finished one-bedroom apartment is being sold for N14m/N11m, two-bedroom apartment for N20m/N16m, or three-bedroom apartment for N25m/N21m. Meanwhile, in Eastland Golf Estate, you have the options of 500sqm for N13.5m and 260sqm for N7m.
On the other hand, Eastland Golf Estate allows you to buy land and build to the standard set by the developer, Middlechase.
Amenities
For the serviced apartments in Fairfield, there are basketball courts, tennis courts, a gym, swimming area, and green area. The main attraction in Eastland Golf Estate is a golf course.
Payment Plan
To purchase any of these properties, you are to pay an initial deposit of N4m and the rest of the payment is spread out over a six-month or 12-month period. You will have to complete the payment before you can move in.
Ambiance Heights and Pearl Residences
Locations
Situated off Freedom Way, Lekki Phase 1, Ambiance Heights is developed by Tribitat Real Estate. Nearby are Dome Church, VFS Global Visa Application Centre, Periwinkle Lifestyle Estate, Purple Lekki Shopping Mall, Women Technology Empowerment Centre, Blue Water Academy, and Richmond Pearl by Havens Homes.
Meanwhile, Pearl Residences in Abijo, Ibeju Lekki, also developed by Tribitat, is a less-than-one-minute drive from Lekki Expressway and a 10-minute drive from Victoria Garden City, Lekki. It is flanked by Novare Mall and in close proximity to Lagos Business School.
Payment Plans
For Ambiance Heights, there is an 18-month payment plan. The two-bedroom maisonettes are priced at N70m, while the three-bedroom maisonettes sell for N80m. With the 18-month payment plan, however, the two-bedroom maisonettes are N75m, while the three-bedroom maisonettes are sold at N85m. For both, the initial deposit is N10m.
In Pearl Residences, there is a 24-month payment plan with an initial deposit of N3m for one-bedroom (N18m), two-bedroom (N25m) and three-bedroom flats (N45m). And you have to complete the payment to be able to move in.
Amenities
Ambience Heights promises 24/7 power supply and advanced security, water supply, modern elevators, a kids’ playground, swimming pool, gym, and smart home features. Similarly, in Pearl Residences, you are offered a cinema (for the three-bedroom penthouse), CCTV cameras, a swimming pool, outdoor play area, landscaping, a shopping complex, and sport corridors.
Greater Lagos County Apartments and Willcrown Apartments
Location
The Greater Lagos Country Apartments is located in Obele Oniwala, Surulere, developed by Megamound in conjunction with the Lagos State Government. It has a selection of one-bedroom, two-bedroom and three-bedroom apartments close to Surulere’s central shopping boulevard and restaurants. The private residences range from 58sqm to 138sqm. Some nearby landmarks are National Stadium, National Arts Theatre and Eko Bridge.
Willcrown Apartments, located in Kingsbay Estate, Ikota, is also developed by Megamound, five minutes from Chevron and the 2nd Lekki Toll Gate.
Amenities
Greater Lagos County offers central power generation, street lighting, clinics, a pharmacy, a central sewage system, garden and landscape, a fast food outlet, a club house, recreational parks and estate management. Some of the amenities provided by Willcrown are 24/7 power supply, standby generators, central water heating systems, solar inverter, WiFi/Internet facilities, and DStv satellite connection.
Payment Plan
Greater Lagos County is offering an initial deposit of 20% and seven-year mortgage, where you can get a one-bedroom apartment for N22m (N209,523/month), a two-bedroom apartment for N32.5m (N309,523/month), and a three-bedroom apartment for N42m (N400,000/month).
Willcrown offers an initial 20% down payment and 10-year mortgage and you can pay N26.2m (N200,000/month) for a one-bedroom flat, N42.4m (N490,000/month) for a two-bedroom flat, and N47.6m (N586,000/month) for a three-bedroom flat. The buildings are off-plan, which require completion of construction to be occupied.
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