A 24 month construction period has been set to deliver a unique residential haven, the Modo Heights Estate located on the new eight-lane Mile 12 Ikorodu Town Expressway.
The project is being proposed by CARIFOS in partnership with Imperial Homes Mortgage Bank Limited and the Lagos State Government to build a set of ambitious and yet achievable urban mid-risers of eight floors that is befitting of the mega city goal by virtue of the Urban Renewal Initiative (URI) of Lagos State Government to renew and transform the shanties on Ikorodu road.
The proposed site is 3.8 hectares in size within a larger residential development and well located on the Mainland at Ajelogo/Akanimodo area. It is well-served by the Ojota-Lagos Highway via the third Mainland Bridge as well as via Ikorodu Road with direct access to Ikeja municipality. It is therefore most suited to the medium income working class of Lagos State Citizens.
Speaking on the project recently, the Project Executive Director and Chief Operating Officer of OKB and Associates, Ms. Abisola Kadiku, said that “the City of Lagos has become one of the fastest growing cities of the world with a surging demand for luxury accommodation. While the Lagos State Government has put in a lot of effort to provide affordable houses particularly in the Low-income group, there is still an acute shortage of accommodation for the medium-to-high income residents. The State Government has therefore pursued its policy of Private Public Partnership (PPP) by providing State Lands to developers for development of residential homes”
Recent survey, according to her, confirms a high demand for such accommodation in the Mainland of Lagos. “It is a perfect mix of residential and commercial, a most unbelievable development, guarantees a type of real estate that exists only in “far away countries”.
“The project is expected to be completed in phases with the first being 3nos blocks X 30units (90units) over a 18-month tenor. The construction of the remaining phases would be subject to demand. All statutory approvals/permits have been secured for the project to take off,” she said.
Continuing, Kadiku stated that the development has been designed for 15 blocks (30nos, three-bedroom luxury flats on seven floors; each with one-room self-contained service quarters).
She also revealed that the Estate is designed to be self serviced with the Perimeter Fencing with Gates, CCTV and Security, Fire Hydrants, Recreation Facilities to include Gymnasium, Basketball Court, Lawn Tennis Court and Central Recreation Area.
Other unique facilities include Alternative Power/Solar Powered Street Lighting, Well Laid-Out Road Network, Concealed and Flowing Drainages, Moderately sized swimming pool complete with change rooms, Water borehole and treatment plant, well-landscaped green areas and Gas Refill Plant for Cooking Gas
Each apartment block is supported with well equipped laundry services on the ground floor and each apartment is adorned with a spacious terraced living room, a separate dining area, a large kitchen and en-suite bedrooms; a befitting reward for the hard-working, growing and upwardly mobile family.
The development, according to the Project Executive Director, is targeted at medium to high income working class with earnings enough to sustain 15year mortgage repayment plans at reasonable interest charges. Mortgage Finance has therefore been secured with a high street bank. Rent-to-own finance with fixed repayments slightly over 20 years is also available.
In order to attract off-plan buyers or investors, a down payment of 5per cent has been set as effective commitment fees and 25per cent of sale price is payable at 50per cent completion, further 20per cent payable at 70per cent completion, 20 at 90per cent completion and 30per cent at delivery.
She added that ‘Modo Heights’ is “set with a bird’s eye view of perhaps one of the most incredible glimpses of the Lagos Lagoon, coupled with its unequalled road accessibility to every part of the city. This unique development provides a perfect respite for city-sleekers seeking a quiet hideaway after the hustle and bustle of a busy day”.