Sale of plots will officially commence this week in respect of “Royal Garden City,” a new estate being developed at Mowe-Ofada in Ogun State by the Allen Avenue, Ikeja-based Messrs. Portal Realties Limited (PRL).

Estimated to gulp some N1.5 billion, the development features the sale of serviced plots along with the construction of dwelling units. The estate will also be serviced with a road network, perimeter fencing with security gate, power transformer with street light and recreation centre

According to the PRL Head of Operations, Mr. Lanre Akanle, the estate, which spans 400 acres of land, provides for 1,500 residential plots and 250 commercial plots, while an estimated 100 plots will be built and sold.

He stated that three-bedroom bungalows and four-bedroom duplex units (both with boys’ quarters) would be built under the “Build & Sell” scheme.

Beneficiaries to the serviced plots will make an outright payment of N500,000 to acquire one. However, payment can be spread over 22 months with a monthly payment of N25,000, totaling N550,000 for a plot.

But the cost of a commercial plot determines the use the land will be put to Akanle, pointing out that the project was informed by the need to provide accommodation for the needy.

“The nation’s housing deficit has continued to spiral out of control and we all know that government alone cannot address this problem. So, it behooves on private developers such as us to contribute our little quota to national development by initiating affordable projects like this to provide decent accommodation to the people,” he submitted.

Akanle went further, “It is evident that urbanisation is rapidly eroding the rural communities of today and thereby transforming them into metropolises and making them more attractive and beautiful. Mowe-Ofada as a village has been previously affected by this positive phenomena and thus gradually changing from its old village looks with good and innovative planning by different estates surrounding the community.

“Royal Garden City is the only planned estate that has in itself the various needs that will capture and change the lifestyle of every subscriber that invests into it. Royal Garden City is the brain work of some internationally reputed experts who have done great tasks in changing the face of housing sector in most western worlds, and thereby transferring such ideas and patterns to Mowe-Ofada through which Royal Garden City is designed for everybody in all walks of life.”

He added that project is being financed via funds from local and foreign investors. He noted that Portal Realties Limited (www.portalrealties.com) directors such as Messrs. Bunmi Olugbode and Dapo Fasogbon have also directly injected direly needed funds.

On the status of development at the Mowe-Ofada axis, Akande emphasised, “One can count up to over 30 different estates on that axis; while it is glaring that so many of them are growing daily in terms of the numbers of building structures and building foundation. In furtherance, this residential axis has been receiving global attention it has been argued for as part of the Lagos Mega City project. With this information, it is very obvious that the future of this area is so bright and rewarding for both developers and investors.

“Property researches have shown that due to the global financial meltdownr, properties in highly ranked areas such as Lekki, Victoria Garden City, Victoria Island, Magodo G.R.A, and some other parts of the Lagos Mainland will experience a drop in values while those in the developing areas like Mowe-Ofada, Igbesa, and Ikorodu will attract good economic values. This is because people will prefer to go for the low priced properties since there is more capital to finance and maintain them.

“To this length, Mowe-Ofada has been seen as the hottest low priced property area which every individuals in the Lagos and Ogun can subscribe to for a plot of land with a flexible payment plan made by the various developers on this fast growing axis.”

For further enquiries, plz call 017379903, 08034565504 or visit our website www.portalrealties.com