A Lagos-based real estate developer, Crown Realities, has launched itself into the Abuja real estate market with the construction of 106 housing units with state-of-art facilities.

It is located at Mabuchi District, which sits on about four hectares of land in the choice area of the nation’s capital city, comprises 16 detached four-bedroom houses, all en-suite with two living rooms and one room boys quarter; 18 semi-detached four-bedroom houses, all en-suite with two living rooms and one room boys quarter, as well as 106 units of three-bedroom luxury condos with one room Boys Quarter on same floor.

Chibuzor Darl Uzu, chairman of the company in a chat in Abuja, said the company is investing about N2 billion into the construction of the estate, located at Mabuchi District of Abuja which is to be delivered by April 2011.

"We are finishing the houses beautifully, if you look at these tiles, they are not the usual tiles people buy in the market. They were made for us from the factory. They were made in China, they are not the usual types people buy and sell in the market so if you import it to sell, it will be difficult for you because it will be expensive.

"All the things you see here are the real copy of finishing, when we chose those things we use them to do the model so we want a situation when you finish a house you

move in. what has happened in our business is that when people finish the house, they buy the house and spend another money to make the house to their taste. We don’t want that to happen."

Uzu said the intention of the company to create a community where people can live and be safe and equip the estate with modern facilities.

According to him, the cost of the houses ranges between N40 million and N60 million and that arrangements are been provided for intending beneficiaries to assess mortgage facility.

Other facilities provided at the estate include pre-installed air-conditioners; private water works with treatment plant; streetlights; dedicated transformer and full stand-by central power supply; recreational club, with swimming pool; 24 hour security patrol with Closed Circuit Television (CCTV).

Others are piped telephone, Internet and cable TV to individual houses; open plan estate with drive-in park; refuse collection and supermart.

He noted that the estate in Lagos is on a 50 hectares land. He unveiled the company’s plan to invest embark on several multi-billion naira projects.

Uzu disclosed that the company and Wen Group International, Thailand are working on various projects including the construction of 26 storey building along Aja-Lagos and five other multi-billion dollar projects.


http://thenationonlineng.net/web3/business/27980.html

good

60 million naira to buy a house? thats 240 thousand pounds !!

na wa ooh, hope dey at all for people like me to own a own a house abuja ?  

God, into thy hands i commit my spirit

macjive01:

60 million naira to buy a house? thats 240 thousand pounds !!

na wa ooh, hope dey at all for people like me to own a own a house abuja ?  

God, into thy hands i commit my spirit

do not worry brother, God will take control

60 million naira
even an MTN worker at N350,000 a month and saving up 200,000 out of the salary (if that is possible). it wud take her 5 months to mk a million and for 60 Million, that has to be 5 x 60 = 300 months. 25 years.

25 years to pay for the house. that is if she suspends having children and focus solely on the house ooh. forfeit holidays, or any idea of changing her wardrobe.

No wonder even the religious and pious ones still dabble into theft and accepting bribery.


can GEJ help us out of this? has he got a solution to stem the high cost of housing for the citizenry ?

What is so massive about housing units on four hectares of land?

Eko Ile:

What is so massive about housing units on four hectares of land?

Hard to tell if this is an advert, or an article.

Not the best piece of journalism

Eko Ile:

What is so massive about housing units on four hectares of land?

160 housing unit is not massive by your standards? From a local private investor ooh.

The development is a laudable one but Mehn, the pricing is scary. The government shd find a way to get involved in this. The govt cud provide /secure cheap land for the investors with an agreement on the final prices of the houses. So at the end of the day, the govt is not spending a dime from her pocket yet making available cheaper housing for Nigerians.

macjive01:


160 housing unit is not massive by your standards? From a local private investor ooh.

The development is a laudable one but Mehn, the pricing is scary. The government shd find a way to get involved in this. The govt cud provide /secure cheap land for the investors with an agreement on the final prices of the houses. So at the end of the day, the govt is not spending a dime from her pocket yet making available cheaper housing for Nigerians.   

Any development is good development, but labeling it massive is gross overreaching. 160 units on 4 acres of land sounds like 160 bird cages.

macjive01:

The development is a laudable one but Mehn, the pricing is scary. The government shd find a way to get involved in this. The govt cud provide /secure cheap land for the investors with an agreement on the final prices of the houses. So at the end of the day, the govt is not spending a dime from her pocket yet making available cheaper housing for Nigerians.   

No, let the free market set the price. I've zero interest in gov't involvement in the property market. If they want to setup the equivalent of Fannie Mae/Freddie Mac, that is fine. But directly controlling prices? Recipe for disaster.

eku_bear:

Hard to tell if this is an advert, or an article.

Not the best piece of journalism

It's really more about NL'ers their adulterations. The original article didn't say anything about massive (Lagos developer builds 106 houses in Abuja) but trust NL people to add their own twists to everything for what ever trivial reasons.

it depends on ur definition of massive anyway