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Dynasty Residence 5, Agege, Lagos

Agege, Lagos, Nigeria

Description

2-BEDROOM APARTMENT AT AGEGE, LAGOS.

Project Decsription:   The 24 units of 2 beds apartment are being built on 3 suspended floors spread across 3 blocks (A,B and C) with each block comprising 8 units of 2 beds flat, 2 cars parking per apartment. Each apartment comprises 2 beds (ensuite) + 1 Living room+ 1 kitchen + 1 pantry + 1 laundry area; total floor area is 117sqm:

  • Smallest room is 18sqm and the toilet/bath is 3.7sqm
  • Biggest room is 20.5sqm and the toilet/bath is 3.7sqm
  • Living room is 29.3sqm
  • Dining area is 9.5sqm
  • Foyer is 2.5sqm
  • Kitchen is 12.6sqm
  • Pantry is 2sqm
  • Laundry is 1.7sqm
  • Visitor’s toilet is 1.5sqm
  • Front balcony is 5.6sqm
  • Rear balcony is 1.9sqm

Estate infrastructures: Electric Perimeter Fencing; Water Treatment; Power Generation System; Fence lights; Gate House; Estate Facility Management Office and 24-Hour Security/Surveillance.

Estate Location:  Strategically located in Agege along Moricaz Street, 1 min drive from the major motor road, boarding Agege Pen Cinema ,making it a prime site as it is easily accessible (apprx. 30 mins from Lagos international airport), and within the vicinity of the major housing estates. This guarantees a livable neighborhood, as buyer(s) could take immediate possession of the property.  The excellent location makes the development an ideal investment for owner occupiers and non-resident investors alike. The Influence is not only demographic, but also economic and this is because “it represents an area of dominant influence” over markets in adjacent areas in addition to its proximity to the Island (apprx. 35 mins).

 

 

Ease of Purchase: To ease purchase and actualize prospective buyer(s) home ownership aspiration we have staggered payment options available on demand.

Summary of Risk and Mitigants:

Performance Risk: 
This is the risk that project promoters do not comply with standard construction practice and sanctioned by development authorities and that contractors are not able to meet financial obligation to finish construction.

Dynasty Real Estate (DRE) Ltd has committed capital to the development and construction work is ongoing. We have appointed Etteh Aro Limited as the Lead Project Managers to ensure the quality and compliance with standard construction practice.
We have also created a project account specifically for this project to mitigate against funds diversion and ensure effective utilization of funds in line with the schedule of works and Bill of Quantities. We have also shown capacity in previous and ongoing projects and exited within agreed timeline. Visit www.dre.ng for more info on our projects.

Collateral Risk:
This is the risk that the land title for the development is encumbered.

A search report on the Agege land has been conducted at the lands department in Lagos and the title is certified to be clean/valid and free from all encumbrances. The land title is a Certificate of Occupancy (CofO) no: 10A/10A/2015E with a leasehold period of 99 years commencing from January 1, 2015.

Demand/Exit Risk:
This is the risk that there might be little or no demand for the development and such the project might be stalled and not delivered as scheduled.

We secured 22% offtakers cash commitment for the development at ground breaking as the pricing & expected qualities of work were attraction to potential buyers. We have also phased the 24 units into 3 blocks with 8 units per block for ease of delivery and habitation.

  • City: Lagos
  • State/county: Lagos State
  • Neighborhood: Agege
  • Country: Nigeria

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