Authorities of Megamound Investment Nigeria Limited have said that they have scaled down the size of projects they are known for as a response to the slowdown in the economy and the fall in market demand for real estate products and services.
Megamound, a bullish real estate investment and development company reputed for its large size housing estates of over 200 units, is today in the property market with a moderate size project offering 120 units of luxury three-bedroom apartments.
The company had in the past developed a number of estates in the Lekki axis of Lagos including the upscale Carlton Gate Estate located along Shevron Drive, off Lekki-Epe Expressway. The estate which sits on 40 hectares of land fully built up offered 231 plots of land comprising 11 plots of 1,200 square metres, 92 plots of 1,000 square metres and 128 plots of 800 square metres, totalling 231 plots.
The company also developed the Lekki County Homes which today provides homes for over 200 families in a cozy, serene, well landscaped environment, paved roads with ornamental trees and other facilities.
Its present efforts at responding to the market demand is also a measure of recognition by its managers that times are hard now and that climbing the property ladder is extremely difficult for most families in Nigeria today.
“We had not done apartments before. This is the first time and it is a response to the yearnings in the market”, Olumide Osunsina, the company’s MD/CEO says, explaining that a lot of their projects are necessitated by the environment and issues around the environment.
At N24.9 million per unit of the apartments, Osunsina believes the pricing captures the mood of the time, insisting that the units are affordable more so with the location and quality of the apartments.
“This is not the first time we are doing this. We were the first developers to start selling town houses for N10 million about 10 years ago and those houses are today selling for N35 million; the people who bought then took a very wise decision and are now enjoying 350 percent value appreciation”, he says.
The new apartments project designed as an extension of the Lekki Country Homes is yet another opportunity the company is offering prospective homeowners and savvy investors because, at N24.9 million per unit, they are considered quite affordable given the location and quality.
Osunsina assures that when the project is completed in the next 18-24 months, buyers would certainly enjoy 50 percent value appreciation, saying, “because of the quality and location of the project, in the next 12 months, buyers are sure of 50 percent value appreciation; our projects appreciate fast and this is because we take good care of our projects environment with tree planting, beautiful landscaping, etc. They are well attended to everyday”.
Continuing, he says, “the selling point of our projects is that we emphasise clean environment with greenry and ample setback. We also emphasise expert and clean finishing of our houses. So, environment is key to our developments and we also deliver quality”.
CHUKA UROKO
