In line with its vision to be exceptional providers of competitive and aspirational lifestyle in an urban setting, Gapstone Developers Limited is building one-of-a-kind mixed use facility, targeting middle income earners for the residential component.
The development called Zirconia Heights aligns with the company’s mission to consistently identify opportunities and create innovative ways for delivering modern real estate assets that could bridge the affordability gap in the mid-income housing market.
Mid-income earners are the next largely underserved group in terms of housing provision. They follow after low-income earners who represent a huge opportunity but are always avoided by investors because of their very low purchasing power.
Expectation is that the coming of Zirconia Heights will reduce the estimated 20 million housing deficit and through that a good number of families would be taken off the country’s crowded housing market. Lagos with an estimated 3million housing gap will be the better for it.
“At Gapstone, we are concerned with bridging the gap in the real estate sector where we are aware and fully informed of the major housing deficit in the country which is about 17million,” Adetoro Bank-Omotoye, the company’s managing director, explained to journalists at a conference.
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Zirconia Heights is a 10-floor mixed use development that holds promise for a total of 62-unit apartments, comprising 24 units of 1-bedroom loft; 4 units of 2-bedrooms loft; 8 units of 1-bedroom flat, and 24 units of 2-bedroom flats.
The development also has office and retail spaces, each designed specifically with specialized amenities such as AC spaces and fully fitted kitchen. There are also fibre optic internet, CCTV and automatic car access.
It boasts facilities and services such as high speed elevators, basement, ground and first floor parking which will be enough for residence and guests. There are also re-cycleable sewage system, water treatment plants, sewage disposable system, 24 hours uninterrupted electricity supply powered by three sources— national grid, generator and solar panel.
“This is a hotel-styled development and you can say that Zirconia will be the first to offer hotel-styled apartments; infinity swimming pools, a restaurant serving both African and international dishes with a resident chef, fully equipped technological fitness and wellness center,” Bank-Omotoye said.
He pointed out that there is also a penthouse with panoramic views of Lekki and its environs, in addition to a roof top lounge area, business cafe and lounge, 24/7 security services and high level security control throughout the common areas.
Besides the residential opportunity which Zirconia Heights provides, Bolanle Golden, the company’s Chief Investment Officer, says it also offers investors the opportunity to invest and get returns from real estate, explaining that the advantages of investing in real estate are numerous and cannot be overemphasized.
“Real estate investment promises a steady income, financial security, capital appreciation and hedges against inflation; this project is one that will bring a paradigm shift in real estate in Lagos,” she assured.
Apartment prices in the new development ranges from N60 million for 1-bedroom loft to N110 million for a 2-bedroom loft which, the investment officer explained, was because of the rising construction cost, especially the prices of building materials.
“But we have made the apartments a bit affordable through our flexible payment plan and also mortgage facilities that are available to potential buyers from our partnering mortgage banks,” she said.
Golden explained that any of the apartments was available to a buyer with an initial deposit of N6 million and the balance spread over 18 months, adding that one of their mortgage bank partners has as much as N50 million waiting for any buyer ready to take that facility.
The managing director assured that buying from Zirconia Heights is as good as having Diamond, explaining that Zirconia is one of the oldest and strongest stones in the world and it is such that it could be placed side by side with diamond.
“So if we say that what we do in Gapstone is to build diamond as homes, it means what we do is producing something like Diamond in homes, in terms of quality and essence, but not as expensive as Diamond,” he explained further.
