Gradually but steadily, bungalows are returning to Nigeria’s built environment, especially in the cities, after they appeared to have gone into extinction. They are increasingly getting attention and consideration from private estate developers who are mass-producing and putting them on the market.
Developers explain that bungalows almost disappeared from the market as a result of the high cost of land and also because of growing sophistication and appetite for bigger and befitting accommodation which upstairs and duplexes offer.
In order to maximise space which is scarce and costly, many estate developers have chosen to go vertical, believing that, by so doing, they will not only make maximum use of the land, but also recoup their investment and make as much profit as possible.
The return of this style of housing follows affordability problems which results from prevailing economic situation that has set apart a class of people for this type of housing. Over 70 percent of Nigerians are said to be poor, some of them earning as little as one dollar a day.
The demand for housing from this class of people is huge and because the housing market doesn’t have to shut them out completely, some developers have chosen to serve them.
Notable among these developers are SSA Realties and Multi-purpose Infrastructure Development and Construction Company (MIDC).
SSA Realties is the developer of First Home, a 200-unit estate located at Km 49 on the Lagos-Ibadan Expressway near the Redemption Camp area,comprising two-bedroom and three-bedroom semi-detached bungalows.
A relatively young company, SSA Realties is a full service property development company with a vision to profitably and ethically provide high quality services and also help its land subscribers to become homeowners with ease and at affordable rates.
Oladeji Adesina, the company’s Managing Director, says the development of the estate was their response to the housing problems faced by young workers looking for their first home to buy.
“We are worried that some Nigerians cannot have homes of their own, and even when they take their time to upgrade landlords’ houses, all they get as reward is an increased rent.
So, First Home Estate is intended to address the housing problems of Nigerians”, he said, adding: “The estate is a 200 dwelling-unit project conceived as low-medium range housing for first time home buyers and interested investors”.
According to him, the housing units have fully finished exterior with partially finished habitable interior and the target customers are mostly workers and discerning investors who want to avoid today’s traditional pricey home market, adding that the estate offers attractive price with flexible payment options and has potential for rental income and capital appreciation while the area in which it is located has a large un-met demand for quality housing.
Each unit of the two-bedroom bungalows sells for N3.8 million while each of the three-bedroom semi-detached bungalows goes for N4.7 million and buyers have the option of paying outright or by instalment. Those who opt for instalment payment are expected to make an initial commitment of 10 percent of the value of the desired house-type and pays subsequently 20 percent in four graduated periods to make up for 100 percent payment.
MIDC is the developer of Teju Royal Gardens—a 1,000-unit estate located along the Lagos-Badagry Experssway comprsing one, two and three-bedroom detached and semi-detached bungalows.
Located between two great institutions—the Lagos State University and the Postgraduate Medical Centre, Teju Royal Garden which is a joint venture project between the Tejuosho Royal Family and MIDC is focused at low income earners.
The estate with the an estimated cost of N2.7 billion offers different house-types including 100 units of one-bedroom bungalows; 200 units of two-bedroom bungalows and 450 units of detached and semi-detached three-bedroom bungalow giving a total of 750 housing units for the first phase of the project.
The second phase of the project is made up of 75 serviced plots and 250 housing units comprising two-bedroom flats , three-bedroom flats and terrace houses. One-bedroom bunglow in this estate goes for N2.5 million; two-bedroom, N4.5 million; three-bedroom semi-detached, N6.5 million and three-bedroom detached, N7.5 million.
There will also be blocks of flats in the next phase of the project where two-bedroom will be selling for N4 million while the three-bedroom will sell for N6 million. These will be on two-storey buildings”.
One of the major high points of this estate is the employment it has created for the locals and it is such that, on daily basis, it employs about 300 workers who are together on average wage payment of N500,000—N750,000.
Chuka Uroko
