Notwithstanding the effect of economic recession in the real estate sector, a private firm has unfolded new homes worth about N600 million to address the shortfall in middle-income housing.
The estate tagged Tetramanor Garden Estate is being promoted by Messrs Tetramanor Limited (TM) and located on 2,600 square metre land at Lagos Mainland area of the Costain-Iponri axis of Surulere, behind LeadWay Assurance, and within Olaleye New Town.
TM Gardens comprises 14-units of multifamily mix of townhouses, eight-Terrace houses, four condominiums and two-penthouses construction. It began March 2016 and completed within 15-months period. Among the features are common areas of bush-bar for hanging out and a garden for relaxation, security, backup power, treated water supply, landscaping, cleaning of common areas and waste disposal.
The estate consists of eight units of townhouse which has four bedrooms en-suite with maid’s rooms, and private backyard priced at N56.7 million; two units of maisonette/penthouse which has four bedrooms en-suite, a study, and penthouse garden (N54.5million); and four units of condominium, which has three bedrooms en-suite, master’s bedroom with walk-in closet, and large kitchens N36.3million price tag. About 11 of the 14 units have already been sold.
The developer says, the finished units are fully completed to high standards, tastefully finished with POP ceilings, vitrified and granite tiles, vintage PVC French windows for soundproofing, high quality kitchen cabinets and wardrobes, and sanitary fittings.
The condominiums consist four units of three bedrooms, master bedroom with walk-in-closet, large kitchen, the townhouses have eight units of four bedrooms with boys’ quarters, master bedroom with walk-in closet, and well appointed kitchen.
The two units of Maisonette/penthouse are designed to have four bedrooms, master bedroom with walk-in closets, master bedroom with study in penthouse and luxurious bathrooms.
All the house types are aesthetically appealing, designed with modern spaces and easy to customize to each homeowner’s style and taste. A team of indigenous young men affiliated to Baron Architects and 225mm construct executed the project.
Speaking at the official commissioning of the estate, witnessed by the subscribers, project partners, investors and the media, the Business/Project Manager of the company, Mr. John Beecroft said his company has put in place flexible payment plan to ease the process of home acquisition.
He said the company next project, which be flagged-off next year will be known as TM Meadows. The 45 unit multifamily estate is projected to cost over N1.5billion for multifamily buildings and will be sited at Ebute-Metta axis in Lagos Mainland council.
He said: “We are still committed to develop more projects on the mainland to alleviate the housing shortfall for our target market and looking to applying all relevant lessons learnt from our previous projects towards making TM Meadows a huge success”, he said.
Despite the current economic challenges, the company hopes to deliver TM Meadows with the same quality as TM Gardens, but at a much lower price – between N25m and N45m depending on the type of unit.
The company’s Finance Director, Mr. Chuka Atuchukwu said the development was embarked upon to boost its profile.