This is an estate on the new Oko Oba road developed by the Lagos State Ministry of Housing about 7 years ago as part of it’s low cost housing scheme around the state.
The estate consists of 2 blocks of sixteen and twelve 2 bedroom flats. Currently, each of the units sells for between N5.5 million and N6 million, as against N2 million and N2.5 million some 2 years ago.
In terms of rent, each unit in the estate rents currently for between N250,000 and N300,000 as against N100,000 and N150,000 two years ago.
The estate has good infrastructure. The roads within it are tarred and the drainage is good. However, potable water is sourced privately by estate residents and electricity is public supply dependent.
Security within the estate is also good. The estate is completely fenced and security operatives guard the entrance.
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Friday, September 18, 2009
Homes in Nigeria: Oko Oba Scheme 4 GRA.
Oko Oba Scheme 4 is located immediately after the Maplewood estate along the new Oko Oba road. It can be considered as an emerging estate on the axis, and unlike Maplewood Estate, Oko Oba Scheme 4 is somewhat lacking in infrastructure. Plots of land in the estate were allocated to private individuals at the verge of the exit of the former Governor of Lagos State, Bola Tinubu about 3 years ago. The roads in the estate are not tarred and there are no drainages yet around the estate.
At the time the plots of land in the estate were allocated, each sold for between N800,000 and N1.2 million. However, a plot of land in the estate, which can only be gotten from the secondary market, currently sells for between N12 million and N20 million, depending on it’s location within the estate.
Though the number of houses in the estate cannot be compared to the number in neighbouring schemes, there are currently a number of detached houses, flats and duplexes in the estate. In terms of rent, a detached house in the estate presently rents for between N600,000 and N700,000, while a flat rents for between N300,000 and N350,000.
In submission, however, due to the estate’s contiguity to other well built estates on the axis, real estate pundits still believe buying into the estate is a wise investment decision. They anticipate a price pull effect when infrastructure is eventually developed in the estate.
This is a blog about Homes in Nigeria.
For more information about Homes in Nigeria, visit www.mynigeriaproperty.com
At the time the plots of land in the estate were allocated, each sold for between N800,000 and N1.2 million. However, a plot of land in the estate, which can only be gotten from the secondary market, currently sells for between N12 million and N20 million, depending on it’s location within the estate.
Though the number of houses in the estate cannot be compared to the number in neighbouring schemes, there are currently a number of detached houses, flats and duplexes in the estate. In terms of rent, a detached house in the estate presently rents for between N600,000 and N700,000, while a flat rents for between N300,000 and N350,000.
In submission, however, due to the estate’s contiguity to other well built estates on the axis, real estate pundits still believe buying into the estate is a wise investment decision. They anticipate a price pull effect when infrastructure is eventually developed in the estate.
This is a blog about Homes in Nigeria.
For more information about Homes in Nigeria, visit www.mynigeriaproperty.com
Houses in Nigeria: Sunshine Estate, Oko Oba Scheme, Lagos
Sunshine Estate sits side by side with Maplewood Estate along the new Oko-Oba road in. While plots of land in Maplewood Estate were sold to private individuals for development, houses in the Sunshine Estate were built by the Lagos State Government About 4 or 5 years ago, and then sold to private individuals. Only blocks of 6 nos three bedroom flats were built in the estate.
As at the time the houses were sold, each unit of flat in the estate went for about N7million, however, each of the flats on the resale market currently sells for between N15 million and N17 million.
As for rent, initially, each unit in the estate rented for between N150,000 and N200,000. But now, a unit in the estate rents for between N350,000 and N400,000.
One of the major reasons why the estate is highly sought by prospective homeowners is the fact that infrastructure in the estate is excellent. The roads are tarred, there is a collective water scheme in the estate, and there are car parks to accommodate at least 2 cars in each of the units in the block. Security in the estate is top-notch, while the estate’s residential association has also made extra effort to beautify the estate through the planting of flowers and beautiful landscaping works.
This is a blog about houses in nigeria.
Please click the link for other homes and properties in Lagos.
As at the time the houses were sold, each unit of flat in the estate went for about N7million, however, each of the flats on the resale market currently sells for between N15 million and N17 million.
As for rent, initially, each unit in the estate rented for between N150,000 and N200,000. But now, a unit in the estate rents for between N350,000 and N400,000.
One of the major reasons why the estate is highly sought by prospective homeowners is the fact that infrastructure in the estate is excellent. The roads are tarred, there is a collective water scheme in the estate, and there are car parks to accommodate at least 2 cars in each of the units in the block. Security in the estate is top-notch, while the estate’s residential association has also made extra effort to beautify the estate through the planting of flowers and beautiful landscaping works.
This is a blog about houses in nigeria.
Please click the link for other homes and properties in Lagos.
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