Megamound in N7bn housing deal with Oyo State

Stories by Dachi Maduako, Lagos

From left, Chairman, Guinness Nigeria
Plc, Babatunde Savage; Director-
General, Nigerian Stock Exchange
(NSE), Ndi Okereke-Onyiuke, and
Managing Director, Guinness Nigeria
Plc, Devlin Hainsworth, at the
Guinness’s presentation of facts
behind the figures, held at the NSE, in
Lagos, on Thursday.
Photo; Taiwo Balogun. A leading property development company, Megamound Investment Limited, has embarked on N7 billion joint venture projects with Oyo State Government to replicate the Carlton Gate Estate in the Akobo area of Ibadan Government Reservation Area (GRA), Oyo State.

The project, which is to provide 1,816 housing units, is to be executed in three phases.

The house types will include 520 units three-bedroom terrace units, 92 three-bedroom semi-detached, 36 units of detached houses, and 168 units of service plots.

The first phase of 1,000 three-bedroom bungalows is to be completed in the next 24 months. Giving a breakdown of the project, the Mega-mound Managing Director, Otunba Olumide Osunsina, said the first phase had the duration of 24 months, while the second and third phases have 12 months each as the completion date.

The multi-billion naira project is financed by a consortium of banks which include Fidelity Bank and the United Bank for Africa(UBA).

The project consultants include Archcrest Limited, which is providing architects, while the quantity surveyor is Femi Oladele of Shelter-cost Associates.

The electrical consultant is Debour Electrical Engineers, just as the legal adviser is Dele Ibironke & Co., while Supreme Equitable is the insurance broker.

Already both the contractor and other consultants have mobilised to the site and the clearing of the site has commenced.

To ensure quick recovery of the funds, the company has listed the prices for the housing units. Prices for the house types are: terrace goes for N8 million; semi-detached three-bedroom en-suite - N12 million; detached house type - N10 million, while service plot goes for N10 million.

According to the developer, instalmental payents could be made and 20 per cent of the total amount could be offered as down payment for those who may not be able to afford total payment.

The company has also assured of mortgage assistance to buyers, either from banks or through the Federal Mortgage Bank of Nigeria.

Facilities to be provided include ultra-modern hostel, hotel, shopping mall, and industrial park where technicians such as mechanics, plumbers, and car wash operators would be able to provide services to the residents.

The estate is to be managed by the developers with a 40-page ‘Deed of Restriction,’ which would be binding on all the residents.

Other infrastructure to be provided at the estate include road networks, dedicated transformer, uninterrupted water supply and water treatment.