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Investors plan 1004 estate apartment extension, shopping mall

Published by Guardian on Mon, 05 Mar 2012

AMID clamour for properly managed luxury homes, the nation's foremost developers that resurrected the 1004 estate, have moved to launch a new housing scheme, which would increase apartments in the highbrow cluster community in Victoria Island, Lagos.Theresidentialestate built for federal legislators by the Federal Governmentin the second republic and later occupied by civil servants, was sold by the federal government in 2006 to the consortiumunder thename 1004 Estates Limited at the cost of N7 billion.The estate achieved commercial success before renovation works started as all the units were sold off through mortgage and outright payment plans. Whileon completion of the prestigious edifice, the apartments almost doubled in prices and rental returns were exciting to the investors.The new-look estate with state of the art facilities is now fully completed and handed over to the subscribers. Theestate comprises over 1000 flats arranged in four clusters. The complex has six high-rise buildings and 33 low-rise buildings.Each flat is fully serviced with fitted kitchen, pre-paid metre, air-conditioners, washer/dryer machine, water heaters and microwave oven. Each of the high-rise buildings has two brand new elevators installed for the convenience of the occupants.The estate also has a dedicated sewage treatment plant with a capacity of 250 cubic metres per hour and power plant of 10 megawatts capacity.Emphasis in estate is on family living, which underscores the huge investments in the provision of neighbourhood's centres in each of the clusters. The neighbourhood centre consists of a gym, clubhouse and swimming pool.The lawn tennis/basketball court is situated close to the clubhouse to complement the recreation facilities. There are alsolandscape verges, common open spaces, and pedestrian walkways across the clusters and parking spaces designed to add value to the investment of the subscribers.Coming under a fresh project within the premises, the promoters - 1004 Estates Limited,have concluded plans to begin construction works of the mixed-use facility next month. The promoters have already obtained an approval from the Lagos State Government and two financial institutions have expressed interest in solely financing the development.Although, the details of the scheme are still sketchy, the investors are targetingluxury apartments and shopping complex on eight floors. About 45 apartments are on the cards. Specifically, the luxury apartments and shopping mall has on the ground floor, parking spaces and utility, while the next two floor is reserved for shopping and commercial spaces such as three banking halls, modern food court, three specialty restaurants, supermarkets for pharmaceuticals, dry cleaning, as well as commercial shops and offices. The upper six floors contain two and three bedroom luxury apartments.The developer is finalizing the details of the cost of the project in line with the recent changes in the building materials and inflationary trends in the economy due to the recent hike in fuel prices. Facilities planned for the mini-estate includes swimming pool dedicated for the building, escalators and goods lift in the shopping mall as well as bar/lounge and gym.The Guardian learnt that due to the over subscription on the original 1004 units and the 100 per cent in its values, the promoters are under pressure from existing homeowners.The prices of the luxury homes and marketing plan is being fine-tuned to drive the sale of the estate, which is likely to have an installment payment plan and mortgage facilities from banks that financed 60 per cent of the original 1004 estate.The Managing Director, 1004 Estates Limited, Mr. Samuel Ukpong who confirmed the development at the weekend, disclosed that pre-construction activities and selection process would be concluded between March and early April.He said: ' The main 1004 estate has a 90 per cent occupancy and a density of professionals and upwardly mobile residents who are already yearning for a dedicated commercial facility to service the already pent up demand.' It is expected that the estate will be a class A building offering the most modern amenities with a view of creating an environment to maintain our vision of company delivering work, play and living spaces on our developments.
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