IN a move to further close the housing gap, a Lagos-based property development firm, Messrs Saunders Development Company, has launched an N1.4 billion project, which it expects to deliver 12 per cent returns yearly in the next five years to investors.The ambitious project called Lair Place, is to built on 11, 000 square metres of land at the Allen area of Lagos with modern flats and unique features such as club house, children's play area, computerised services and would be delivered by June 2013. Saunders is a subsidiary of Sankore Investment,Planned to be a mini estate to be constructed in two phases with a total of 32 units in the first phase, Lair Place would be a series of contemporary maisonette units on two floors specially developed for young, aspiring homeowners.Other facilities in the building include, Master bedroom with walk in closet, terrace and well fitted bathroom, two family size lounges with Ante room on the ground floor, modern kitchen fitting, en-suite rooms with good bathtub fittings, spacious guest room, Exclusive community with Club house, play area and crche services, Ante Room and Cloak Space and serviced Facility with Central Power and Sewage System.At a buyers' forum organised by the firm in Lagos, Managing Director of the company, Mrs. Titi Odunfa, said the project is a product of deep research and detailed management process and is hinged on the urban renewal programme of government as well as other economic indices such as the growing middle class.She explained that the project is a strategic development, designed to return 12 per cent to investors within the first five years as increasing rate of the middle class, proximity to Central Business District and the urban regeneration in the area, is a clear projection of an upward swing in the coming years.'The project is anchored on qualitative research of economic indices in the area, the current pricing of property in Ikeja; the growing middle class, which currently accounts for 23 per cent of the Nigerian population; and the urban regeneration scheme on-going in that axis. These factors are combining to place good value on the Ikeja property. With the retail side of the market opening up to massive developments such as the Trinity Mall; and industrial development around the industrial estate, our view is that residential real estate will benefit immensely', she said.Odunfa explained that an average four-bedroom apartment with similar facilities and standard of Laird Place, sells at an average of N48 million, adding that the developer-investor distrust on the project is not anticipated, as Sankore, a reputable investment management company is releasing funds to ensure that the project is delivered as scheduled and with the proposed facilities.'Finance is a major factor when it comes to project development and delivery. Development processes are similar, but finance is responsible for failure to deliver. As a team, we have anticipated this and the finance aspect has been factored into the project, so we are sure that finance is sorted and investors can get delivery as promised'.Associate member of the Saunder Company Mr. Demola Akindolire, said Sankore Investment will care of Finance on the developer's side, the trio of First Bank of Nigeria (FBN) Mortgages, GTHOMES and Stanbic IBTC Bank provide mortgage.
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