AN indigenous developer, Redbrick Homes Limited, has unfolded plans to construct 700 homes at the Amen Estate in Lekki, Lagos, which will boost the housing stock in the country.The estate, located at Lekki Peninsula, Eleko Beach Road, Ibeju-Lekki area sits on a 48 hectares of land. The project commenced close to one year and currently have 60 completed houses, which according to the promoters were fully subscribed, while work was on-going on the second phase of the project.Among the facilities expected on completion include road network, electricity generating set for the entire estate, tennis court, football pitch, swimming pool, school and shopping mall as well as drainage system and underground electric cables. A facility manager is expected to be appointed for the estate. Already, a security outfit has been hired to man estate.The house types are Aafin (palace), Agbala (big yard), Baale (chief), Olori, Lolo, Nze and Queen Amina, meaning Queens, respectively. The Aafin is a six-bedroom (en-suite) house with two bedroom boys' quarter, receptions and restrooms. It attracts N85-N95 million, depending on plot size. Agbala is a five en-suite bedroom house type, also with two rooms boys quarter. It also has four receptions and six restrooms. It attracts N70-78 million.Speaking on the project, the Managing Director, Redbrick Homes Limited, Mr. Babatunde Oladele Gbadamosi, blamed the delay in starting the estate on the economic downturn, especially, rise in the prices of building materials.'The project is self financed. The rationale behind the decision to go it alone was informed by the fact that lending rate is outrageously high in Nigeria. With that kind of situation, there is tendency to be at the mercy of ones financial and it can create room for high cost of the houses after completion', said Gbadamosi. He added that the aim of Redbrick Homes was to provide affordable housing to the would-be owners.Three payment schemes is being offered to prospective buyers - 10 per cent deposit and full payment stretched within two years without interest charge, or outright payment with discount subject to negotiation. While actual possession of the house would be possible after completion of the total payment.There is also 'rent by option'. What this means is that after depositing a certain percentage, subscriber who is eager to take possession, but not having means to pay the balance would be offered opportunity of rent option till he/she has the capacity to pay the balance. 'However, such rent paid would not be added to the original value of the house in question,' said Gbadamosi.
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