Foreign Based Property Firm Begins Shalom Place Estate in Lagos

United Kingdom-based property firm has made its foray into real estate development, with the approval for the commencement of 420 flats and another set of 110 flats also in Isheri North in Ogun State.

The company is a member of the NHBRC (National Home Builders Registration Council) in South Africa and Zurich Building Guarantee in Europe, as part of company’s presence overseas.

According to the Chief Executive Officer of Fourscore Homes, Femi Osibona, the firm specialises in the building of choice properties in different parts of the world, Osibona said. “ The infrastructure in Shalom Place is being handled by Julius Berger Plc, one of the most reputable construction companies in Nigeria, while architectural work is being handled by Play Architects, which have to their credit the design of exquisite homes in Ikoyi and Magodo.

The facility is being built on five hectares of prime land and each flat will be occupy 133sqm. Construction period is two years and a facility management company would take over the estate post-construction.

The land area has been secured and made better through a de-flooding programme of both the Ogun State Government and property owners.

Approval has been obtained from the government and construction work has started on the site and on completion, each home will sell for N25 million but the there is an agreement with Federal Mortgage Bank Nigeria (FMBN) so that prospective homeowners can secure mortgages at six per cent per annum.

Osibona further revealed that there is an arrangement with mortgage banks to fund people who do not have the money to buy homes in the estate. “The mortgage bank will give them loan at a maximum of seven per cent.”