Wednesday 28th October 2020
Wednesday, 28th of October 2020
Home / Real Estate / Developers plan N600m ‘Opebi Mews’ estate

Developers plan N600m ‘Opebi Mews’ estate

Construction work will begin in two weeks’ time on “Opebi Mews,” a residential estate that is sprouting on an 8,500-square metre expanse of land along Salvation Street by Opebi in Ikeja, Lagos.

An impression of a dwelling unit in the estate

Estimated to gulp about N600 million upon completion by mid-2014, Opebi Mews will feature 24 units of four-bedroom semi-detached duplexes on three floors. Eighteen of the units are up for grabs.

Tope Adaralegbe, Director of Finance at Chevic Global Projekts Limited (the developers of the estate), disclosed last week in Lagos that a unit sells for N60 million, but that those buying off-plan (purchasing before actual construction work takes place and committed to complete payment by April) will pay only N45 million.

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Other payment terms, he added, are outright payment, instalment payment and mortgage plan.  The instalment payment entails a 20 percent of total cost as initial down payment, 30 percent at first slab, another 30 percent at second slab and a final 20 percent payment on completion.

The mortgage plan features a commitment or an initial down payment of 20 percent of total cost, and 80 percent on completion.

Ancillary facilities being provided are: general fitness gym, swimming pool/terrace bar, children’s playground, round-the-clock security, 24-hour electricity supply, 24-hour water supply, central water supply, central disposal system, sewage plant, family oriented-environment and an administrative office.

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The homes and indeed the entire estate will sit on a combination of pile and raft foundations.

In fact, rather than adopting extensive sandfilling to reclaim the swampy land, the developer’s engineers will build the estate on piled deck, that will feature hundreds of piles dug underground.

According to Adaralegbe, the entire estate will be built in such a way that flood or water will not affect the estate, but flow away underneath the suspended floor. “Everything about the estate – the houses, parking areas and fencing – is sitting on piled suspended floor,” he said.

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