Economic crunch: Cornerstone crashes price of housing units

Zero Option for Corruption: Ngozi Okonjo-Iweala


As part of measures to enable people  afford comfortable houses in the face of dwindling global economy, Nigeria’s pioneer housing estate developer, Cornerstone limited has crashed the price of its duplexes and terraces currently under construction at the Phase two of Oregun project in Ikeja, Lagos State.

Financing for the N1,4 billion estate which is a joint venture between Cornerstone and a popular family in Lagos was arranged by Texas Global LLC and Mutual Benefit Assurance Plc.

Phase one of the project which consists of 12 units of duplex has been completed with only one unit available for reallocation, while the construction on the phase two which consists of 26 units has commenced. According to the Chairman/Chief Executive Officer of the company, Lanre Okupe, the global economic crunch is biting hard on the citizens and as a responsible and responsive firm, it has decided to offer 20 per cent discount off the regular price of the houses located at the phase two of its Oregun Project.

To this effect, he said that the bungalows which was put at N50 million could now go for N68 million and the terrace which was put at N75 million would now go for N60 million for the first five buyers .

“While installment payment is allowed there is however, an opportunity for the first five buyers to buy at a 20 per cent discount off the regular price of N85 million and N75 million at this promotional period. Duplex will now sell at N68 million each and terrace will sell at N50 million each if the buyer is paying outright. An allottee that makes  outright payment on any of the units would enjoy the discount while an allottee who pays 30 per cent  deposit and a balance within 180 days will qualify for N10 million savings.” Okupe said.

According to him, the company also has a 50 acre estate in Ofada area of Ogun State which it has divided into two phases.

He said that phase one is a developed 15 acres while the phase two is an undeveloped 35 acres.

According to him, the prices are all pocket friendly.

Source : SunOnline

Tags: No tags

Comments are closed.