Follow Us on Google
By Faheem Lawal
A real estate firm, Horizon Estate has begun to hand over houses at the Victoria Island Extension to those who paid for the property.
A statement by the Managing Director/CEO, Dr. Richard Nyong, noted that buyers must not pay in full before the handover. He said buyers could move into the fully built home after paying less than half of its value, with keys handed over to them within days, and settle the rest while already living there.
“No waiting for a structure to rise. No paying for years into a site you can only visit in hard hats. The home is finished and the family moves in first,” he said.
He noted that the payment option is what makes the property unusual for the part of Lagos where it is located.
“What makes it harder to ignore is the price. Horizon Estates homes are already priced below comparable properties in the same location, house type for house type.
“Lekki Gardens, the parent company describes it as choosing a smaller profit so that ownership in a prime area stop being the preserve of a very small few, especially at a time when Lagos prices seem to rise faster than most incomes or salaries,” he said.
He dismissed fears among potential buyers that the property could be out of reach considering its location, saying, “At the mention of Oniru or Victoria Island Extension, most would-be buyers assume the price has already ruled them out.
But it is a kind of neighbourhood that people drive through on the way to work and quietly file under someday.”
Horizon Estates is the Lekki Gardens’ brand behind some of the most talked-about homes in the area.
Speaking about the estate, he further said: “For professionals who spend a good part of every week day on the Victoria Island and Lekki axis, the appeal is obvious.
“Living close to where the work is has always been a luxury in Lagos. A plan that lets a family start living there on roughly half the purchase price turns that luxury into something closer to a decision.
“Investors have their own reasons to pay attention as the demand for quality homes on the doorstep of Victoria Island is rapidly increasing and an entry price below what the market is already paying is the kind of head start bulk buyers look for. Buy low, let the address do the work and exit high.
“Oniru was never really unaffordable for everyone, of course. It just needed someone willing to take less so that more people could get in.”
