Lagos plans new private developer scheme, target N5.15b as land revenue

Plans are underway by the Lagos authorities to increase the housing stock by introducing a fresh private developer scheme. The scheme mooted by land Services Directorate of the Land Bureau is targeted at prospective buyers that have put in place infrastructure to start immediate development.

Under the programme, the state has allocated 18 applicants land between 2006 and March 2008. The development is coming on the heels of a budgetary allocation of N680 million for the payment of compensation claims.

The permanent secretary, Land Bureau, Mr Gbenga Ashafa, who made the disclosure at the "Year 2008 Ministerial Press Briefing" of the agency in Alausa recently state that the Land services Directorate, a department in the agency, was targeting N5.15billion, as the expected revenue for the year.

This is apart from thesum of N127.2 million generated through the Survey co-ordination, Transaction and Records Directorate. The Permanent Secretary listed 607 application treated by the office of the Surveyor-General, where a sum of N18.2 million was generated. Also, a sum of N2.7 million was generated from consent to Survey of 885 applications.

From governemtn Consent Mortage, where 3088 applcations were processed, a sum of N23.2 million were realised, while "Red Copies" generated a sum of N28.7 million, from 7873 applications. Similarly, a sum of N420 million was realised from 28 composite plan treated. Added to these is the sum of N142.2 million realised from Cadastral Directorate from various schemes located in six zones across the state. The zone included Eti-Osa, Ikeja, Ikorodu, Epe and Badagry.

Ashafa said that the budgetary provision was informedby the need to processing and settlement of compensations claims arising from acquisition/revocation of landed properties without undue delay.

Cappa & DAlberto bags N1.3b Cornerstone Tower contract

One of Nigeria's leading insurance firm, Cornerstone Insurance Plc has announced its plans to commence construction activities on its new corporate headquarters office on Victoria Island, Lagos, worth N1.350 billion.

Contract for the 10-storey building new office has been awarded to the constructon giant, Cappa & D'alberto. The project is located at the Oniru Estate, behind Mobil illing station and occupies a land space of 4,600 square metres. Among the consultants are Siji Dosekun partners, an architectural firm. The edifice will be completed in 80 weeks.

Project Director, siji Dosekun Partners, Mr Tito Minty, said the feature of the ofice complex includes a farame structure with open space in each floor. The are alsotow main entrances. Each of the entrance will have two staircases with one dedicated for emergency services. The building is also designed to have three elevators; in addition with modern fire fighting equipment, two backup generating plants and a borehole.

According to the Chairman of the project committee, Chief Barnabas Gemade, the inadequacy in the present office complex necessitates the execution of the project, Gemade said another "befitting office" has also been constructed in Abuja.

Oasis commissions N259m Honeyland Estate and others

Indeigenous develper,OMF properties Limited, a subsidiary of Oasis Savings and Loans, has completed the development of two 'sites and services' residential schemes, located at Ofada, near Mowe village, in Owode Obafemi Local Government area of Ogun State and Isiu in Ikorodu area of Lagos Sate. Both schemes are now reasy for commissioning.

The Mowe project, named Honeyland Estate is a N59 million scheme sitting on 50acres of land, while the N100 million Isiu project named "Honeyland Park", occupies a 300 plots and offers sitesand services options. TheMagodo site, which development is a an on-going one, is valued at N100 million.

By the weekend, 170 units of the 210 plots at the Omupenpe, Ofada scheme had been sold, while the remaining 40 plots were reserved for a housing project to be excuted by thefirm. The price per plot was put at N800,000.

Similarly, the Honeyland Park, at which the sale price for lots was fixed at N500,000 per plot , has 50 plots reserved for the firm's housing projects.

The Managing Director, Oasis Savings and Loans, Mr. Rotimi Omosehin,said a financing option involving 60 per cent land purchase facility, which covers 24 months, "with reasonable commericial interes rate tp be charged" is available.

Facilities and infrastructure available at both sites include; tow 500 KV dedicated transformers; perimter fence with controlled access gaes, central bore-hole, and well planned drainage facilites.

A Deed of Assignment/ Global ceritificate of Occupancy (C-of-O) has been acquired by Oasis Savings and Loans, which will provide mortgage facilities to the interested clients, while OMF Limited is directly involved in estate and property development, Omosehin said at a briefing last week.

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