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Nirvana Court - Lekki Waterfront, Lagos

Property Description

The proposed development is located on a waterfront property along the serene Admiralty Way in Lekki phase 1. The site is less than five minutes drive from the Ikoyi Lekki link bridge under construction at the Lekki Peninsula residential layout. It is also a five minute drive from the Lekki Peninsula estate main gate linking to the new expressway under construction. Power and ancillary services are available at the location. The site covers a total area of approximately 2,000m2. Schrager is proposing the development of a luxury residential apartment block comprising 16 nos. 3 bedroom luxury apartments and 2 nos. 4 bedroom penthouses. All apartments and penthouses are waterfront apartments with spectacular views of the Lagos Lagoon.

Description of the Apartments

3 bedroom Apartments

• Lobby
• Large Living / Dining Area
• Kitchen/ Store
• Guest Toilet
• Master Bedroom with en-suite toilet and bathroom
• 2 Bedrooms with en-suite toilet and bathroom
• Terraces
• 1 Room Boysquarters attached
• Total Floor Area per Apartment – 235m2

Internal

Reception & Corridors • Vitrified Ceramic Floor tiles • High quality emulsion paint on internal walls • P.O.P rendered Ceilings

Electrical • High Quality White Sockets and Switches • TV outlets for Digital Cable Viewing In All Areas • Conduiting for PABX Connection

Door & wood work • High Quality Kuramo Flush doors • High quality flush doors • High Quality Ironmongery • Wood Laminated Wardrobes In All Bedrooms • Staircase Rails In Polished Hardwood

Bathrooms & Kitchens • Bath, Shower Trays, Sinks and W.C.’s in Traditional White • Chromium Plated Fittings and Accessories • Ceramic Wall and Floor tiles With Decorative Skirting • Extractor fans • Water Heaters • Kitchen work tops in granite

Walls • 150mm Hollow Sandcrete Block walls Internally • Walls Rendered And Painted With High Quality Emulsion Paint

External

Elevations •Attractive Modern Style Environment With A Variety of Elevation Elements

Walls • 225mm Hollow Sandcrete Block wall externally • Walls Rendered And Painted on Both Sides In Textured Paint

Doors & Joinery • Main Entrance Doors are Security Doors • Aluminum Casement Windows to all Windows • All Aluminum Doors and Windows in Natural Silver Color

Gardens & Driveway/Parking • Driveway & Parkway In Interlocking Paving Stones • Trees & Shrubs Strategically Placed • External Water Taps Provided

Common services to be shared by all units include;

• Car parking spaces.
• landscaped gardens.
• Gymnasium.
• Ground and overhead water tanks.
• Generator house/Stand-by power generators.
• 24-hour security and portage services.
• Water Treatment Plant
• Swimming Pool
• Soak away/Septic Tank
• Waste Disposal
• General Maintenance
• Maintenance office
• Passenger lifts (2)

Completion Date

The development commenced in May 2010 with the mobilization to site of the contractors. Construction work is expected to be completed in 18 months.

Maintenanace

Maintenance of the development is to be undertaken by SCHRAGER under an agreed maintenance contract. This would involve payment of an agreed annual deposit on each townhouse. This deposit would be paid at the start of each service year and accounts would be rendered based on services offered. Any balance on each account at the end of each year would be carried over to the next service period. The accounts can be rendered either quarterly, bi-annually or annually. Services to be charged to this maintenance account include, a maintenance fee which would cover, gardening and landscaping, maintenance, security, diesel, lighting of common area, replacement of light fittings and accessories (if requested), Water rates and Electricity Bills (If requested), Refuse collection and general cleaning.

Sale Price

The off-plan sale price for one (1) unit luxury 3-bedroom apartment as described above is N75,000,000.00 (Seventy Five Million Naira only) in installments at the following milestones.

Staggered payment structure over the 18 month construction period as follows,

Immediate deposit                                                                   N 20,000,000.00
2ND Stage Payment (due after 5 months)                              N 15,000,000.00
3RD Stage Payment (due after another 5 months)                N 15,000,000.00
4TH Stage Payment (due after another 5 months)                 N 15,000,000.00
5TH Stage Payment (due upon completion)                            N 10,000,000.00
Total per unit:                                                                          N 75,000,000.00

Implementation

The project is to be executed under a turnkey agreement with a reputable construction organization. The estimated construction period is 18 months. Schrager Limited have appointed project consultants for the pre-contract and construction stages of the development. On completion, a Deed of Sub Lease would be executed and Legal fees 5% of the consideration.