Leading real estate firm in Lagos, Photizo Properties Limited, has said it will deliver 50 units of two-bedroom fully-detached bungalows in Epe with luxury designs and top finishing.
The firm said potable water, good drainage system, interlocked road network, fibre optic cabling, top-notch security and electricity were among the features of the bungalows.
According to the Managing Director and Chief Executive Officer, Photizo Properties, Dr. Patrick Oriyomi, the housing scheme is expected to be habitable from June 2021, hence individuals can become owners of homes at a rental rate of N400,000.
He said that 2020 witnessed a high peak in the housing sector because of the drastic fall in treasury bills, noting that “real estate moved so much despite the pandemic as it created opportunity for house ownerships.”
Dr. Oriyomi stressed that their target market are the old and young between ages 24 and 65, as each apartment will be sold at 10 million naira.
“We stand for fidelity and are redefining real estate by making it affordable for the creation of more home ownership,” he added.
Speaking on the choice of Epe, he said: “For business, it very very lucrative. The properties are sitting in Epe town; it’s actually the new Banana Island in Lagos due to its serenity.
“At the moment, houses are in short supply. There is scarcity of accommodation in the town.
“Two years ago, rental value of two-bedroom apartments in Epe was below N200,000 per annum. As at today, rental value is between 400 and 500 thousand, depending on the quality of the house.
“We are giving the best quality ever to be seen in the town and in Lagos as a whole. It’s been our aim to create affordable homes to all Lagosians, just as the Lagos state government has envisioned. We are starting with Epe people.”
Continuing, the real estate expert noted that recently, some students have been moved to Epe, which means there is need for accommodation for them “and you know hostels won’t sell so much this time because of social distancing. Hence the need to create affordable houses.”
Dr. Oriyomi added that “already, there is top-notch road network, power, and very nice attractive spas and recreational centres just like the Lagos State Charlet and of course the award-winning Epe resort and spa.
“With the target in 2021 of creating affordable homes for individuals and help the Lagos State government reduce the housing deficit that has plagued us for so long, Photizo Properties is working with super speed with seven units ready to be commissioned by before the end of January.”