Why You Must Buy A Flat At Lekki County Apartments – Megamound Properties Boss, Olumide Osunsina Explains

• Says: “It’s A Great Home At An Affordable Price”

Everyone is talking about it now in the Lekki axis. It is the brand new 3 bedroom apartment that Megamound Investments Ltd is offering interested buyers at just N24.9 million. And all you need to do is to make 30% down payment.

Last week, Asiwaju Olumide Osusina, the MD/CEO of Megamound, the developers of the new project, explained to City People and other media practitioners covering the real estate sector why buying a flat at Lekki County Apartments is a good buy.

Right now Osunsina had hosted a select few to a briefing about the project. Osunsisa who is a seasoned developer spoke at length on the future of the built industry, in view of rising cost and zeroed in on the Lekki County Apartments. For those who don’t know a lot about this suave and polished businessman, who is a trained builder, let’s tell you a bit about him.

Asiwaju Olumide Osunsina is a big player in the real estate sector. He presides over a leading real estate company called Megamound Investments Ltd, the developers of Carlton Gate Estate, Lekki, Carlton Gate Estate, Ibadan, Carlton Hilltop Estate, Abeokuta, Lekki County Homes, Nicon Estate, to mention a few of their many projects. The big news rocking the industry is that Megamound has begun work on a new project called Lekki County Apartments, located within Lekki County Homes.

According to Osunsina, the project is geared towards ensuring you own a great home at an affordable price. The estate is 5 minutes drive from Chevron before you get to VGC from Victoria Island. County Apartments are designed exclusively for those who desire a truly unique social environment.

Each apartment incorporates distinctive design with modern innovation to create homes with unique settings of spacious 3 bedroom with 3 baths, visitors toilet, front and back side balcony, fully equipped kitchen and car park.

The estate has the following infrastructure: Roads, Drainage, Walkways, Transformers, Street Lighting, Telecommunication, Gardening & Landscape, Borehole, Water Treatment Plants. It also has estate facilities like: Recreational Parks, Clinics, Pharmacy, Nursery School, Primary School, Shopping Mall, Fastfood Outlet, Club House, Estate Management, Security Post.

All you are required to do is to make 30% down payment and the asking price is N24.9 million. It is a 3 bedroom apartment and the remaining balance is to be paid over the 18 months completion period.

“Lekki  County Apartment is a brand new product that we are bringing into the market, because we understand what is going on in terms of the hardship that the economy has brought about and what Nigerians are going through at the moment and this might not look like a very good time to the introducing new building products.

I believe the way housing purchases  is done are different. They are actually done over a long time. People who have planned to buy a house for a while will still continue with their plan. So, we are not deterred by what is going on in the larger society which we all know. More so we believe that a roof over our head is a basic necessity for everybody.

It is what everybody actually aspires to achieve. Whether it is in hard term or in good time. It’s a plan. It is a long time plan. Whilst some people will be doing it in the hard period, some others  will be doing it at periods that are not too favourable. You will be wondering: Why now?

We’ve done this in the past, we’ve launched products when there was recession. We help people to actually make   sure they get on to the ladder by giving them favourable terms.

We are here to launch one of our very, very new products and to mention one or two things about our company called Megamound. Many people know us in the Lekki axis. We are the developers of Nicon Town, Carlton Gate Estate, Lekki County Homes, all on the Lekki axis. These are landmarks in their own right.

Carlton Gate and NICON Town are some of the most beautiful estates in Africa that I have seen. I have not seen any more beautiful estate in Africa than those 2 and I can say that with so much authority because I have been around a bit. I stand to be corrected. Where we are currently is one of our projects. It is one of our so called Low End Projects when we did this project years back, we were the first company to introduce a N10 million duplex on the Lekki axis. This was at a period when the average price of a house on the axis was averaging like N40 million to N45 million. We sold duplexes on this estate for only N10 million.

Some people even got discounts and got it for less, for about N9 million for a duplex. It was a very, very novel idea at that time. When we advertised it people thought it was not possible. They wondered how do you sell a duplex for N9 million in the Lekki axis? But we did it. We developed the total of this estate from scratch, from sand-filling, street lighting, the roads, and the drains. Everything about this estate is completely made-in-Nigeria. We did everything ourselves using local engineers. And they did a nice job. We have seen the amount of rains we’ve had in Lagos in the last few days, but as you can see, there are no floods around here, VGC is made in Israel. This is made in Nigeria. You can’t see flood anywhere despite the amount of rain the estate has witnessed outside Lagos, we have one of the largest private estates, it is in Ibadan. It is called Carlton Gate. Akobo 50 hectare, we have another development in Abeokuta. It is called Heritage Estate.

People have asked why the need for this new project? It is because we like to blaze the trail,” he says. “And we take our time to develop our products. We don’t jump to do things for the fun of it.  We have done a research which has shown that in the Lekki axis, around this area, there are no flats at all. We now decided to design flats. Now we are doing these flats and they will be sold for N24.9 million. They are very beautiful flats. They are value for money. They are 3 bedrooms. They are all ensuites. One of the reasons we are launching it now is because we are giving the buyers at least 24 months to pay. Wow! There are those who will say 24 months to pay N24.9 million. It is a lot of money. But unfortunately we are not in a business of giving mortgages. We are not a financial institution. We are developers. We believe because of our status a lot of subscribers will be able to access money because our estate is known.

Not only that, the very day you buy this house, in terms of positive equity, you gain a minimum of about N10 million because this property is worth at least N35 million.

So technically on the day you buy it is like we are dashing you like N10 million, because we know that in the market, you can’t get a better deal. We have seen similar flats of this nature and we know how much such flats go for. These flats are actually bigger than our town houses and yet our town houses start from N35 million.

At Megamound, we are not only selling a house to you, we are also increasing your family wealth. That is the idea of owning a house. The idea of owning a house in Europe is not just to have a place to dwell it is virtually where all the family fortune is, so you plan around the equities of the house.

When we sold our plots sometime ago people made money. That was about 6 months ago when we did a launch of our plots. We actually sold plots that were selling in our Phase 1 for N60,000 per square metre for just N35,000 per square meter. The idea is if you are buying a 1,000 square metre there, you are paying N60 million, here you are paying N35 million and they are just 5 minutes drive from each other and the roads are almost connected right now, so the guys who actually took that opportunity at that time have actually made N24 million. So we are not only selling a house to you, we are also increasing your family wealth.

So that is what we are trying to build for families. We are encouraging people to get into the property ladder. I will give you an example. My neighbor in Carlton Gate borrowed to buy his house about 10 years ago for about N50 million. He borrowed from UBA. Today, the house is worth N150 million. So, he has made a huge profit. Technically, he didn’t really borrow any money. Today, he has a house worth N150 million.

If he did not get into the property ladder he would not have been able to reap that kind of appreciation. Whether you are buying land in Iyana Ipaja or in Ilupeju or Yaba for N50,000 it is very important to keep buying. If you keep it for over a period of 10 years, it will become 10 times the price. The idea is that you work less. Everywhere in the world you have to work smart, not hard. That is the idea. That is what we are trying to do with this project. We are trying to make sure people have an equity, positive equity, by just buying a home. And we are presenting it for a very,  very good price, N24.9 million. That is the story of this place.

Lekki County is actually before you get to VGC when you are coming from Lagos. This is less than 5 minutes from Chevron.

We do other things too. Apart from the development of projects that you know us for, we are also a construction company. Most of the building you see here, 98% of the buildings you see here were actually built by us. We are also an estate management company. We have had solid experiences of managing an estate. And you can’t really buy that experience anywhere. We are also a real estate company. We do sales, we are not valuers. We have a sales department. We do a bit of dredging as well and we consult for others in that area. We consult for people who want to develop brand new estates. We can do that because we have done so many estates from inception like NICON town, Carlton Gate and Lekki County all from inception. When we took over this place, there was actually no access. We had to do the road leading into this estate. There was absolutely nothing here. We reclaimed the whole place. At Lekki County, our products  vary. We have town houses here, flats, detached houses, semi-detached. We don’t do bungalows.

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