The project, which is well positioned in the future business hub of the state, would reduce housing problem at the LFTZ as there would be influx of foreign and local workers in the next two to five years in the area.
This cheering news comes on the heels of the announcement by the Federal Government of its commitment to enhance business activities in the state through the deep sea port, coupled with other investments such as the China Africa Lekki Investment Limited, Dangote Refinery, Lekki Airport and the New Eko Tourist Resort.
Speaking on the development, Mrs. Bukunola Gadzama, Chief Executive Officer, Buildcon Global Services Limited, said that her company is positioning its project to attract expatriates, senior executives and senior managers, hence the birth of Pracht Smart City.
The estate is sitting on about 200 plots of land which will accommodate different styled structures ranging from apartments (flats), detached houses to terrace duplexes. The estate consists of smart home appliances and complimentary amenities expected in a luxury home.
Pracht Smart City also boast of unique smart home appliances such as Amazon Echo Dot, Kwikset (smart entry locks), Ring Video Doorbell Elite, Sonos Wireless Speakers, Phillips Hue (Lighting), among others.
The proximity of the estate to investments at the LFTZ will offer access to an enormous consumer market across West Africa, as it is being developed as a logistics hub for the entire sub-region.
The presence of foreign expatriate at Dangote Refinery this year is also anticipated to increase the demand for housing, a situation that would be addressed by Buildcon through the Pracht Smart City.
In order to make purchase easy, the company has come up with three years flexible payment plan for subscribers, this project is position as investment platform for subscribers who are willing to be landlords to these expatriates and managers come 2020. According to Gadzama, two bedroom apartment at Pracht Smart City cost N9.8 million, three bedroom apartment is worth N11 million, while four bedroom terrace duplexes would be sold at N32 million.
This include an upfront payment of 30 per cent and upon an initial deposit, a subscriber would be given a milestone agreement which shows the construction stages of the property.
She said Buildcon is also offering mortgage opportunities to subscribers, they are partnering with a mortgage bank to provide mortgages at 6 per cent per annum. “The purchase of the houses is for investment purpose and the company will help its subscribers to rent out their apartments at premium rates,” Gadzama explained.
Subscribers can also own parcels of land at Ibeju Lekki. About 100 plots of land of 648 square metres are available, with prices ranging from N4 million for outright payment and N5 million for one year instalment plan.