Lekki Phase 1 is a well-planned and mapped-out residential scheme by the Lagos state government. It is located in the Eti-Osa Local Government Area of the State. The area now known as Lekki Phase 1 was formerly known as Maroko, a slum before it was destroyed by the Raji Rasaki-led Lagos State military Government.
Today, Lekki phase 1 is considered to be one of the most expensive places to live in Nigeria. It currently has a reputation as an area with some of the most expensive real estate assets in Lagos State. The properties in Lekki phase 1 are expensive due to high demand (for both commercial & residential purposes) and proximity to the Victoria Island / Ikoyi business districts.
Lekki Phase 1 is a fast-growing neighborhood known to have lots of spots for recreation and leisure. The area is also very commercial with lots of business outfits including restaurants, shopping malls/plazas, boutiques, hotels, etc. Recreation centers in Lekki Phase 1 include Fun Factory for Kids, Lekki Tennis Club, Lekki Waterside, Flex Lagos, Funtopia Leisure Resort, Funturf, Flamingo gaming, play barn for kids.
CASH FLOW PROJECTION
Every 2 years at the rate of 10-15% estimated.
Yearly rental yield 10% of sales value guaranteed and rental increase every 2 years due to capital appreciation.
Guaranteed Net Rental Yield
All rooms en-suite, Guest Toilet, Open Planned fully fitted Kitchen,
Balconies, spacious Living area, and Dining. 24/7 Uninterrupted Power Supply, Ample Parking Space (2 cars)
1. What type of Property is this – It is a 2 Bedroom Luxury apartment.
2. What is the Minimum amount to co-own this property and the minimum unit? –
Answer: The minimum amount is *N100,000* and minimum unit is 1 unit of 1,000 unit shares.
Minimum Purchase Unit
₦100,000/1 Unit Share
Every 2 years between 5-15%
Guaranteed Yearly rental
10% of property value
Project Launch Date
3 months from the listing date
Projected 3 months
Lock in Period
After 12 months from the launch date
Certificate of occupancy with 99years lease.
Would be insured,
3. Is there a Maximum subscription amount –
Answer: No, there is no maximum amount.
4. How long will it take members to subscribe –
Answer: It depends on the rate of subscription. But we are projecting a maximum of 3 months subscription period for a property and an average subscription period of 1 month and above.
5. What is the projected time-line (subscription period)
Answer: – 8weeks, starting from the day of listing on the PINCOOP market place (but it depends on the members subscription rate).
6. What is the title document of the property?-
Answer: The title document of the property is a C of O
7. Does the property have a building plan –
Answer: Yes it has an approved building plan.
8. What documents do I get when I purchase a unit?
Answer: – You would get your purchase receipt, Certificate of beneficial Ownership, Contract of Share ownership, photocopies of the original title document of the property co-owned.
*NB*: the original document will be kept in the bank, for all co-owners to have unrestricted access for sighting.
9. When is the projected launch date of this property?
Answer: The project launch date is after the holding period which is the subscription period for the property plus 2 weeks for payment for the property and property documentation and extra 2 weeks to get the property ready for launch.
10. What purpose would the property be used for –
Answer: The property will be used for Shortlet/Airbnb so that we can get the maximum ROI.
11. Has the document of the property been verified by PINCOOP before listing?
Answer- Yes PINCOOP has done due diligence and verified the documents to be free from all encumbrances before listing on the PINCOOP platform.
12. How long is the documentation period?
Answer – takes 2weeks.
13. Is the property going to be insured?
Answer: Yes, the property will be insured by Zenith insurance.
14. What is the annual rental yield for this property?
Answer – 10% of the capital invested to co-own.