REAL ESTATE NEWS

Ibadan Set for New, Ultra-modern Housing Estates

Lagos Home & Property Festival

In recent times, the global housing sector has been witnessing a great transformation in the conception, design and delivery of new and revolutionised housing units complete with modern facilities. This global trend is set to be replicated in Ibadan, Oyo State; the largest city in West Africa with the plans to complete and deliver the Lakeside Estate, Idi-Ishin and  Transformation Estate, Elenusonso, both Ibadan. With these, the city is set to join the league of major cities in the world with exquisite housing schemes that will give exciting times to residents of the city, news report by the Nigerian Tribune

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To be developed in phases, the two projects are to be handled by Transformation Housing Development Company Limited and HCP Architectural & Engineering Limited, in conjunction with the Oyo state government. The two estates would provide affordable and quality housing in Ibadan.

To be built under the state’s Transformation Housing’s Luxury & Affordable Schemes, when completed, the estates will accommodate no less than 2,000 families or more. By their conception and design, the estates would revolutionise the Residential Real Estate market in Ibadan and the South West in general with several innovative and complementary facilities that will be built into them.

The housing units will come in different typologies including three-bedroom bungalows, three-bedroom semi-detached and detached houses; four bedroom maisonette and detached houses; as well as five bedroom detached houses. The prices are estimated to be in the neighbourhood of N10 million for the three-bedroom bungalows under the Affordable housing scheme, and between N20 million to N50 million for the Luxury units.

In line with the state government’s transformation agenda, this partnership would be building a self-sufficient housing estates, which would boast of such modern facilities like modern landscaping and green areas,  Sewage Treatment Plant, recreation ground, schools for the estate residents and the neighbourhood, round-the-clock security system, 24 hours electricity supply through renewable energy and solar power etc.

In their quest to own their dream homes, subscribers would enjoy the benefits of making payments through a flexible plan, with the possibility of a mortgage option.

Transformation Housing Development Company Limited and HCF are not unaware of the challenge of maintenance of real estates in Nigeria, as a result of this, at the completion of the two estates, the companies plan to engage the services of a reputable facility management company. This is to ensure that subscribers continue to get great value for their investments years down the line.

Speaking on the project, Prince Jacob Esan, the Managing Director of Transformation Housing Development Limited, said the objective of the scheme is to deliver the projects as swiftly as possible.

Also speaking, Olawale Demola, the Managing Director of HCP Architectural & Engineering Limited, said the projects would transform the state by the development of an excellent residential estate, using the two companies’ expertise and experience acquired on the field for many years. According to him, the choice of Ibadan for the estates is strategic because of the numerous business and commercial opportunities that exist in the state.

Esan agreed with Demola and gave reasons for the choice of Ibadan. According to him, the projects were borne out of a necessity to provide accommodation for the growing population of Ibadan. The Ibadan Master Plan estimates that the city will have a population of about 11.3 million by 2036, especially in Ibadan Central. This, Esan said implies that there is a serious need to decongest the city by building new settlements and mini-towns.

Besides, he said, the increasing number of Ibadan indigenes in the diaspora wanting to relocate to the city, the increasing population of Lagos a ‘neighbouring’ city, have made it imperative to embark on the projects. This, according to him, is more so, because “Lagos is projected to be over 25 million by 2025, and many more Lagosians are seeing the ease of working in Lagos and living in Ibadan.”

Not only these. Esan said the projects are also “buoyed by the fact that the Federal Government has recommenced the construction of the Lagos-Ibadan Express Way, and the take-off of the Lagos-Ibadan rail project. With the increasing emphasis on regionalisation in Nigeria, Ibadan would rightfully take its place, once again, as the capital of the South West.

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