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The estate, according to the developer, is a new mid-market residential development planned for delivery within the first quarter of next year and estimated to cost N500m, while a team of construction professionals from Baron Architects and 225MM Construct are undertaking the project.

According to the Business Development Manager, Tetramanor Gardens Limited, Mr. John Beecroft, the development is as a result of an extensive survey with a view to meeting the needs of the targeted market.

He said the estate would offer a community where kids could live life to the fullest in spaces specially designed for them.

Beecroft stated, “Modalities for facility management will also be agreed upon between Tetramanor and owners vis-a-vis the extent of services and duration of backup power. To cater for the various family sizes, we chose to mix the house types ranging from three-bedroomed condominiums, to four-bedroomed townhouses with maid’s rooms.

“In line with providing exactly what people want, our property comes fully finished, curtailing that itchy-feeling inside us that wants to furnish them just the way we envisioned. Still, we will be providing our buyers the option of working with our interior decorator to get that taste of the heaven we imagined. All rooms are en-suite.”

According to Miss Folawunmi Banjo, an engineer with 225MM Construction Limited, the project is planned for delivery in 15 months and comprises of blocks A, B and C.  While blocks A and B are terrace apartments, block C hosts condominiums.

“Each unit in the gated community has a title of Deed of Sublease. All the house types, including condominiums, townhouses, maisonette and penthouse will be aesthetically appealing, designed with modern spaces and easy to customise to each homeowner’s style and taste,” she said.

PUNCH.

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The company has entered into a relationship with the largest real estate franchise in the US, Keller Williams Realty to bring solutions to Nigerians who desire to buy homes or invest in properties in the US.

Cornerstone, according to a statement, is also to assist those who want to sell their US properties or need a reliable organisation to manage such for them.

These were disclosed by the Chairman Cornerstone Real Estate Limited, Mr. Lanre Okupe, after concluding arrangements on the partnership with the Keller Williams team in Houston, Texas, USA.

Cornerstone said in a statement, “The strategic partnership of KW as the number one real estate franchise in the US, with over 120,000 agents in more than 700 offices across the country, and Cornerstone’s almost three decades experience in delivering homes to Nigerians with more than 10 successful housing estates to its credit, culminating in being a recipient of various corporate awards, will bring value to these home owners and Investors.

“More so, it is believed that these duo of local expertise and strong international contact will definitely bring smiles to the faces of property investors who are keen on investing in any part of the US.”

Cornerstone is presently developing 26 units of duplexes and terraces on a four-acre piece of land in the Oregun area of Lagos with the phase one already completed, while the phase two is ongoing at the Ikeja end of the Kudirat Abiola Way, Oregun.

The second phase of the project consists of 14 units of various duplex types; two units of three-bedroomed detached houses with one boys’ quarters; six units of four-bedroomed semi-detached houses with one room boys’ quarters; and six units of three-bedroomed terrace houses.

According to Okupe, each duplex sits on an approximate land area of between 350 square metres and 400 square metres, and compromises four all en-suite bedrooms. The ground floor space includes the entrance lobby, foyer, main living room, dinning, kitchen, visitor’s toilet and en-suite guest room.

PUNCH.

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The firm said the package was created under a working agreement with TrustBond Mortgage Bank Plc, which would offer 80 per cent of the cost of renting a house at any location in Lagos and Abuja.

“Property Bank is an online real estate marketing platform with arrays of properties covering residential, commercial, industrial, warehouses and plots of land.

“Rent seekers who are currently unable to afford their choice of properties can now live in their choice houses by contacting us for options of houses selectable from the platform, while TrustBond Mortgage Bank Plc will provide funding,” the firm said in a statement.

It added that under the product, the subscriber would contribute 10 per cent minimum equity with no collateral, while one year rent would be repayable in six to nine months, and two years rent repayable in 12 to 18 months.

According to the firm, the disbursement of funds is subject to the subscribers meeting the terms and conditions of TrustBond.

“TrustBond is our mortgage banker with a national mortgage banking licence and offices in Lagos and Abuja.

“Their presence in these cities gives residents the opportunity to access rent loans for properties provided by Property Bank,” the statement added.

The Chief Executive Officer, Property Vault Limited, the holding company for Property Bank, Mr. Andy Morkah, was quoted as saying that the goal of the ‘rent actuation’ plan was to empower consumers with the most thorough information in the market and bring them in direct contact with the agents.

He said, “At Property Bank, we help you find your perfect property. Our listings aim at providing you with as much information as possible and an in-depth insight on each property.

“Our agents are well equipped and they have the direct mandate for each property straight from the owners, bringing greater efficiency to the Nigerian real estate market.

“Searching for properties and full acquisition have been made easier; transactions can now be concluded in a maximum of 48 hours.”

Morkah said the firm had signed on properties from developers and direct brief agents in Lagos and Abuja, and had generated more than 7,000 properties on the portal.

PUNCH.

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The Managing Partner, CCP, Mr. Femi Williams, said at the presentation of the certificate that it came from the need to define a system that encouraged standards and the use of codes and process in the delivery of the company’s products and brands.

“Our staff strength kept increasing and it was becoming difficult to control and be satisfied that the quality of services being rendered was the best we could offer. For this reason, two years ago, we started this process of defining a system to encourage standards. This informed our decision to be ISO certified and imbibe the ISO culture so that we can be sure of delivering on our promise of quality to our clients,” he said.

Williams added that the certification process provided a forum for many interesting discussions and articulation of processes.

He said, “We are now focused on going through the process of delivering better services; I expect our clients to see more continuous and better services. With this ISO process, there should be more cost-effective process.

“We realise that what is important is the ability to change, adapt and improve, using technology as much as possible to reduce costs and thus becoming more efficient in the exciting future that lies ahead.”

Partner at CCP, Mr. Tayo Babalakin, said the ISO required yearly assessment, which would help improve service.

“It’s been a long journey; it started in 2013. We were drilled but it is the stage for the beginning of a new phase,” he said.

The Partner, Structure and Quality Management Representative, CCP, Mr. Leke Shonibare, said the certification would make the quality management system more customer-focused.

“It will help us give better services by identifying needs and providing feedback,” he added.

The representative of Bureaux Veritas Nigeria, Mr. Femi Kolawole, said the process involved two stages of audit to determine readiness for certification and a major audit involving systems validation against international standards.

PUNCH.

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Safe Court is a tastefully finished 47 units residential apartments, built on land measuring 6255.517 square metres, originally owned by a developer, Primewaterview, but was offered as off-plan by the developer to Imperial Home, formerly known as GTHomes Limited.

Court record has it that Primewaterview was indebted to Cornerstone Asset Management Limited, created a Deed of Legal Mortgage (DLM) in favor of Cornerstone.

While this lasted, Primewaterview executed another deed of assignment in favour of GTHomes, which also had accepted an offer of off-plan purchase of Safe Court Estate, paid for an initial 30 units of the development with a “gentlemanly understanding reached between Primewaterview and GTHomes would purchase the remaining 17 units on completion of the estate and in the event that the developer elected to sell the remaining units, Imperial Homes would be offered the option of first refusal.

Following the payment for the said 30 units, curiously, the developer also executed a deed of Sublease (DoS) in Imperial Homes’ favour over the same landed it had earlier created DLM with Cornerstone. To effect to the transaction, Imperial Homes registered the DoS with the Lagos State Government.

But, as the developer failed to meet up with its financial obligation to Cornerstone Asset Management Limited, the latter, armed with a court order, appointed a receiver-manager, in the person of Chief Ajibola Aribisala to take over the entire development. the which after the failure of the former to meet up with its obligation appointed a receiver-manager, who immediately moved to take over the property.

Worried by the development, Imperial Homes initiated the process by appointing Messrs. FreshBrook, a firm of solicitors to protect its interest particularly as the bank had sold the 30 units to its customers it bought in Safe Court and its staff was already marketing the remaining 17 units.

Thereafter, negotiations to settle the matter amicably ensued and that led to a Terms of Settlement, which was entered as a consent judgment of the Federal High Court.  Consequently, Cornerstone executed a Deed of Release in favour Imperial Homes.

According to the DoR made on 11tgh June 2013, “Witness that in consideration of the sum of N25m being the consent judgment sum in Suit No. FHC/L/CS/1085/2012 now paid by GTHomes Limited (in subrogation for Primewaterview Limited, the Mortgagor) to the Mortgagee as the mortgage money and interest owed in respect of the said mortgage… the Mortgagee hereby conveys and transfers to GTHomes Limited (in subrogation for Primewaterview Limited, the Mortgagor) the mortgaged property measuring 6255.517 square metres situate, lying and being at Lekki Pennisula Scheme, Ikate Ancient City, Eti-Osa Local Government Area of Lagos State…”. Also, with the settlement, Imperial Homes’ title to Safe Court was affirmed in two separate actions both at the Federal and Lagos State High Courts.

Throughout the negotiation that culminated into the settlement, the developer was said to have sold a unit of the remaining 17 units, and asked that the sale be recognised by the bank. After the option opened for Primewaterview under the ToS to repurchase the 17 units was said to have elapsed, Imperial Homes went on to sell off 14 units to Northcourt, Block H, penthouse 700 and Block H, Flat 601, which it did not sell because they are currently under litigation. The bank added that as at when it was selling the 14 units it was not aware of anybody’s interest, as Primewaterview was said to have denied any other sale other a unit.   The bank is now asking the court to dismiss the actions with substantial cost, claiming it is frivolous and vexatious. Meanwhile, Justice Iyabo Kasali, had ordered parties, including the Akintolas and Falade against Primewaterview, Imperial Homes Mortgage Bank Plc and Registrar of Titles, Lagos State to maintain status quo pending the determination of a suit filed by a customer of Primewaterview claiming ownership of the apartments, equally directed lawyers in the suit to educate their clients on the consequences of disobedience of court order.

The customer, Olanrewaju Falade, had dragged GT Homes and Primewaterview to court, alleging fraudulent conspiracy to deny him ownership of two apartments in the estate, which he had duly paid for.

He also filed a motion for interlocutory injunction restraining the first and second defendants (Primewaterview and GT Homes) from preventing him from gaining access to the apartments pending the determination of the suit.
Besides, the claimant (Falade), in the motion, also seeks an interlocutory injunction restraining the Registrar of Titles of Lagos State Lands Registry from accepting any document of title registration for the said two apartments described as Block H, P/H 700 and Block H, Flat 601 pending the determination of the suit.
The claimant, in an affidavit in support of the suit, recalled that sometime in June 2010, he received an offer letter from Primewaterview, which was the joint developer of the Safecourt Estate with Safetrust Limited, for subscription for sale of one unit three-bedroom serviced apartment.

The terms of the agreement in the offer letter was that upon acceptance of offer, a down payment of 50 per cent was required while the balance 50 per cent would be due upon completion and delivery of the apartment in the conditions stated in the offer.

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