The N10 billion scheme is a joint venture project between the Lagos State government and the developer.

The project, which sits on a 24-hectares parcel of land, is to be developed under a scheme tagged the "Cooperative Home Ownership Incentive Scheme" (CHOIS), in an effort to replicate the former 1004 Flats Estate on Ozumba Mbadiwe Road, Victoria Island.

Three house types are designed for the estate, namely; the two-bedroom standard, tagged 'Mobolaji,' valued N11.640 million; the two-bedroom deluxe flats, named 'Baba Kekere,' (N13.350 million); and, the three-bedroom luxury flats named 'Ashiwaju,' with a price tag of N18.125 million. Prices are exclusive of taxes.

Acting as funding partners on the project are Access Bank, First Bank, Guaranty Trust Bank and Oceanic bank.

The Vice Chairman of First World Communities Limited, Mr. Nojeem Jimoh, giving the breakdown of the modes for payment last week, listed two options for buying homes under the scheme - outright purchase and buying through a mortgage facility.

The initial deposit for outright purchase is 30 per cent, with a second instalment of 20 per cent to be paid not later than 60 days after the initial payment. The third instalment (30 per cent), is to be paid not later than 60 days after payment of the second instalment, while the balance of 20 per cent is to be paid not later than 30 days after the allocation of the completed property.

To access the mortgage facility, a 20 per cent down payment of the cost of the house type would be paid at point of subscription. Further payments on this equity contribution would be determined by the terms and agreement of the participating banks. According to Jimoh the developer, FWC, may assist in facilitating funding under the Lagos Mortgage Scheme.

Infrastructure provided at the estate include dedicated transformers, treated water supply, internet and cable television services, drainage facilities, street lighting, open space facility designed for recreational needs of residents, security arrangement and playing ground for the youth and children.

According to Jimoh, the housing sector can only witness growth through the involvement of the private sectors, or for government to go into partnership with the interested private developers.

"It is in recognition of this reality that informed the joint development of the proposed 10,000 housing units of housing between Lagos government and FWC.

"The idea is that members of existing co-operatives can bring themselves together and use their numbers to access home ownership. The developer would form them into 'CHOIS Clubs' and get them to contribute a certain amount of money on a monthly basis." The details, however, are still at the formulation stage.

Among the 1005 units planned for Abijo, 272 flats of the three-bedroom house types are to be ready by the end of May, 2009, while the others are to be completed by December 2009.

"The choice of Abijo, is to re-produce the famous 1004 flats in Victoria Island. The 1005 units planned here is symbolic. Lagosians are used to the once popular housing estate before it was sold out to private investors. We want the dream to linger, hence, the choice of 1005, along the same axis," said the FWC vice chairman.

-Guardian Newspapers