Amid the lull in real estate market, Lagos-based property development firm, Messrs Tetramanor Limited has announced incentives for prospective subscribers in 40-unit project located at Ebuta-Metta in Lagos.Known as TM Meadows, the project consist of two, three and four bedrooms apartments, all fully finished with maid’s rooms.

The project features two parking lots for each unit with spaces for visitors, gardens and a playground, a supermarket, 24 hours surveillance with a close circuit television (CCTV) and full-time security among other state-of-the-art facilities.

The Chief Executive Officer, Tetramanor Limited, John Beecroft explained that the firm plans a 24 months installment payment to make ownership to the project easy, convenient and accessible to buyers.

“Subscribers could express interest in any of our units to qualify for an all expense paid trip to Dubai. Our building materials are locally sourced, we select the best to deliver world-class homes for buyers. The benefits of the project to the community are huge; it will beautify the entire landscape and change it from the slum-like environment to family-friendly one with improved security.

According to him, the site layout has been designed to maximise space, yet provide adequate space for recreational purposes. The estate consists of 40 units of six blocks containing a mix of apartments, maisonettes and penthouses.Building and civil engineering firm, 225MM Construction Limited is handling the construction.He said the project, which is at 10per cent stage, provides hundreds of jobs in the community, both through direct employment and as suppliers to the project.

He said the vision behind TM Meadows is to bridge the housing gap of about three million units that exists in the state. “We have chosen the Lagos Mainland environs because that is where the demand gap is heavy.”

Also speaking, the project manager for 225MM Construct Limited, the construction management company for TM Meadows, Abiodun Odetunde said construction methodology is professionally written, approved and executed by seasoned professionals in the built environment, hence subscribers would have value for their investment.

“Our focus on structural integrity helps us to achieve top notch homes. Materials used in the construction of TM Meadows are ISO certified and regular tests are carried out on some of the locally supplied materials to ensure consistency in the quality of materials”, he stated.Prices for TM Meadows estate start at N21million.

Unprecedented correction in the property market is making landlords who originally seek out corporate tenants, for their properties, to prefer individuals (single) tenants, who can afford the rents, according to newly released Ubosi and Eleh Company’s Nigeria Real Estate Report 2018.

This trend is expected to continue the second half of the year. However, the overall outlook is mildly optimistic, as rents are unlikely to drop any further.But rents will remain fairly stable with the exception of strategically located properties in prime locations, particularly the ground and first floors, which will continue to attract a premium as financial institutions, service providers, telecommunication companies and myriad of retail concerns and fast foods.

The 85-page report predicts an increase in demand that will continue to grow stronger as the year progresses. This outlook is predicated on economic growth as the country moves out of a recession, the higher oil prices, complementary growth in businesses as a result of same, and the continuous pressure on the limited stock of housing.“If the economy continues on the upward trend as the country exits from recession, there is a possibility of a very slight but not significant positive move for rents. This is predicated on the run up to the 2019 elections, as campaigns intensify, and more money is released into the system.”