A LAGOS-BASED real estate firm has commenced construction works at its N15 billion-estate project in the Lekki corridor, which is targeted at providing residential accommodation to 285 families.

First Spring Realtors Nigeria Limited, a subsidiary of Spring Bank Plc, is developing the estate christened Beach Resort Estate. Planned as a mixed development project, the estate will berth on a 75-hectare land between the second and the third round about of Lekki. It is designed to give apartment owners an unrestricted view of the Lagos lagoon.

Located, the phase of the estate will gulp N15 billion including infrastructural works. Messrs Costain West Africa Plc is pioneering the constructions of the first set of 58 units of various house types. About 30 per cent of the building works and 85 per cent of the infrastructure have been completed.

The estate is expected to feature luxury apartments, commercial area, 24 hour security patrol, facility management, boat club and jetty, lush greenery and landscaped gardens, pedestrian walkways and joggers tracks, structured road network, telephone cable distribution network, TV / Cable distribution network and luxury park condominiums. Some set of plots is on offer as part of its site and services scheme.

The housing units consist of cubic row houses, iconic row houses, deluxe semi-detached duplexes, classic semi-detached duplex, angular block of flats / linear block of flats. One of the model buildings has been completed. Their interior features include vitrified tiles in living, dinning and kitchen, ceramic tiles and mosaic in toilets (floors and walls), complete electrical fittings / features, cabinet fitted kitchens, French stoves, security door for main entrance and rear, cornices, skin coating and suspended ceilings for living and bedroom areas, powder coated aluminum window frames, high quality paints for the interior, PVC roof finishing, non slip quarry tiles and high quality bathtubs and shower cubicles. The price of the houses range from N42 million to N57 million while a 30,000 square metres of residential plots and 66,000 square metres of commercial plots cost N45, 000 per square metre.

PW is handling civil infrastructure, JKN (Electrical) while Hademec (mechanical engineering). Among infrastructure to be provided are asphalt/geo textile finished road network, water treatment system, underground electrical system, fire hydrant network, converged telecoms system, adequate drainage system and an eight hectare functional utility recreational park with themed gardens.

Managing Director of First Spring Realtors Nigeria Limited, Mr. Abdel-Nasser Quadri said that the firm is committed to delivering quality housing to the various classes of the society without compromise to internationally recognised aesthetic, safety and environmental standards, while leveraging its expertise in property development.

He disclosed that the property firm has evolved a strategy, which reduces the influence of property speculators. "We are coming up with regulation and our major strategy is to have fully developed estate within the shortest possible time," he said.

The company's Chief Operation Officer, Mr. Segun Aluko said that the firm is adopting a flexible payment plan for prospective homeowners, which requires 50 per cent down payment and the balance spread over the life of the construction. An outright payment attracts discount.