Mr. Kennedy Okonkwo, Chief Executive Officer and Managing Director of Nedcomoaks, has said that inability to bear the loss of a worth N18 million ($90,000) to a competitor as a part time property consultant pulled him fully into property business.
Okonkwo however said that since he ventured into property business, he has been able to successfully put up several massive projects such as Kiryan Court, Dream Court IV, Crystal Dreams Apartment, Crystal Court, and Sandton Court. But most recently he just delivered the Victoria Crest I, while work has fully commenced on the Victoria Crest II, which is presently on sale.
According to him, Victoria Crest II is an estate of 76 units of three and four-bedroom homes and is located by the second Lekki toll gate on Buena Vista Road, adjacent the Buena Vista Estate.
Other estates in its proximity include Lake View II, Essential Homes, Ocean Bay Estate, Bricks and Brains Estate, Golden Leaf Estate and the Shell Cooplag Estate.
However, Victoria Crest I is a collection of 92 units of three and four-bedroom terrace duplexes, all rooms en suite built for first time home owners or smart investors.
It is a fully serviced residential community. Victoria Crest offers a unique opportunity to acquire and invest in a property within a private gated community located in the reserved and much sought after area of Lekki, Lafiaji. Victoria Crest, according to Okonkwo, is now selling at rate of N30 million for three-bedroom terrace homes and N34.7 million for the four bedrooms with flexible payment plan.
The project’s features, according Mr. Vincent David, one of the residents, include fitted wardrobe and cabinets, stainless steel staircases and balconies, Turkish security doors, quality tile finishing, generous living areas, spacious main plus family lounge, gate house, fitted kitchen with cabinets, kitchen sink and tap, beautiful ambience and great neighbourhood, street lights, excellent drainage infrastructure, central water treatment plant, ample parking space and many more.
Dream Court IV, located near the Pinnock Beach Estate developed by UPDC, is another gigantic project being developed by the company. The project, which comprises 30 luxury flats with an attached boys’ quarter, according to the company, will be a contemporary luxurious design hoping to surpass the expectations of subscribers who have commenced buying into the project on an off plan basis stemming from the huge return on investment of its previous project and the company’s remarkable project delivery track record riding on the success of Kiryan Court, Dream Court I-III, Crystal Dreams Apartment and the Victoria Crest Apartments.
“I went into the property business because I felt there is a real need for it. For everybody, when you look at your needs, it’s probably food first and then you think of shelter. So there is no way anybody that is providing shelter will get it wrong. I think there are enormous opportunities to tap into in the Nigerian property market today and the reputation of the developer matters a whole lot.
“In the operational aspect of construction, it has a tendency to drive up the cost of the construction because most of the finishing materials are imported and so the restrictions on forex make it difficult to import these goods, which drives up the price. On the other hand, a property that was selling at $150,000 can now go for $100,000 if the person has forex, so for these people, there is a higher advantage,” Nedcomoaks’ CEO said.
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