Still Selling, Grenadines Homes, Katampe(The Hotest Luxury Real Estate In Abuja, Nigeria)

The Grenadines Resort Katampe, Abuja boasts of well finished terraced duplexes and complimentary amenities that makes truly bold statement about luxury and lifestyle living. Here you will have your own home in an enchanting neighborhood a little removed from the hustle and bustle of the city centre of the F.C.T Abuja.

Location and Title

The Grenadines Resort is situated at Katampe, a serene and organized district at the boundary of Jahi , hosting presently Katampe estate, Winners Chapel Jahi, Next Cash ‘n’ Carry Shopping Mall. The estate is covered by a Certificate of Occupancy. Specifically, The Grenadines Resort is a five minute drive from Maitama/ Wuse 2 and thirty minutes drive to Nnamdi Azikwe international airport. The project is covered by certificate of occupancy.

We have taken the liberty of enclosing 3D pictures, floor plans, live pictures of previous development, payment plans for your reference. This will help you get a better idea about the Grenadines Resort, Katampe.

25 units of (4) – Bedroom Terraced Duplex + Maid's Room (The Grenadines Resort) (N125m per unit)
3D Designs of The Grenadines Resort Katampe, Abuja.

An Overview

Pool side

MEASURMENT OF EACH TERRACE

Ground Floor

S/N	DESCRIPTION	FLOOR
1	Living room	26sqm
2	Guest Toilet	3sqm
3	Dining	26sqm
4	Kitchen	14sqm
5	Maid's room	9sqm
6	Store	3sqm
7	Laundry	3sqm

First Floor

S/N	DESCRIPTION	FLOOR
1	Masters Bedroom	30sqm
2	Closet	6sqm
3	Toilet	7sqm
4	Lobby/Family Lounge	14sqm
5	Bedroom 1	16sqm
6	Bedroom 2	16sqm

Terrace-Pent Pent Floor S/N DESCRIPTION FLOOR 1 Masters Bedroom Gallery 14sqm 2 Gym 12sqm 3 Bedroom 3 18sqm The Grenadines Terrace Katampe is a 4 bedroom duplex, with all rooms ensuite, living room, dining, kitchen, store, laundry, a maid’s room, a guest toilet, gym and 3 car park spaces.

OTHER FEES APART FROM THE PAYMENT FOR HOUSE INCLUDES:

Survey Fee = (The survey shall be carried out by the Purchaser except upon written request that such be done on his/her behalf in which case all expenses thereto will be paid by the Purchaser)

Legal Fee = 5% Cost of Purchase (Exclusive of the Minister’s Consent)

Developmental Fee = N2.5m (subject to review)

BENEFITS

·         Serenity

·         Functionality of space

·         Luxury Finishing

·         Flexibility of Payment

·         Habitable Environment

·         Security

FEATURES

·         Spacious Living

·         Maid’s Room

·         Well Fitted Kitchen

·         Good Ventilation

·         Open Air Terrace

·         Pent Room

·         Open Floor Plan

DEVELOPER:

GRENADINES HOMES LTD

www.grenadineshomes.com

ARCHITECTURAL DESIGN:

PLAY IN ARCHITECTURE LIMITED

www.playinarchitecture.com

CIVIL & BUILDING CONSTRUCTION:

CUBIC CONTRACTORS LTD.

www.cubiccontractors.com

For more enquiries and inspection: 08032150044, 08100120366, 07043094883

DO YOU THINK EBOLA WILL AFFECT REAL ESTATE MARKET IN AFRICA? Please, share and post your opinion

From European envoys, thumbs-up for Fashola, others over Eko Atlantic

It was a big encouragement for the Lagos State Governor, Mr. Babatunde Raji Fashola (SAN), the private developers and the other stakeholders in the project. For developing the Eko Atlantic City, a project that would restore the disappearing Lagos coastline and ultimately save Victoria island from extinction, ambassadors of European countries have praised the efforts of the governor and the others involved in the project.

 High-level delegates attending the second EU- Nigeria Business Forum visited the project development area of Eko Atlantic, the new city that is being built adjacent to Victoria Island in Lagos. The delegates were full of praises to the authorities on how well the reclamation of land and the construction of sea defences were being carried out.

The delegation was led by European ambassadors and representatives from many European Union member states attending the Forum.

At the event were diplomats from Austria, Belgium, Czech Republic, Finland, France, Germany, Ireland, Italy, Netherlands, Spain, Sweden and the United Kingdom, in coordination with the EU Delegation to Nigeria.

 Speaking on behalf of the EU delegation, the German Ambassador to Nigeria, Dorothee Janetzke-Wenzel explained that she recognized that the huge project of Eko Atlantic was materializing and that it was already having a positive impact.

Her words. “It is not only helping to help save the coastline but helping to save Victoria island, here in Lagos, which is dear to so many people. It is also a project that has all the ingredients that we the Europeans, and we the Germans, if I may add, thin are extremely important. These are sustainability, looking into the future, doing something for the surroundings of a city and by that, also for the people of the city.” The diplomats saw how the Eko Atlantic sea revetment, known as The Great Wall of Lagos is now protecting not only the more than the five million square meters of land that has so far been reclaimed for the city but the shoreline as well.

“Eko Atlantic is restoring the Lagos coastline off Victoria Island to where it was a hundred years ago,” said David Frame, the Managing Director of South Energyx Nigeria Limited, the developers and cuy planners of Eko Atlantic. “Had it not been for the sea wall, Victoria Island could have faced catastrophic flooding from ocean surge three times.”

After visiting the site, the German Ambassador Janetzke-Wenzel added: “I know from the people who were going around with us and the very competent people who were leading us and telling us all about how you are restoring what was here before in 1905. You are trying to bring it back. So it is something that is leaning towards the future, really something looking towards the future, and also restoring.”

 Eko Atlantic is privately financed and fully supported by both the Nigeria Federal Government and the State Government. The President of Nigeria, His Excellency Goodluck Jonathan visited Eko Atlantic earlier this year describing it as a ‘noble initiative.’ Eko Atlantic City, said the President, “is bringing us happiness and this happiness has come to stay.”

Eko Atlantic is designed to provide the space and infrastructure to house 250,000 people and become the workplace for a further 150,000.

The 2013 EU-Nigeria Business Forum is a key platform for both public and private sectors to put to work the objective of bringing the EU and Nigeria even closer. The Forum brings together policy makers and business representatives alike to explore how it is possible to convert a business prospect into a plan.

Luxury apartments on the rise in Lagos as state reshapes to mega city.

Lagos real estate market is experiencing good times as the city reshapes to attain a mega status.

The City’s property market is gradually gathering steam after the 2008 to 2009 lull occasioned by the global financial crisis as developers continue to chun out luxury apartments befitting the city’s new status.

Developers such as Briscoe Properties, Bedbrick Homes GT-Rich Realty, among others, have, in the past couple of years, put a good number of products into the market. Imposing structures developed for the high-end market are springing up at various parts of the city.

Propelled by the city’s booming, commodities-based economy, home buying has also been on the increase lately, while the growth of other sub-sectors such as short-stay apartments, property leasing and hotel accommodation has remained significantly upbeat, BusinessDay investigations have revealed.

Located at the heart of the state capital, Ikeja, is the uttral-luxurious Orchid Court, a development that will, on delivery, consist of choice apartments coming in different house types and designs such as detached houses, semidetached houses, duplexes, penthouse, which will sell for between N75 million and N150 million.

The Eko Atlantic City, a joint venture between the Lagos State Government and South Energyx Limited, is also under construction. The city, sitting on 9 million square metres of land reclaimed from the Atlantic Ocean, on delivery, is expected to further project Lagos as the economic hub of West Africa, according to industry experts.

“The increase in luxury apartments will certainly enhance the city’s status, especially at the rate they are coming up. However, it will be quite enterprising if these apartments are affordable for the growing middle class,” Ronald Ashkin, technical director, real estate sector, Growth and Employments in States (GEMS), said in a telephone interview with our reporter.

Tunde Gbadamosi, developer, Amen Estate – a collection of luxury apartments in Lekki-Epe, notes that “while the rise of the luxury apartments is advantageous to the city’s status, it is also imperative for the government to provide housing solutions for the ever growing middle class through high- rise buildings that will befit the city’s status.”

He said that densely-populated areas such as Ebute-Metta, Ikorodu, etc should be the focus of government housing schemes aimed at providing affordable housing solutions alongside exciting structures to spice up the city’s status.

On the Island, the state has also seen a significant increase in luxury apartments such as the Tango Towers, a stylishly developed three- and four bedroom serviced flats tucked away in the highbrow area of Ikoyi.

Emerging markets in Africa driving forward office market demand, report shows

Occupier demand in Middle East and Africa region office market is expected to grow despite recent turmoil in the area with Angloa and Nigeria leading the way.

Growth in banking, telecommunications and construction sectors is driving occupier demand and flexibility and adaptability are the key characteristics for successful operations in Africa and Middle East, according to the latest report from global real estate services firm Cushman and Wakefield.

The need for increased investment in these regions to aid redevelopment and recovery will present further opportunities leading to sustained levels of interest from multinational companies to locate in the Middle East and Africa, according to Cushman and Wakefield’s Emerging Markets 2011.

The report reviews 19 markets in Africa and nine in the Middle East which are becoming established or beginning to emerge as office destinations for multi national companies.

It warns that multinational companies operating in these markets or entering the region for the first time, need to be acutely aware of the increased and/or changing pattern of risk factors such as political instability, and to act accordingly.

It highlights the need to for companies to adopt a flexible business model and to be sympathetic of local conditions when operating in these markets.

The most expensive locations within the MEA region are in Angola and Nigeria. Luanda, the capital of Angola is the most expensive market, with Lagos in Nigeria in second place driven by severe lack of prime space and strong occupier demand.

Angola’s reliance on the extractive industries, in particular the diamond industry has led to sustained occupier demand and growth in rental levels. An increasing number of countries in Africa however, have experienced significant growth within the service industries such as banking, telecommunications and information technology (IT) all of which are advancing significantly.

Conversely, the office markets in UAE are characterized by oversupply due to significant development along with the impact of global economic slowdown and subsequent lack of occupier demand. These markets have recovered somewhat recently as a result of being increasingly recognized as the more stable business hubs in the light of recent political upheaval within the region with rents stabilizing and remaining amongst the highest in the region.

In particular, the Dubai Free Zone locations such the Dubai International Financial Centre (DIFC) and Dubai Media City, have seen sustained demand over the year, attracting new and established companies looking to upgrade their space.

‘Being at the forefront of real estate activity and development in MEA we can support our corporate clients as they navigate the potential risks and seize the opportunities available to them in these markets,’ said Alisa Zotimova, head of Alliance Program and New Markets, EMEA.

‘Political stability and economic growth are key to the development of office markets in the region and the established gateways of Dubai and South Africa will continue to provide a bridge to the rest of the continent where growth opportunities do exist for the pragmatic and patient,’ she added.

Economic progress in Africa increases demand for good quality projects in major cities

Demand for high quality residential and commercial property continues to grow across Africa on the back of the continent’s sustained strong economic growth and rising wealth.

Africa is in the midst of a period of dynamic economic expansion, having averaged GDP growth of more than 5% per annum over the last decade and this is leading to a dynamic real estate market.

According to Knight Frank’s newly released Africa Report 2013 this strong growth is expected to continue and is creating wealthier populations, particularly in the largest and most rapidly growing urban centres.

It says that Africa’s mega cities such as Lagos, Nairobi, Accra, Lusaka and Dar es Salaam are increasingly becoming the drivers of its economic growth and, as a result, are attracting growing interest from occupiers, developers and investors.

‘Africa’s impressive economic progress is generating a growing need for the construction of good quality property in major cities across the continent. The rising wealth of Africa’s middle class is leading to demand for increasingly sophisticated retail formats and better quality residential property,’ said Matthew Colbourne, associate in commercial research at Knight Frank.

‘Meanwhile, as overseas companies seek to expand into Africa’s growing markets, and as African based companies grow themselves, there is a need for investment in the construction of high quality office buildings, which are currently in short supply in many African cities,’ he added.

According to Peter Welborn, Knight Frank’s head of Africa, property investors and developers looking for emerging market opportunities are increasing external investment in Africa, particularly as the growth markets of the last decade such as Asia-Pacific and Central and  Eastern Europe mature and the level of returns they offer begins to diminish.

‘Many African countries remain challenging places in which to do business, but for those able to steer their way through African property markets, there is the promise of high returns and significant growth potential. Knight Frank continues to help investors navigate the rapids in over 40 of the continent’s most challenging environments,’ he explained.

In the residential sector, the need for greater volumes of good quality housing is reflected in a number of ambitious new suburbs that are either under construction or planned by private property developers on the outskirts of existing large cities.

Examples include the Eko Atlantic scheme on Victoria Island in Lagos, Tatu City in Nairobi and La Cité du Fleuve in Kinshasa. While all of these projects remain at very early stages, they may herald a wave of new large-scale urban developments across Africa. The demand from offshore buyers for high quality residential accommodation has continued to increase in countries including Morocco, Kenya and South Africa.

The report says that in the retail sector, the increasing wealth and sophistication of African consumers is leading to rising demand for modern retail formats and western style shopping centres. Countries such as Zambia, Ghana, Kenya and Nigeria have seen a wave of retail construction activity in recent years which has delivered the first generation of modern shopping malls to many major cities.

It points out that the construction of further, and larger, shopping centres can be expected, as developers seek to meet the demand for high quality retail space from increased numbers of international retailers entering Sub-Saharan markets and major South African chains pursuing expansion plans elsewhere in the continent.

In the office sector, many key African cities have severe shortages of high quality space built to the specifications expected by international companies. This scarcity of supply has led to extremely high rents in some cities, particularly where there is strong demand for office space from international occupiers from the oil and gas sector.

Indeed, prime office rents in Luanda and Lagos are amongst the highest in the world. In Luanda, recent construction completions have eased some of the pressure on the market and rents have become more affordable over the last 12 months but, even so, at U$150 per square meter per month, prime rents remain well above the levels seen in leading global office markets such as London, New York and Hong Kong.

Oil companies and the banking sector are established sources of demand for office space in Africa, but African economies are diversifying and non-traditional sectors are emerging. The growth of mobile technology in Africa has been a particularly prominent phenomenon over the last decade. Africa’s technology boom is generating new sources of office market demand and the continent is now home to a number of growing technology clusters, such as Silicon Savannah in Nairobi and Silicon Lagoon in Lagos.

Wealthy real estate investors attracted to luxury property in Morocco

The second home industry in Morocco is expanding and attracting domestic buyers as well as wealthy property investors from around the globe, according to a new report.

Over the last decade, Morocco has benefited from strong macroeconomic policies that have contributed to its economic growth, improving social indicators and expanding middle class, says the report from Aylesford International.

It points out that according to Wealth-X there are now 35 ultra high net worth individuals in Morocco, with a total wealth of US$5 billion who are interested in property as an investment.

Political reform introduced with a new constitution in July 2011 has meant Morocco has not experienced the social unrest of the wider north African region and as such, tourism and the second home industry have continued to expand, attracting both fashionable domestic clientele as well as the international elite, and have been key to driving the country’s economy.

The report also says that there is now a substantial expat community in Morocco. Foreign residents are primarily from Francophone countries and the UK, as well as those from much further afield. They are attracted to Morocco’s moderate property transaction costs, liberal inheritance laws, and supply of exceptional, high end properties.

Recently, however, slow growth in the European Union, particularly in France and Spain which are Morocco’s key export partners, has had an impact on economic performance, and the current deficit is thought to have increased to 8.8% of GDP in 2012, according to figures from the International Monetary Fund.

To that end, Morocco’s Budget in 2013 has sought to tax both high income earners as well as companies that produce large profits. Effective as of 01 January 2013 for three years until the end of 2015, the ‘social contribution’ applies to individuals whose net, Moroccan sourced salaries are above 360,000 dirhams (£28,200), at progressive rates from 2% to 6%. The highest rate is applied to salaries in excess of 840,000 dirhams or £65,800.

The report details what taxes are payable on buying and selling property in Morocco. When buying there is an agent commission of 2.5%, at Notary fee of 1% plus VAT at 10% plus a Notarial tax of 0.5%. There is also a land registration fee of 3% to 4% plus land registry tax of 1%.

When selling a property there is no inheritance tax as such but gift tax may be levied at a flat rate of 20%. Capital Gains Tax applies to the sale of a property unless it has been the owner’s principal residence for six years. Gains are subject to the tax on real estate profits at a 20% rate.

The minimum tax is 3% of the transfer price. However, gains derived from the sale of property amounting to a maximum of MAD140,000 per year are exempt.

As far as local property taxes are concerned owners face and annul urban tax from local municipalities which are progressive from 0.025% to 0.5%. There is a tax d’habitation which is an annual property tax based on 0% to 30% of the rental value of the property. Only 25% of the assessed rental property value is subject to tax when it is a primary residence.

Properties that are attracting wealthy buyers in Morocco include a five bedroom villa in Marrakech with two guest houses, pool, tennis courts and a three hectare garden priced at €2.9 million.

There is also a four to six bedroom villa on a private estate which includes an 18 hole golf course, luxury boutique hotel, and spa which is due for completion in 2015 which start at €1.91 million.