PUNCH
The developer of the collapsed building in Banana Island, Joe Faraday Limited, projected to rake in over N21.5bn from customers who subscribed to the seven-storey structure, findings by The PUNCH have shown.
According to an analysis of the project’s marketing information seen by our correspondent, the seven-storey building, christened “The Woodlands” consisted of 72 units of flats.
The building plan comprised a cluster of one, two, three, and four-bedroom flats as well as five and six-bedroom detached and semi-detached houses, making a total of 72 units.
According to data sourced from Nigerian Proptech-Estate Intel, a one-bedroom apartment in the estate was priced at N80m, while the six-bedroom apartment was put out for N750m.
Other flats: two-bedroom, three-bedroom, four-bedroom, and five-bedroom went for N109,999,999, N199,999,999, N299,999,998, and N649,999,999, respectively.
While the number of each of the various types of apartments in the building remains unclear, the Chief Executive Officer and Founder of Estate Intel, Dolapo Omidire, while speaking with The PUNCH on the project, said the average price of the entire prices would provide ample insight into the expected revenue from the project.
Omidire said, “While it is still under construction, they can still change. A couple of one-bedroom units can be changed to two-bedroom units. A couple of two-bedroom units can be changed to four-bedroom units. They will lump it together and somebody will buy it. But if you do an average sale price of all the units and multiply it by 72, that will give you an insight into the value of the property.”
