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GENERAL The proposed (project name) will be a (no of floors) suspended floor development consisting of a maximum of 18nos residences of various apartment sizes ranging from 1bedroom apartments and 2bedroom apartments, with all apartments having typical layout floor plans from 1st – 3rd floor
Luxury 2 bedroom Apartment (all bedrooms en- suite) and 1 bedroom Apartment (all bedrooms en-suite) with a total floor area of approx. 105 sqm and 70sqm respectively also includes:
Main living/dining area.
1 Guest/Visitors toilet.
All Bedrooms en-suite
Contemporary styled fitted kitchen with imported joinery.
All floor areas to be finished in high quality ceramic and vitrified floor tiles.
2.4 meter high doors.
Annual capital gains rate on property - Avg 18 -20% per annum (for project under construction: off-plan acquisition), Avg 10-11% per annum (for a fully completed project: on-plan acquisition)
Forecast value of property -
Conservative forecast value (forced market value)
Naira: 250,000,000 naira
Dollar: 161,917 dollars
Optimistic forecast value (market value)
Naira: 280,000,000 naira
Dollar: 181,347 dollars
Live price movement of property value
Monthly Forecasted cashflow statement from operating a short-let apartment in that location
short-let cashflow
2bedroom apartment
Location
Lekki phase one
Occupancy rate
25 nights guaranteed
Price/night
₦200,000
Revenue/month
₦5,000,000
Agent fees (15%)
₦750,000
₦4,250,000
Operating cost
Salaries
₦300,000
Manager
₦150,000
Cleaner
₦80,000
Dry cleaner
₦70,000
Power
₦500,000
Subscriptions
wifi
₦20,000
cable tv (dstv)
₦34,000
miscellanceous/ supplies
₦100,000
Total cost/month
₦954,000
Monthly Margin
₦3,296,000
Yearly
₦39,552,000
Service charge
₦2,000,000
Yearly margin
₦37,552,000
Yearly profit margin
18-20%
1 bedroom apartment
Location
Lekki phase one
Occupancy rate
25 nights guaranteed
Price/night
₦150,000
Revenue/month
₦3,750,000
Agent fees (15%)
₦750,000
₦3,000,000
Operating cost
Salaries
₦300,000
Manager
₦150,000
Cleaner
₦80,000
Dry cleaner
₦70,000
Power
₦500,000
Subscriptions
wifi
₦20,000
cable tv (dstv)
₦34,000
miscellanceous/ supplies
₦100,000
Total cost/month
₦954,000
Monthly Margin
₦2,046,000
Yearly
₦24,552,000
Service charge
₦2,000,000
Yearly margin
₦22,552,000
Yearly profit margin
15-18%
Certificate of occupancy
Lagos state approved architectural and structural plan
Lagos state building control (LABCA) approved
Deed of partition/ assignment
Receipts of each payment
Contract of sale
Letter of allotment
Staircase and lift lobby
Swimming pool.
Gym.
Dedicated check meters for water and power.
Standby Generator/
Water Treatment plant
Elevators/ Lifts
Electric Fence
24hrs Security/ CCTV Surveillance
Facility Management Office
Fully serviced
₦230,000,000
Location on map
Inspections are available upon request. Please contact us to schedule a viewing.
