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FAQs - Roseberry Estate Ibeju Lekki

 

Q 1. Where is RoseBerry Estate,  Ibeju-Lekki (IGBEYIN ADUN EXCISION)?
Ans: RoseBerry Estate Lekki is located just after Pan Atlantic University, Campus Opposite Eleganza Industries/Odunnbaku a few minutes’ drive before the new Int’l Airport Ibeju-Lekki directly off Lekki Epe Expressway. We call it “ROSEBERRY ESTATE, IBEJU-LEKKI”.

Q 1.1 Facts about the immediate environment of the Estate
Lekki Free Zone (LFZ)Lekki Free Zone (LFZ) comprises 16,500 hectares to the southeast of the city of Lagos, two peninsulas of infinite opportunities bounded by the Lekki lagoon and the Atlantic Ocean. The free zone was launched in 2004 as a vehicle to fully utilize the investment and tourism potential of Lagos.

LFZ is a new city under development that will operate in accordance to best international practices. It is also one of the fastest developing urban areas with an annual economic growth of 16.8%. The Lekki free zone is a multi-use facility with zones for oil and gas, industry, manufacturing, business & financial, media centres, commercial, real estate, recreation and tourism.

The promising world class New Lekki Int’l Airport is at Ibeju Lekki off Lekki-Epe Expressway. It is envisioned to give Lagos a befitting Airport of highest standard both in appeal and operations. The site is alreadybusy with construction activities and it is envisage that the government of 2015 – 2019 will deliver it before the end of that administration. 

Lekki Deep Sea Port
Nigeria’s $1 billion Lekki Deep Sea port project which is expected to begin operations in 2018 is to be financed by 10 financial institutions. According to Mr. Sandeep Parasramake, the Chief Financial Officer of Tolaram Group the institutions included the African Development Bank (AfDB), European Investment Bank and the Standard Chartered Bank. Others are Rand Merchant Bank, Stanbic IBTC, Africa Finance Corporation, Propaco, Entrepreneurial Development Bank, German Investment and Development Corporation; and International Finance Corporation.

The project is on course and will tremendously boost business activities in that corridor upon completion.

Pan Atlantic University Main Campus at KM 52, Lekki-Epe Expressway, and immediately after Eleko Junction is just a block or 2 away from our site. Anywhere in the world where a University is, the value of real estate in the area always reflect the positive impact. You can expect much more in this case because PAU is one of the best tertiary institutions in the World out of West Africa.

 A $9 billion Dangote Refinery and Petrochemical Company project already commissioned.
The plant has a completion date of 2016. In addition, some other Government presence like LSDPC and other public service plots surrounds the estate location. This will ensure that necessary neigbourhood infrastructures are provided in good time and value is enhanced. The proposed Land Use master plan for the Lekki Sub-region envisages the Lekki Peninsula as a “Blue-Green” Environment City. 

Q2. What are the names of other estates, resorts, institutions and industries around RoseBerry Estate, Ibeju Lekki?
Ans:
The LEKKI LAGOS NEW INTERNATIONAL AIRPORT , THE NEW LEKKI LAGOS SEA-PORT, Industries and Companies & Estates, Proposed site for SHOP-RITE/GAMES  shopping complex. THE NEW LAGOS CALABAR COASTAL ROAD, PAN AFRICA/ATLANTIC INTERNATIONAL UNIVERSITY Permanent Site, the famous CORONA SCHOOL, CALEB INT SCHOOL, GREEN-SPRING SCHOOLs, BRITISH/AMERICA INTERNATIONAL SCHOOLs, COSCHARIS MOTORS, LA Campagne TROPICANA RESORT & BEACH, ELEKO BEACH, AKODO BEACH & RESORT, etc.

Q3. Who is the developer of Roseberry Estate FTZ, Lekki?
Ans: Realty Point Limited. REALTY POINT LIMITED (RC 621592) is a dynamic multifaceted Pan-African real estate going concern primarily involved on the supply side of the industry, with a strong presence in Real Estate Development, Investment, Training/Consultancy and Marketing Syndications since 2005.

Q4: What is the price per plot for residential and commercial plots respectively?

  RoseBerry Estate, Ibeju-
  Lekki Plot (450sqm
  approximately)

 4,500,000/plot (VAT Exclusive)

 N250, 000 initial deposit and N170, 000.00/month for 25 consecutive monthly installments. 
 15% discount for outright payment and 5% discount for payment within 12months.

 Contact the Office for Commercial plots

 • In addition to this, we also have FULLY SERVICED PLOTS(limited stock available):
 • The price for the serviced plot is N8,000,000 per plot( VAT Exclusive),  N1.5m initial payment
   and N260,000 per month for 25months.
 • Services includes road, drainage, electricity and water

 


Q5. What is the size of the residential plot?
Ans:
 Approximately 450 square metres per plot for residential. When allocated, account between RPL and the subscriber will be reconciled as to the actual size of the allocated plot(s). Where allocated plot is less than 450sqm, RPL will credit client’s account with the differential at the rate of purchase and vice versa. This is based on the understanding that plots throughout the expanse of land after sub-division cannot each be exactly 450sqm.

Q6. Is there any encumbrance on the landed properties?
Ans: The landed properties are free from every known government acquisition and no adverse claimant.

Q7. What types of infrastructure will the developer provide?
Ans: Perimeter fencing with wire mesh or sandcrete blocks and a gate house. But for the fully serviced plots, paved road, drainage, electricity (poles & strings) and water reticulation will be provided

Q8. What infrastructure will the developer not provide with the purchase price?
Ans: Electric poles and strings, transformers, connection to the national grid, piped or any water system, drainage and road network. However, all these will be provided for the serviced plots.

Q9. How will these other infrastructures be provided?
Ans: For the plots that we are selling “as is” and not Serviced yet, Plot investors/buyers/owners/Residents through the Community Development Association (CDA) shall be at liberty to decide how these infrastructures shall be provided within the estate. RPL will facilitate the birth of the CDA once we have a number of subscribers considered size-able enough that have fully for their plots.

Q10. How much do I pay for Development Levy?
Ans: The developer is not charging subscribers for Development Levy. The buyers of plots that are not serviced under the CDA will do that at the appropriate time. The developer shall be available to offer guidance when and if required.

Q11. How will increase in price affect subscribers?
Ans: Increase in price will not affect existing subscribers in any way except if/when they want to subscribe for additional plot(s) or fail to keep up with existing terms of payment.

Q12. What other payments do I make apart from the payment for the land?
Other payments to be made are when the subscriber is ready for allocation and they are;

  1. VAT (5% of Purchase price) payable immediately after payment for land and it is necessary before the completion of payment for land can be acknowledged.
  2. Legal Documentation Fee: N150,000 per plot.
  3. Survey Fee: N500,000.00 per plot
  4. Allocated Plot(s) size reconciliation settlement for plot(s) less or greater than 450sqm and the settlement of all outstanding post  plot payment tenure Plot Maintenance Fee per month or annum
  5. N1,000 monthly as Plot Maintenance Fee 12months after completion of payment for the plot if the subscriber does not proceed for allocation thereby making other payments.

* This applies only to a subscriber that is not coming forward to fulfill the requirements for allocation after paying for the plot(s).  It becomes due and starts to accrue 12months after the completion of payment for plot (i.e the 13th month) till the client steps forward and fulfills all the necessary conditions for allocation.  When necessary payments for allocation are to be made, arrears of Plot Maintenance Fees will have to be paid first

a. Kindly note that the fees stated above are subject to review. 
b. Where review of any fee takes place before a subscriber completes payment for plot or the particular payment, the reviewed amount is what becomes 
    payable by the subscriber.
c. Payment for infrastructure development can kick in at any time within the chain line of payment as may be agreed upon by the CDA.

Q13. When will my plot(s) be allocated to me?
Ans: Paper Allocation (Provisional) will be done immediately all the payments are made.

Once the subscriber indicates deliberate intention to commence construction work on site, a sketch survey of his/her plot is prepared and issued for preliminary construction work to commence. Once progress of work is established, physical allocation with copies of original survey plans are issued on scheduled day after the plot size reconciliation and all settlements.

This is intended to drive development and value creation in the estate while ensuring that it is only as subscribers are ready for construction that they apply for allocation. It is strictly an attempt to ensure that development in the estate is in a systematic way such as will enhance value of investment within the estate for all. Over subscription is being guided against and every subscriber who pays up on his/her subscription shall be allocated within the estate.

Physical allocation will be done in batches; subscribers will be notified. However, note that possession and occupation of the plot(s) shall be deemed to have commenced from the date fixed for handover and all risks and benefits in respect of the property shall pass to the purchaser.

Q14. Can I indicate where I should be allocated within the Estate?
Ans: We allocate progressively on first in line basis at the discretion of the company. However, preference shall be given to request for corner piece(s) plot allocation provided it is still available subject to the payment of a fee.

Q15. Can I start construction or building on the land now?
Ans: You can start building on the land immediately after physical allocation.

Q16. Can RPL build for clients?
Ans: Yes, RPL is very willing and positioned to construct for clients. We would be your preferred construction company/contractor because the fact that we are on ground and shall be handling multiple units give us great economy of scale, making our pricing difficult to beat by any external outside builder without compromising quality. We can handle the whole building process from architectural design, bill of quantity, building approval processing to actual construction.

Also, RPL shall also be your best source for quality building materials for your construction activities.

Q17. What do I get after completion of payments for the land document and survey?
Ans: Receipt(s), Deed of Contract, Congratulatory Letter/Letter of Allocation, Declarations of Deed Restrictions (Consists of Estate Covenant and Constitution of Landlord Association) and Estate Management Agreement, Survey Plan and Deed of Assignment.

Q18. What type of title/interest does Realty Point Limited have on the landed property?
Ans: Contract of Sale first, Irrevocable Power of Attorney from the original land owning family and Deed of Assignment derivable from the Global C of O on the entire expanse of land. The Roseberry Estate Ibeju-Lekki  site falls under the Igbeyin Adun Villages Excision granted and approved by the Lagos State Government. This is easily verifiable from the Bureau of Lands, Alausa, Lagos and Lagos State Surveyor General’s Office.

Q19. What about Omo-oniles?
Ans: You will not have any nexus with omo-oniles. No omo-onile wahala. We face that on your behalf.

Q20. What other value added service(s) is Realty Point Limited (RPL) set to provide for subscribers into the estate?
Ans: RPL shall manage the site for 3years starting from January 2015 to December 2018.

Thereafter, the CDA as will be constituted shall in conjunction with RPL take over the administration of the Estate anytime after December 2018.

Q21. What title would I get eventually?
Ans: Deed of Assignment of the unexpired term of 99 years less One day.

Q22. What happens if I cannot complete payment or default in the payment of the monthly subscription?
Ans: If your land is revoked due to none or irregular payment of your subscription or you indicated your interest at discontinuing the transaction, refund is subject to resale of your plot and you get your contribution less cost of Deed of Contract and 30% administrative charge in the least. This is because the project is patterned after joint ventures. Kindly note also that these charges are subject to review.

Q23. Can I pay a deposit and pay balance anytime within the duration of tenure chosen (e.g. 2, 3, 6, 12, 15, 18, 20 or 24 months)?
Ans: After the payment of the initial deposit, you are expected to continue to make your monthly payments. Non-payment monthly as at when due will be treated as fundamental breach of contract which MAY result in the termination or revocation of contract. The developer is not required to put you on notice in this case and this is subject to appropriate deductions. To prevent this from happening however, the Developer expects you to initiate a standing order instruction with your Bankers to credit her account with the appropriate sum monthly throughout the tenure of the transaction.

Q24. Does Realty Point Limited charge interest on the balance of payment?
Ans: No, the transaction is interest free for active subscriptions that are within the agreed term.

Q25. Are the roads to the estates good and motorable even during raining season?
Ans: Yes, the road is motorable all season.

Q26. Is there any restriction as to the type of building I can have?
Ans: Not really, except otherwise determined by the CDA. But tenement house types (popularly known as FACE ME I FACE YOU) are not permitted.

Q27. Is there any time limit to commence work on my land after allocation?
Ans: 
To aid development and maintain healthy value appreciation, allocated subscribers are encouraged to start construction immediately. They can start the fence work around the perimeter of their property or the foundation work of the main construction.

RPL and other company in our group shall be there to give every support and encouragement we can to facilitate speedy development of the estate.

Q28. Can I resell my plot/property?
Ans:
Realty Point Limited can assist subscribers who have paid up on their land to get a buyer or they can come up with a buyer themselves, whichever comes first. A charge on the sale price (agency fee) is payable if Realty Point Limited sells for a subscriber.

Q29.  Is it compulsory I make all these other payments after paying for the land to secure my investment within the estate?
Ans: 
For investors who are not really keen on developing their plot(s) within the estate, you can concern yourself with just paying for the land. The payment for Documentation & Survey and plot size reconciliation settlement can be left to whoever you sell your holding in the estate to later. The Plot Maintenance fee payable per month or per annum after the first anniversary of completing your payment for land are however payable till the plot is sold.

You are sure that your investment is secured and available within the estate because we will not allow over subscription. Your intending buyer can check (conduct a search) and confirm your claims of having landed investment within the estate from our office before the purchase is made. This shall be done in writing and shall be at a fee per property.

Q30. What is the process for the transfer (or change of name) of ownership of the property?
Ans: 
We recognize that buyers may need to sell their purchase for varying reasons. However, due to the administrative and legal issues required in the proper transfer of these purchases, we would only honour transfers once full payment for land (plot) has been made.

Both buyers (existing & intending) have to complete our Property Unit Transfer Form after which necessary documentation shall be issued to the new owner (buyer).   

Plot ownership verification, an exercise which should take place in writing and in our office by the new buyer if he so desires with the consent of the original buyer (seller now) attracts a fee.

A non-refundable Transfer Fee (reviewable from time to time) per unit is payable before the Property Transfer Form can be treated.

Q31. What is the sequence of event in this transaction?
Ans:  i)  Payment of land
         ii) Payment for documentation
        iii)  Payment of Survey
         v) Allocation plot size reconciliation, plot maintenance fee and account settlement      
        vi) Allocation by letter
       vii)  Physical allocation and induction into the CDA and payment of all other fees payable
      Viii) Signing of the Deed of Assignment after all payment is made.

Payment for Plot Maintenance Fee will commence 12months after payment for Land (i) and continue till the subscriber makes the rest of the payments (ii) to (vii).

Q32. What is your projection on this investment?
Ans: For very good ROI, we usually advocate an investment tenure range of between 7 – 10years. The estate at the primary market stage is regarded as a very good investment and not necessarily a place you want to build and stay presently except your current activity points already revolve around the area.

That said,  By our own estimation properties within RoseBERRY Estate Ibeju-Lekki may increase in value to as much as 100% in 18 - 24months (starting with initial promo price of N2,950,000 per plot). We have based this expectation on the nearness to growth poles and infrastructural activities like the new Lekki Free Trade Zone, The new Sea Port, the new airport, Lekki-Epe Expressway, etc.

Note however that this is just an estimate; every potential investor shall be responsible for their investment decision and should seek professional counsel before taking a decision.          

But if we were you, we will take position in the New Ibeju-Lekki.

Don’t wait to buy land, buy land and wait!

Q33.  Can I pay cash to your Agent?
Ans: While we are not discrediting anybody, we strongly advise that cash should be paid to REALTY POINT LIMITED designated bank accounts. Otherwise, cheques should be issued in favour of REALTY POINT LIMITED only. Please note also that PRIME EXCHANGE LTD’s designated Bank Accounts can receive funds being the Authorized Marketing Organization. The management of REALTY POINT LIMITED/PRIME EXCHANGE LTD accepts no responsibility for any liability that may arise as a result of deviation from the above instruction.

Investment in this Estate after the payment of the initial deposit are primarily by standing order to designated banks.

Q34.  Which of RPL’s Bank account(s) is (are) designated for this project
Ans:
 GTBank
Account Name: Realty Point Limited,
Account Number: 0007754736 or RPL-Roseberry 0053140013,

Zenith Bank Plc 
Account Name: Realty Point Limited
Account Number: 1011386356

Q35.  Any other thing to note when making payments into any of these?
Ans:
Always ensure that at the bank you indicate your name as we have it in our records as the depositor even if/when you send someone else to the bank. This will help our internal accounting process.

When setting up your standing order, ensure the narration contains your Name as it is on the Plot Application Form and name of the Project(Estate)

One more very important thing please;
Also, we expect that you will send in your payment details via any of the following ways:

  1. Log on to www.realtypointltd.com, click Client Portal on the left top corner,  sign on with the details of the email you submitted in your form a subscriber, click on give payment details and fill the form appropriately.

OR

  1. Scan the deposit slip you paid within the bank to This email address is being protected from spambots. You need JavaScript enabled to view it. / your agent’s email address

OR                                                                                                                                      

  1. Send your copy of the deposit slip to our office

You will get notified as soon as we credit your RoseBERRY Estate, Ibeju-Lekki land subscription account with us.


Q36. How can I see the place?
Ans:
We conduct site inspections on Thursdays & Saturdays (except on Environmental Sanitation Saturdays) and we leave from:
1. Our Head Office: REALTY PLACE; 3 Olaide Benson Street, Onigbongbo Maryland, Lagos. By 8:30am

2. Ikota Shopping Complex, Victoria Garden city, Ajah, Lagos
By 10:00am prompt (Thursdays & Saturdays, but we do not conduct inspection to this site on Environmental Sanitation Saturdays).

You can book for inspection on http://realtypointltd.com/index.php/contact-us or confirm the movement schedule from your Agent or call any of our office numbers to register your interest for inspection and get the movement details. Prospects that drive are encouraged to come in their vehicles to reduce pressure on the one(s) to be provided by the company.


Q37. Does RPL have programme of work for this project?
Ans:
Yes, kindly see below:

                                 

 

 

RoseBERRY EstateFTZ,  Lekki  Estimated Development

 

 ‘14

'15

 

 

 

'16

 

 

 

'17

 

 

 

 ‘19

 

 

Milestones & Project Schedule

 

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1-Q2

Q3-Q4

Q1-Q2

Q3-Q4

 

 

1

Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

Signage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

Clearing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

Perimeter Fence & Gate House

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

Concluding documentations between Land owning Family(ies) & Government and RPL and Land Owning Family(ies)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

Land Allocation can start anytime from now

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7

Handover to CDA & RPL Estate Mgt can take place any time from

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

                                         

Q38. Can there be changes and/or amendment to this offering as it is presently known?
Ans:
The real estate industry just like most others is a dynamic industry and as such things get to change from time to time most especially for the better. However any change, amendment or modification shall be communicated and endorsed by REALTY POINT LIMITED. Such communication shall be via letters, electronic mails, fax, short message service (SMS), handbill, posters and any other means of communication. This correspondence shall be deemed to have been received by the CLIENT having been sent by REALTY POINT LIMITED.

 

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