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1004 Residence Handbook



After the success of 1004 flats, investors plan mix-use project

…Residential, commercial opportunities beckon

Chuka Uroko

With 95 percent occupancy rate, value appreciation hovering between 100-120 percent, and a rising demand for the remaining units at 1004 flats, the consortium of investors and promoters under the name 1004 Estates Limited, has perfected plans for a mixed-use project that promises 45 residential units and an integrated shopping mall. Originally built by the Federal Government for the federal law makers and later occupied by senior federal law makers and later occupied by senior federal civil servants, 1004 flats is a purely residential estate that was offloaded into the property market following Federal Government’s monetisation policy. The consortium of investors bought the estate for the N 7 billion in 2006 and have; amid various challenges, completed renovation of the apartments, bringing into the market a new creation of the estate now only fit for, and affordable by the middle and upper-middle class members of the society. Constructed in low and high rise buildings, 1004 Estate is arranged in four clusters comprising six high-rise and 33 low-rise buildings. “1004 Estate is the largest estate in Nigeria. It has been refurbished. Presently, it has 90-95 percent occupancy rate. We have been able to achieve a few benchmarks-constant power supply which is a major milestone; central sewage treatment plant; 12 lifts; street lights; gym; swimming pool, and perfect landscaping, etc,” Samuel Ukpong, 1004 Estate’s managing director, told our correspondent in an interview. “We have seen a remarkable increase in the value of the apartments because the first buyers bought at the rate of N 1million, 1.5 million and N 2 million, depending on the house type. Presently, a two-bedroom apartment is going for N 2.5 million; three bed-room goes for N 3 million to N 3.5 million, while four bed-room is rented for N 3.5 million to N 4 million,” Ukpong continued, stressing that property values here have appreciated by 100-120 percent for the first buyers, most of whom, he added, are not resident in the estate such that over 90 percent of the residents are tenants. He insisted that 1004 Estate remains the cheapest in Ikoyi and Victoria Island in terms of service offering, explaining that, “Our estate is centrally and strategically located- it is the beginning of movement to every where in Lagos. Our residents are benefiting from this. We have all the shopping malls, banks, entertainment outfits, etc, at close range. Looking at the services we offer and the facilities we have with our N 76,000 per annum service charge, you see that it is the cheapest in the whole of Victoria Island.” As a community populated by affluent members of the society, 1004 Estates has enormous commercial potential and this, Ukpong explained, was the new development. “In a community of this nature, you find out that people need some commercial services. We have run the estate all these years without these services such that when the residents want to shop, they move outside; when they want to buy pharmaceutical products (as like cenforce, suhagra), they have to leave the estate; when they want to eat in a good restaurant, or buy other sundry things, they have to leave the estate,” he sais, noting that there was need for all these things in this community where about 5000 people within the estate and environs will shop. The new project, according to him, has an approved building plan right inside the estate but not an extension of the existing estate because it is different. The new project offers two-bedroom and three-bedroom apartments, a shopping mall with different parking space. It promises facilities that will be higher than what obtains in 1004. “What we are doing are luxury apartments which are different from 1004 in terms of concept and the degree of luxury that will be available. We are trying to showcase the ability of the company (1004 Estates Limited) to deliver high-end luxury properties right in the middle of Victoria Island. The people we have on the estate are affluent who have the buying power. So, we are very sure of the market. We also want to provide banking halls, eateries, restaurants, gym, and sauners incorporated in the place, “he assured. According to him, the project will offer people the opportunity to live and work and to recreate in the same place, as they are taking into consideration the traffic situation in Lagos in which people spend upwards of six hours commuting to work. “We are therefore creating an environment in which inside the 1004, you will be able to live, work and recreate at the same time. Going outside the estate will be just to meet up an appointment and not necessarily that you want to work or to shop,” he said. He stressed that what they will be offering in the new development are going to be higher that what they have in 1004 flats, saying ”both are in the same location which gives residents proximity advantage; the ownership of the two estates may be the same but they are to serve two different markets.”