GLOVER HEIGHTS Contemporary infrastructure, modern amenities and a locale that has proven investment value for realtors. <br />Glover Heights presents an opportunity to realize maximal value for stakeholders<br /> bedrooms. <br />2<br />
<ul><li>10 Storey residential tower located in the heart of Ikoyi, with breathtaking views.
Contemporary architectural design and construction management
Conveniently located in a serene and quiet </li></ul> neighborhood.<br /><ul><li>All infrastructure and amenities to meet immediate residential needs provided.
Luxurious ambience meeting international standards for living environment</li></ul>The vision is to provide a value added real estate development with fully equipped and serviced luxury residential apartments + spaces…<br />Features<br />GLOVER HEIGHTS….. GLOVER ROAD, IKOYI<br />3<br />
Each flat will occupy 200sqm of built up living space comprised of:<br /><ul><li>Ante room and a visitors toilet.
A spacious living and dinning room with balcony.
The contemporary design features of GLOVER HEIGHTS requires the skills of an advanced construction company. <br /> We have had several discussions with representatives of <br /> SD CONSTRUCTION COMPANY, presently working in South Korea and Japan. They have communicated their willingness to be main contractors for this project. <br />Their company profile will be forwarded for your consideration before construction phase of the project. Their expertise, exposure and experience will demonstrated in the delivery and execution of this project. <br />Other in-country subcontractors will also be contracted to handle specific aspects of the project. <br />Main Contractor<br />19<br />
RationaleThe high cost of acquisition in this area only makes economic sense when vertical development is adopted. As such cost of land, suitability, planning restrictions and title are all the factors which we considered prior to our choice of this property. <br />Location; Glover Road, Ikoyi, Lagos.<br />Size; 2400 Sqm.<br />Amount; N550M(Five hundred and fifty million naira only)<br /> Agency; 5% of cost of Land.<br />Lagos State Govt Planning Approval; N75M<br />Professional design fees N12M.<br />TOTAL COST OF LAND ACQUISITION AND APPROVALS; N652.5M<br />Considering a total of 17.5 apartments, (the penthouse is considered as 1.5unit).<br />Financials – Land Acquisition<br />21<br />
<ul><li>Piling, installation of two elevators, swimming</li></ul> pool, security house, two generator house and 17 apartments will be delivered at an estimated cost of N35M for 16 apartments of 3 bedroom each <br /><ul><li>The penthouse apartment which comes with 2 servant/ maids room will be built at a cost of N53M. </li></ul>This gives us an Estimated total construction cost of N613M.<br />Financials – Construction<br />22<br />
A final itemised bill of quantities will be presented by our<br />quantity surveyors when the working drawings are finalised.<br />Land cost, design and approval fees = N652.5 <br />Construction cost and Services.... = N613M, <br />Project management fees and overhead cost <br /> (10% of the estimated total project cost) = N126.5M <br />Therefore, the Estimated total project cost = N1.392B<br />Financials – Total Project Cost<br />23<br />
Land Acquisition: <br />Each 3 bedroom unit will contribute N37.3M<br />The penthouse will contribute N56M. <br />Total - N652.5M <br />Construction: <br />Each 3 bedroom unit will contribute N35m<br />The pent house will contribute N52.6m<br />Total – N613M<br />Project Management Fees: <br />Each 3 bedroom unit will contribute N7.25m<br />The Penthouse will contribute N10.86m.<br />Total – N126.86M<br />Total individual contribution for the 3 bedroom flats will be N79.75M while the Penthouse apartment will Contribute N119.46M<br />Financials - Contributions<br />24<br />
Conclusion<br />Comparing the going market cost of acquiring a<br />3bedroom luxury and serviced apartment in<br />this neighbourhood, which comes to about<br />N150M, this is an investment opportunity to<br />purchase the same product at about half this<br />price for N80M off plan. This investment on commissioning, can be sold for a 100% yield or kept as an asset.<br />25<br />
About Us<br />Sheltamatics Ltd is focused on the property sector, providing a comprehensive service suite for owners and investors including <br />Designing<br />Development<br />Construction<br />Acquisition<br />Sales<br />Project Management<br />26<br />
About Us<br />Active in the Nigerian property sector since 1996, we have handled major projects nationwide. Some of our bigger projects were delivered in Lagos, Abuja, Port Harcourt, AkwaIbom and Asaba.<br />Our offices are in Lekki, Lagos and we have an experienced and talented team, as well as a robust network of leading professionals in the industry.<br />27<br />
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