atlantic resort - Grenadines Homes

ATLANTIC
RESORT
BUSINESS & RESIDENCE
FAQ
FAQ ON ATLANTIC RESORT BUSINESS AND RESIDENCE
1.
Where is the Atlantic Resort?
The Atlantic Resort is located at Water Corporation Drive, off Ligali Ayorinde Street, Victoria Island Annex,
Lagos.
2.
How many access roads lead to the project?
3 access roads; Ligali Ayorinde, Oniru road and in the near future, the coastal road.
3.
Who designed the project?
The project was designed by HOK, the largest architectural & engineering firm in America and UK. The
firm has 60 years experience in architectural design with 25 offices spread across 2 continents. HOK has
received numerous awards for their outstanding works in different continents, part of which is the design
of “The Flames of Azerbaijan” and Dubai Marina. They are working in conjunction with ECAD Architects.
ECAD Architects have been in the Nigeria for over 20 years and have designed laudable projects like the
BAT Head Office, Heritage Place, amongst others.
Brash Brands, the creative branding agency that breathed life into the tallest building in the world, Burj
Khalifa Dubai, is defining the unique personality of the Atlantic Resort for attraction, sustainability of
value and class for would-be investors and home owners.
4.
Who is the main Contractor of the project?
We have Pre-qualified Cappa & D' Alberto, Julius Berger and El Alan to handle the
project.
5.
construction of the
Who are the Consultants on the projects?
Tillyard - Cost Consultants
Morgan Omonitan & Abe Limited
CA - Mechanical and Electrical Engineers
6.
Who are the bankers to the Project?
Stanbic IBTC, Guaranty Trust Bank, First Bank, Zenith Bank, Diamond Bank, Access Bank and UBA.
7.
Who is the Trustee to the project?
A Trustee will be appointed
8.
Who is the solicitor to the project?
Banwo and Ighodalo
9.
Who is the realtor to the project?
Paltonloitte & Associates and other reputable real estate firm.
10.
Who will manage the facility?
Facility management subsidiary of either Cappa & d'Alberto or Julius Berger, depending on who builds
between them.
11.
What amenities would be provided?
Coffee shops, Art Gallery, Extensive Library, Health &Fitness Club, Retail Stores, Award-winning spa,
Restaurants, Laundry Services, Children Play area, Passenger and Service lift, Swimming pools, Public
Open Spaces, lawn tennis court, All rooms are en-suite, maids' room in most apartments (except 1 bed
apartments), Piped sounds in all rooms, Concierge, Club House, Estate Office to mention a few.
Infrastructure: uninterrupted power supply, water supply & treatment, sewage treatment plant, smoke
detectors/fire alarm/sprinkler/dry riser/fire extinguishing system, CCTV, video entry-phone, well
landscaped gardens, central air conditioning, drivers lounge/cloak room, reception area/ security
system, prepaid meters and facility maintenance.
12.
How many car lots are available?
660 car lots will be provided.
13.
What is the land area for the project?
The total land area is 3.4 hectares with a 40% built up area of land in phase 1 and ample space for
circulation, greenery and facilities.
14.
Is the property being built on a reclaimed land?
No, it is situated on a natural beach front.
15.
What is Grenadines Homes doing to prevent flooding?
The floor level of the buildings will be higher than the ground floor level by at least 7 meters, the
development will be higher than other developments in Victoria Island and Ikoyi.
16.
How is the project unique from others?
a) It was conceptualised by best in class architects, HOK.
b) Offers an amazing opportunity to work and live in a serene environment right beside the Atlantic
Ocean.
c) The Iconic design, location and brand will drive value for investors or home owners.
d) A rare combination of luxury living in one location, Apartment, Offices, Hotel; a place for you to live,
work and play.
e) Imagine an environment that provides you everything you require in one location, imagine never
having to leave your home or office if you don't want to, that's what the Atlantic Resorts offers.
17.
How does the project meet my investment needs?
In a declining economy with fears of rising inflation and currency devaluation, the best store of value is in
real estate because land is an asset that will always appreciate in value. In the unlikely event that the
appreciation of asset is slowed or halted it is unlikely that it will fall below the purchase/investment cost.
18.
What are the rental rates of Grade A offices within close proximity?
The rental rate within the area is presently between $850 - $1,000.
19.
What is the Return On Investment (ROI) on this project?
Average ROI in the first 3 years is 59% while rental income will begin to accrue from project completion in
addition to minimum capital appreciation of 13% p.a. (to be very conservative).
20.
What is the average capital appreciation in Victoria Island?
In 2012, it was as high as 16% and has been increasing steadily.
21.
Does Nigerian property offer good returns?
Yes they do. At present, return on investment to property owners in real estate is estimated between an
average of 15% to 35% per annum.
22.
Will my return be fixed?
No, the return is dependent on open rental income received by the Realtor on the property.
23.
What is the possibility of leasing a grade A office in this location?
a) There is still a steady demand for grade A offices in Victoria Island.
b) Other office spaces within the location are fully rented out, with most achieving 50% letting before
completion.
c) Due to the design, location and serenity of the environment Atlantic Resort offices will always
command a premium price for letting.
24.
How saleable is my interest?
a) The project is in an emerging neighborhood, the most serene location in Victoria Island
b) Top Grade A contractors have been engaged for the execution of the project to ensure best in class
products.
c) The project is best in class as a result; there will always be high demand for it.
25.
Is there an opportunity to cash out?
Yes, you can sell your unit(s) in the secondary market.
26.
When would the project be completed?
The project would take between 24 to 36 months and development will commence in June 2016.
27.
How secured is the funds I pay before delivery of the project?
Your funds will be held in an Escrow account in the name of an appointed Trustee/Grenadines Homes
from where funds will be disbursed to contractors/consultants.
28.
What title is on the property?
Deed of Sublease.
29.
What title do I get after purchase?
A deed of partition that can be registered at the land registry
30.
How long will it take to issue a title?
3 months after completion of payment.
31.
Is the title transferable?
Upon completion and registration at the land registry, title can be transferred.
32.
How will I get my rental income?
a) You will be required to register and submit title document to the apointed Trustee
b) The appointed Trustee will receive rental income on behalf of the owner(s) and distribute same.
33.
Who do I contact if I don't receive my rental income?
Contact the appointed Trustee.
34.
How long will I continue to get rental income?
As long as the title belongs to you and the building is occupied.
35.
Can I use my space?
Yes, if you buy up to a quarter of a floor or an apartment/maisonette.
36.
Can I see construction drawings and project milestones?
Yes, this can be viewed at the office of the project manager
37.
If the project is delayed in delivery what compensation would I get?
The developer would have a 9 months moratorium after which an agreed rental fee will be paid.
38.
What are the various floor sizes?
a) Office -floor sizes ranging from 725sqm to 1,034sqm (per floor)
b) Residential - floor sizes ranging from 108.53sqm to 506.46sqm.
39.
What is the minimum square meter I can buy?
One (1sqm.)
40.
What is the Pre-launch Price per square meter?
The price varies depending on the space use:
Commercial Space is N1, 293,400 per square meter (upper floors are at a premium)
Residential Space is N887, 096 per square meter.
Prices are subject to change at the developer's discretion. Such change in prices will not affect existing
subscriber(s).
41.
What deposit can I make?
Minimum 30% of the purchase price.
42.
What duration is allowed for the remaining balance?
Balance can be spread over 24 consecutive months after payment of initial deposit.
43.
Is there a discount for outright purchase?
5% discount available on a minimum of 5 square meter for outright purchases
44.
Can Independent owners get discount?
Yes, discount is available for Independent owners.
45.
Can I get a bank guarantee on my down payment?
Yes, for purchases above 180sqm.
46.
Are there any ancillary charges or fees?
a) Legal 5% - Payable upon completion of payment.
b) VAT 5% - Payable at each instalment payment.
c) Insurance not more than 1% - Payable upon completion of payment.
47.
How useful is a square meter to me?
It guarantees you rental income and it is a lifetime investment. Your investment is transferable
48.
What happens if I don't complete my payment?
A grace period of 2 months would be given, after which the transaction will be revoked and a refund of
sum paid less 50% will be made.
49.
Are mortgages available?
Stanbic IBTC is willing to grant mortgage facilities to subscribers based on their credit worthiness and
repayment capacity.
50.
Will I pay facility management fees?
Facility management fee will only be paid by occupants of the buildings, therefore pool scheme owners
will not pay facility management fee, except for maintenance fee which is 10% of the rental income.
51.
What if the property gets burnt?
Every owner will be required to insure their unit upon completion of their payment.
52.
What happens in case of demise of the subscriber before completion of payment?
a) All Investors are advised to insure against personal eventuality, based on which Insurance Company
will complete the payment on behalf of the subscriber and the unit would be given to the indicated
beneficiary.
b) Where the investor is not insured appointed beneficiary can recover 50% of whatever the subscriber
has paid
53.
Who are the promoters?
Grenadines Homes Limited
54.
Can I inspect the project?
Yes, but on scheduled appointments
55.
In the event that I buy more units in the future, can I merge all the units?
You can discuss this with the trustee.
56.
How can I subscribe?
By filling the subscription form and handing it to a representative of Grenadines Homes with a cheque
issued in the name of the appointed Trustee/Grenadines Homes.
57.
What documents do I get immediately I subscribe?
A purchase receipt and deed/contract of sale.
11th Floor, Churchgate Towers II, PC 31, Churchgate Street, Victoria Island, Lagos Nigeria.
Tel: 01-45345098 Web: www.grenadineshomes.com Email: [email protected]