Grenadines Homes Launches The Coral
A property development company, Grenadines Homes has unveiled its top-notch facility, The Coral, a blend of residences and hotel apartments.
The Coral is located on Water Corporation Road in the heart of Victoria Island, is the most ambitious project yet by the highly reputable company.
Designed by ECAD Architects, the magnificent edifice boasts of features such as lush gardens in each apartment, a swimming pool, saunas, a gym, a restaurant and 24hour Room Service and will be effectively managed by an internationally renowned hospitality brand.
The developer invited 150 guests to an intimate launch event at The Wheatbaker Hotel in Ikoyi, over the weekend, where they were shown the apartments. It is conceived to be stress-fee, as residents can call on valets, a concierge and butlers whenever they please.
The Coral is being sold offplan to prospective investors and home owners who seek better quality of life and the unparalled value for money which the development offers. When compared with other similar developments, the Coral stands above in terms of returns on investment.
Palton Morgan Holdings, the parent company of Grenadines Homes is focused on plugging the housing deficit in the country, where the housing demand-supply gap is in excess of 17million units. Housing stock is a little above 10 million units for a population of over 180 million people and over 80% of the existing housing stock is self-built.
The group owns subsidiaries which play at both ends of the property market; mid to low income earners as well as mid to high income earners.
The Group Managing Director, Adeyinka Adesope, during his speech highlighted the fact that they were in business not just to make a profit but to also create a positive impact in society through the real estate sector. He said, “We may not be able to make a difference in the power sector, or in the educational sector but we can redefine the real estate sector.” He also noted that an investment in the Coral was a sure bet, citing the growth of the population, rural – urban migration and increased pressure on infrastructure in areas such as Victoria Island as key drivers which would continue to boost the industry.
Inside The Coral... Designed by ECAD Architects, the magnificent edifice boasts of features such as lush gardens in each apartment, a swimming pool, saunas, a gym, a restaurant and 24hour Room Service and will be effectively managed by an internationally renowned hospitality brand.
As the slowdown in the Nigerian economy continues and almost every sector is buffeted by new challenges, stemming from FX volatility and a drop in oil prices, one niche of the market is, however, showing enviable resilience.
In an environment where the return potential of many other asset classes have diminished, the opportunity cost of locking up funds in a medium to long term property play is substantially lower. Indeed, if a property can offer a spate of lifestyle- enhancing draws, it may even represent an even more attractive investment option in this current economic climate.
Enter the idea of the “supernest”, a term used to describe private residences which offer all of the benefits, amenities and services which can only be obtained at the finest hotels.
Femi Badmus, Co-founder at privateproperty.com.ng, an online real estate portal, said these residences provide one with the convenience of being able to stay at your own home allied to a compelling investment rationale.
According to Badmus, “Supernests hold two key attractions for owners. Firstly, they offer access to the sophisticated lifestyle which provides virtually every desire and service money can buy. Secondly, and more importantly, they make a lot of economic sense.”
Badmus estimates that a month’s stay in a top hotel in Lagos could set you back around N5million. The option of purchasing a N70million “supernest” at the Coral – can save considerably on hotel expenses. Plus, it is an attractive option particularly when you realise the capital appreciation potential in the short to medium term.
Speaking at the unveiling of the Coral, which is currently being developed by property company Grenadines Homes, the Director, Adeyinka Adesope said the development would redefine the real estate landscape in Nigeria.