A Lagos-based real estate company, Purple Real Estate Income limited (“PREIL”), has called for the democratisation of access to homeownership and real estate investment by having a single-digit mortgage system.
The developer has also unveiled Genesis Cinemas, Market Square and The Ventures Park as anchor tenants at ‘PurpleLekki’. It also established a partnership with Ascott Limited to deliver Nigeria’s first combined short and long-stay serviced residences.
The 38,000 square metre PurpleLekki project encompasses a premium 157-unit blend of residential, retail, entertainment, hospitality and co-working spaces.
The new construction is backed by financing from the Bank of Industry, guarantees from Keystone Bank and forms part of an ongoing programme to build strategic alliances with domestic and international development partners to construct and deliver premium assets in prime locations.
Located on Freedom way, Lekki Phase 1, the development features a selection of new restaurants and concept bars, among other means of entertainment or relaxation, as part of the firm’s experiential offering, Purple Play. In addition to modern private offices, department stores and boutiques, PurpleLekki will include a dedicated tech and data centre to support business tenants and enable collaboration among tech-empowered communities.
Speaking at the signing of the anchor tenants, the Chief Executive Officer, Purple, Laide Agboola absence of mortgage makes it impossible for most Nigerians to participate in property ownership, either commercial or residential in nature.
Agboola said: “It is a difficult decision when you have a system or government that has a huge bundle of subsidies on petroleum. In a high-interest rate environment like this, unstable and inflated market-driven, there is no way you can provide mortgages at single-digit that will encourage more participation from the middle to the lower end of home ownership.
“Imagine if all the N4 to N5 trillion we are spending on fuel subsidy is spent on Mortgage rebate and we able to ensure that people can take up single-digit mortgage and retain all the capital flow within the system rather than for capital outflow for fuel imported into the country, we will then, have a situation whereby we are retaining and further buttressing the strength of real estate as a contributor to the nation’s economy.”
In his remarks, Chief Executive Officer, Market Square, Mr Ebele Enunwa said: “ Market Square story could not have been written without our partnership with Purple. Signing this tenancy agreement to house our second outlet in Lagos signals the success of our first in PurpleMaryland and the next step of a progressive partnership that enables us to continue to meet Nigeria’s everyday needs.”
On his part, the chairman, of The Ventures Parks, Kola Aina said: “We are a nation where entrepreneurship abounds, but talent cannot pursue its goals or achieve its objectives, compete nor win big without an environment that harnesses home-grown potential. As such, we are delighted to leverage the PurpleLekki property development as we upgrade and scale our offering across the country and to support the success of a new wave of startups, technopreneurs, and innovators.”