Mr. Laide Osikoya, the Representative, Sales and Marketing Consor-tium, Tejuosho Shopping Complex, has said prices of shops at the market would not be reduced.
Osikoya, the Principal Partner, Laide Osikoya & Associates, a firm of Estate Surveyors and Valuers, said this in an interview with the News Agency of Nigeria (NAN) in Lagos.
NAN reports that Tejuosho Shopping Complex will have 4,040 shop units of various sizes: 9m2, 12m2, 19m2, 23m2, and 142m2.
The least price for the shop is N5.4 million or N600,000 per square metre.
The complex is being constructed by Stormberg Engineering under the Public Private Partnership (PPP) initiative of the Lagos state Government, with First Bank of Nigeria (FBN) Plc as the financier.
Osikoya, also representing the marketing agents, Nelson Thorpe Alonge, M.I. Okoro & Associates, said that the initial price for a square metre at the shopping complex was N700,000 before it was reduced to N600,000.
According to him, what may likely change can be the terms of payment as one can pay for the shops in full, installmentally or apply for a mortgage facility at FBN.
“From my own knowledge, l do not think that price issue on Tejusoho Shopping Complex can be changed for now. It used to be N700,000 per square metre before it was reduced to N600,000.
Osikoya said that the installmental payment could be relaxed in terms of date when it should be completed.
He added that for now the date to complete the payment was March 31, 2011, which he said could be relaxed.
The representative said that an applicant must first of all pay 30 per cent as equity participation before applying for a mortgage facility from FBN at 15 per cent interest rate and a pay-back period of 5 years.
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