Group unveils Perfection Cooperative Estate projects

Perfection Real Estate Investors Cooperative Society (PREICS), an independent membership based real estate club, has unveiled its housing estates products across the country particularly the phase 1 Ibeju Lekki, Lagos project to the public.
At a well attended ceremony held in Lagos on August 6, 2017, where the products were unveiled, PREICS President, Niyi Adeleye, said the sole purpose of the club is wealth creation through real estate investment for the benefit of members.
Adeleye, who explained that the group was born out of the need and passion to tackle the myriad challenges in the real estate sector of the Nigerian economy in 2011, added that the organisation was established and inaugurated on August 25, 2012 by the then Lagos State Ministry of Agriculture and Cooperative but now under the Lagos State Ministry of Industry, Commerce and Cooperative.
He went further, “We came together to kick off the wealth creation process by pooling our resources together in order to take advantage of opportunities by investing in real estate and to enjoy all the benefits thereof together.
“By pooling our resources together we have been able to get involved in some mega real estate deals, we have also invested into expanse of land in different locations that is today known as the Perfection Cooperative Estate brand, the reason for which we are all gathered together today to unveil and launch the housing scheme which will kick off from our Perfection Cooperative Estate phase 1, ibeju Lekki, Lagos”.
“Perfection Real Estate Investors Cooperative Society is an independent membership based real estate club whose sole purpose is wealth creation through real estate investment for the benefit of members.
“It is all about collaboration, networking and synergy, an opportunity to become a real estate investor and earn enough passive income leading to financial freedom, opportunity to achieve your own home ownership dream, grow your knowledge about real estate in order to informed investment decision always,” he said.
Chairman of the occasion and Founding Partner/Consultant, M.I Okoro and Associates, Dr. Meckson Okoro who listed the qualities of real estate said it is a better store of wealth because it appreciates in value and therefore magnifies the returns on investment. Other qualities he listed include high returns on investment, low maintenance cost, low taxes on property, durability and indestructibility of land.
Dr. Okoro also listed the real estate products the cooperative can target for investment to include prime houses in first class locations; research on where there is more demand whether the upper class, middle working class or lower class of the society and bare land for site and services only and sell off all the land without having to build to tie down capital.
He also said the cooperative should check if there is need to develop warehouses for industrial users instead of focusing on building houses for residential purposes alone; burial grounds which are another type of real estate products that can enable society make good returns on real estate investment because death is inevitable and people must be buried and acquisition or development of event centres as they are on very high demand in cities.
“Real Estate is capital intensive for just one individual to embark upon. If the individual is wealthy enough, then that would not be a problem, but how many Nigerians can afford their house ownership? We are affected by low income and lack of opportunity for private wealth creation. For instance, it will cost an average of N5 million or a productive individual in Nigeria to save such money unless those engaged in some form of corruption in their work places to get money.
“That is why in a nation of over 180 million people, not up to 20% of the population can boast of owning their houses whereas in other countries like Singapore, Cuba, house ownership is a secondary problem because up to 75% of the population can boast of their own homes. The shortest way to curb the issue of house ownership is through a cooperative society of this nature,” he said.
Okoro urged Nigerians to key into the opportunity created by the society.
In his speech, Mr. Debo Adejana, urged Nigerians to invest in real estate especially in the Ibeju Lekki axis of the state, saying that the area will create employment for close to 50,000 people by the year 2020.
He said land is the only asset that has huge capital appreciation over time and that government investment in the axis is huge.
Currently, the society is into the Perfection Cooperative Estate Phase 1, Ibeju Lekki, located five minutes drive from Dangote Refinery; Perfection Cooperative Estate phase 2, Ibeju Lekki, located adjacent to La Campaigne Tropicana Beach Resort and Perfection Cooperative Estate, Ikorodu, located off Isawo Road, Agric. Ikorodu, Lagos.
The projects consist of two-bedroom terrace bungalow; three-bedroom terrace bungalow; three-bedroom terrace duplex; block of three-bedroom flats; block of 12 in one mini flats (One bedroom flats) and highrise building (ten three-bedroom flats and ten one-bedroom flats).
Dignitaries that graced the occasion include the royal majesty, the Onilekki of Lekki Kingdom, Oba Olumuyiwa Ogunbekun; chairman of the occasion, Dr. M.I Okoro; guest speaker, Mr. Debo Adejana and Olutomi Sangowawa, the Surveyor-General of Lagos State.

Kayode Aboyeji