The TEPNG Cooperative has been adjudged the best cooperative in Nigeria and was given an award in light of same. We have researched bigger and better cooperatives in Africa and all over the world and we see the need to restructure our model for growth in value and well being for our members. In the last few years, the trends have shown that over 70% of the assets of the Cooperative are in mortgage assets. Our investigations have also shown that more often than not, our cooperators have been shortchanged in the various real estate projects they have bought into.
In line with all above, the CMC sought to get optimal value and quality for our cooperators and at the same time secure our funds and profitability. This has led to an assessment of the assets and resources available to the cooperative and the optimization of same. To this end, the CMC sees the need for a real estate arm to protect and guide the decisions of the CMC on projects and also to run our own project to get the best value and quality at the least cost to our members.
The structure we have now is such that we will have the best hands in the industry working with us on all projects to make them a reality on time and on budget. We will be engaging tested and trusted contractors and consultants who have the prerequisite experience and certification by the right regulatory authorities. They will have certification from the right professional bodies as individuals and as firms. They will also have recognition by the appropriate international bodies. Issues bordering on due diligence is also given the consideration it deserves. We will have proper contract documentation and administration. Funding is being sourced both locally and internationally at the best cost to guarantee an optimal mix.
The first set of proposed developments will address the needs of our immediate constituency which are our esteemed cooperators. We will be developing 300-400 luxury homes in Victoria Island, Lagos in 2 phases. We will be developing 400-500 luxury homes in Port Harcourt in 2 phases. The phase 1 of both developments will be delivered within 30-36months. We will be developing commercial developments that will secure steady income and profitability for the cooperative and ultimately our members. We will also be seeing to some needs of TUCN in our projects. These will, in turn, generate revenue for the cooperative. Facilities in the projects include a clubhouse, squash courts, multipurpose hall, football pitch, swimming pool, tennis courts, gym etc.
La Definition is a modern day, smart, innovative mixed-use development that sits on 22,000sqm size land located between Akin Ogunlewe, Kuramo Lagoon, and the beach front. The project provides an opportunity to improve the amenities available to the diverse population of Victoria Island. The successful sale launch of phase 1 of the La Definition was completed 19th December 2017; followed by a successful ballot exercise of the first phase that took place 9th March 2018. To date, the 1st phase has a 100% subscription, with an enormous demand for the next phases of the innovative project. Construction of La Definition has commenced with subsoil activities.
Logistics Base is a 7,500 square meter sized base located at Plot 8 water Corporation Drive, Oniru Waterfront, Victoria Island to be a mixed-use development for warehouse and archiving services, vehicle logistics, accommodation, security, and offices. The Logistics base consists of a car park for 150 vehicles and coaster buses; 4 modern warehouses with a combined size of 1350 sqm. Design and preliminary construction commenced 7th July 2017 by Construction Kaiser. We are pleased to inform you that this has been successfully completed and handed over to the client. Follow the link to see the video of the delivered Logistics Base;
It is worthy to note that the long-term focus of this Asset (which has a total expansion capacity of 48,000sqm) is for future Real Estate Projects in line with our long-term plans.
La Fortress is the next step into redefining the definition of home. The project is located in Trans Amadi Garden, the heart of Port Harcourt. The 49,000 sqm proposed project will redefine and rejuvenate Nigeria leading industrial center. The objective here is to balance the demand from our members whose dreams are to own a home in Port Harcourt and enhance the long-term economic values of our Total Assets.