The estate land is about 5 hectares and is covered by good title, a Certificate of Occupancy. There is no encumbrance on the land.

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Dale Singleton
5 years ago
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1 Dear Members, In our continued quest to enhance the welfare of our members and provide guidance for safe and profitable investments, we have continued to establish strategic relationship with credible and reliable estate developers who could offer high yield real estate investments that are not only safe but also meet the high standards and quality of our members. We are in this regard, therefore, pleased to introduce Pleasant Places Apo in Abuja, the Federal Capital Territory. Please, find below our assessment of the estate. 1.0 The Estate, Pleasant Places Pleasant Places is a mixed residential development introducing a unique, exclusive, and exciting lifestyle proposition into the luxury end of the Abuja residential property market. The estate is a high scale residential development incorporating the modern concept of Live, Work and Play; providing high quality residential apartments, furnished office suites, supporting administrative services, and diverse recreational facilities. 2.0 The Location, Apo Apo is a fast growing district of Abuja and is home to the residential quarters of members of Nigeria s National parliament. The estate is situated behind Shoprite shopping mall Apo, and is right in the middle of other top-notch estates, which are fully inhabited. Educational, commercial, health, recreational and other essential facilities in the Abuja city centre are easily accessible from Apo. 3.0 Title and Land Size The estate land is about 5 hectares and is covered by good title, a Certificate of Occupancy. There is no encumbrance on the land. 4.0 House Types Pleasant Places is divided into two sections : the Estate section and the Luxury Service Apartments section. The Estate section comprises 76 exquisitely designed houses, made up of: (i 3-Bedroom Terrace Duplexes & 3-bedroom Condominium Apartments. (ii (iii 4 & 5-Bedroom Row House Duplexes. 5 & 6-Bedroom Detached Maisonettes plus 1-Room Bq ; and

2 (iv 6 & 7-Bedroom Detached Maisonettes plus 1-Room Bq. The houses are finished with exquisite fittings and have provisions for intercoms, cctv cameras, smoke detectors, fire alarms, and inverters. The Service Apartments section will comprise a total of 264 elegantly and tastefully furnished Apartments of different categories, ranging from Studio, 1-bedroom, 2- bedroom, and 3-bedroom apartments. The service apartments are intended to provide short term accommodation, and offer high yield investment propositions. We have attached herewith a brochure showing the 3-D impressions of the estate, the house types and their respective features. As special incentive, all SPDC staff house owners at the estate will be given preferential treatment at discounted rates at the Service Apartments whenever they are in Abuja and have need to use the facility. 5.0 Finishing Types The houses will be delivered under two options: (i The External Finishing option covers all works which show the house as completed from the external view perspective and include: plastering, windows, entrance and exit external doors, electrical and mechanical piping, external mechanical works, compound fences, compound interlocking stones, gates, and external painting. Also, included is conduit piping for: airconditioners, intercoms, cctvs, fire alarms, smoke detectors, motorized gate, and inverters. This option gives the house owner the opportunity of doing his internal finishing, thereby choosing finishing materials of his taste. Also, the house prices for this option are lower. (ii The Complete Finishing option shall, in addition to the external works listed above, include the internal finishing works covering: Floor and Wall Tiling, Internal doors, Kitchen Cabinets, Wardrobes, P.O.P Cornices & Ceilings, Electrical Wiring, Sanitary Fittings, Electrical Fittings, Internal Paintings, Airconditioners, and Motorised Gate. The developer has put in place a sample finished house for guidance. 6.0 Estate Infrastructure and Facilities The estate will run on a 24-hour centralized power and water supply, and served with standard infrastructure and diverse facilities to cater for the recreational, commercial, business, security, and social needs of the residents.

3 These include well-paved roads and underground drainages, underground armored street lights, central intercom, internet services, recreation parks, crèche, events hall, office suites, business centre, swimming pool, grocery, restaurant & lounge, gaming room, cinema hall, tennis courts, etc. etc. 7.0 Security The estate security architecture will include electronic access control and access restriction barriers as obtainable in all SPDC facilities, CCTV cameras, control room, electric fences and intrusion detection alarm system. These will be complemented with armed security patrols and corporate guards. 8.0 Estate Facility Management The estate would be run by facility managers to provide common services such as Security, Cleaning & Sanitation, Gardening, Guest Relations, and other facility maintenance services. These services are intended to constantly keep the estate and the facilities in top-notch state. One unique maintenance feature about Pleasant Places is the keeping of a Maintenance Fund that also guarantees that the estate externals are repainted at the least every four years. The luxury service apartments will be outsourced to reputable professional apartment facility managers. 9.0 Target Home Owners Section I of the estate is designed to attract persons seeking to own sophisticated but affordable luxurious properties in Abuja and targets highly successful career persons and professionals, the diplomatic corp, expatriates, and the top political class. The Service Apartments section targets persons desiring high yield property investments in Abuja by providing temporary accommodation on short, medium term or short-let arrangements Project Completion & Delivery Construction is at various levels in the Estate Section, which is expected to be completed by June We have attached a current Site Work Progress, which will be updated regularly. The Service Apartments Section is expected to start in January 2019 and completed in December House Prices

4 In line with our usual commitment to getting members good value for their money, we have negotiated and gotten members good price bargains, with discounts ranging between 15% and 20%. Below are the respective house prices: S/N House Type CoopEast Special Price 1A 1-Bedroom Serviced Luxury Apartment( Unfurnished N23m 1B 1-Bedroom Serviced Luxury Apartment ( N28m Furnished 2A 2-Bedroom Serviced Luxury Apartment ( Unfurnished N30m 2B 2-Bedroom Serviced Luxury Apartment (Furnished N38m 3A 3-bedroom Terrace Duplex/Condo Flat ( External N31m Finishing 3B 3-Bedroom Terrace Duplex / Condo N39m Flat ( Complete Finishing 4A 4-Bedroom Row House Duplex ( External Finishing N45m 4B 4-Bedroom Row House Duplex ( Complete Finishing N56m 5A 5-Bedroom Row House Duplex ( External Finishing N50m 5B 5-Bedroom Row House Duplex ( Complete Finishing N62m 6A 6B 7A 7B 5 & 6-Bedroom Maisonette plus Bq ( External Finishing 5 & 6-Bedroom Maisonette plus Bq ( Complete Finishing 6 & 7-Bedroom Maisonette plus Bq ( External Finishing 6 & 7-Bedroom Maisonette plus Bq ( Complete Finishing 12.0 Investment Profitability Projections N90m N120m N110m N145m One uniqueness about Pleasant Places is that the developers also made available an investment viability analysis, which we consider rare among many other developers. We have reviewed the profitability analysis presented by the developer under two scenarios; an aggressive scenario, describing overtly optimistic conditions and a moderate scenario, which describes possible outcomes under the most realistic assumptions. Taking the more conservative and realistic approach, below is the summary of our review :

5 1. With a total of 282 service apartments, Pleasant Places will on completion probably be, by size, the largest service apartment facility in Abuja. The significance of this is that for house owners at the residential estate section, the heavy customer traffic to be generated by the service apartments will rub-off positively on the demand side for house rentals in the estate. 2. For a Service Apartment owner, the following are the possible outcomes, under conservative estimates: (i An average return of 20% p.a. over five years. This rate outperforms the return rate of a lot of assets in most investment portfolios. (ii A pay back period within 5 years, meaning that the investment pays back the capital invested over a short period of time. This is attributable to the high net revenues generated by the investment. This pay back period is shorter than a lot of assets in most investment portfolios. (iii The Net Present Value ( NPV of the investment calculated over a 5- year period is positive. The NPV is an investment appraisal technique which recognises the time value of money by factoring-in inflation ( discount rate into the net revenues from an investment. The investment appraisal rule is that an investment that has a positive NPV is considered viable. (iv The Internal Rate of Return (IRR of the investment is about 21%. By way of explanation, the IRR is the discount rate at which the NPV becomes zero, and the decision rule is that an IRR that exceeds the cost of capital is considered viable. At the risk-free rate of FGN Securities currently at about 13.5% which is where most of our members invest in, we consider an IRR of 21% sufficient compensation as a risk premium for putting money into another safe investment. (v After 5 years earnings which also recouped the capital invested, the Disposable Value of the investment by the 6 th year could be as high as 130% ; that is, should the owner want to sell. For the above highly positive outcomes, we consider investing in Pleasant Places a golden opportunity. The assumptions underpinning the investment viability analysis are attached herewith. We advise that members go through them to also make their own assessments CoopEast Members Cooperative Loan CoopEast will avail the Cooperative loan support scheme to members interested in buying into Pleasant Places. The loan will be disbursed on behalf of the member to the developer under well monitored and supervised milestones.

6 14.0 Recommendation Whether for the discerning home seeker or the sharp-eyed investor, this state-ofthe-art estate offers all you could probably desire in a 21 st century residential facility. From its elegant and unique house designs, high-tech security, diverse commercial and recreational facilities to top notch estate infrastructure, you are assured of comfort, sophistication, luxury and peace. A place you can Live, Work and Play in safety. And a hefty return on your investment!. We strongly recommend this estate to our members. To book your interest or for further enquiries concerning Pleasant Places, please contact the CoopEast Cooperative Office below : The General Manager, Shell East Staff Investment Cooperative Society Ltd, Shell IA, Rumubiakani, Port Harcourt, Nigeria. uig-shell-coop-east@shell.com or uchechukwu.akpu@coopeastngr.com Phone : ;

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