The total land area is 2.0 hectares with a 40% built-up area of land in phase 1 and ample space for circulation, greenery and facilities
No, it is situated on a natural ocean front
There are 4 Towers in the Oceanna namely The Oceanna Caerulean (Mixed Use), The Oceanna Indigo (The Hotel), The Oceanna Azure (Residence) & The Oceanna Aqua (Residence).
The Caerulean is a 22-floor tower, the Indigo is a 26-floor tower while the Azure and Aqua are 16 and 20- floor respectively.
The project was designed by HOK, one of the largest U.S. based architecture-engineering firm. Some of the major award winning designs done by the UK arm of HOK are “The Flames of Azerbaijan’’ and the masterplan for the Dubai Marina. HOK worked in conjunction with ECAD Architects to design the Oceanna.
ECAD Architects have been in the Nigeria for over 20 years and have designed laudable projects like the BAT Head Office, Heritage Place, amongst others.
A rare combination of luxury living in one location, Apartment, Offices, Hotel; a place for you to live, work and play, overlooking the Ocean.
The most Iconic eco-friendly real estate development in Nigeria, the design, location and brand will drive value for investors or home owners.
A rewarding investment- excellent re-sale value with high rental value.
Grenadines Homes Limited a member company of Palton Morgan Holdings. Palton Morgan is governed by seasoned board members that include - Mr. Femi Banwo (chairman) Dr Chris Ogbechie of Diamond Bank, Mrs. Ronke Banmeke, Mrs Delphine Areyenka and Yinka Adesope (CEO)
You can subscribe into the mixed-use tower having residences, hotel apartments and office and retail spaces, while the hotel tower, is also available for sale as an investment option or live-in, it also has office spaces. The other towers are for residential usage.
The hotel will be managed by a world-class hotel brand who will share rental income amongst owners.
We are at the moment in talks with 5-star hotel brands from which there will be a final choice.
Yes, the hotel room must be prearranged with a two week notice period.
Yes, the hotel will be furnished.
The furnishing cost will be borne by the subscriber at a minimal cost from between $468/sqm - $625/sqm.
The return on the hotel will be at an average yield of 14% p.a. using a case scenario of N96,000 per night per room (similar A grade Hotels in Lagos are presently at regular rate of N125,000 per night) and 53% occupancy rate. Unlike a traditional buy to let which will give an average of 5-6% yield annually. Usually, deductions of about 50% total costs are removed from gross revenue for maintenance and management charge to arrive at a net income which will be at a minimum 12% yield of amount invested in the first year if it is purchased on outright basis.
Returns will be paid annually by the hotel company based on pool distribution on the units through a certified appointed Trustee.
A good hotel brand, locations, design, finishing, facilities and maintenance are the things that ensure a hotel brand remains profitable and these are all available in the Oceanna Hotel to ensure a guaranteed return on investment.
It is not expected that the hotel brand will fail as statistics have shown that 5star hotel brands are excelling in the country and since Tower is not built on borrowed funds, the unit remains yours.
A minimum of 10% initial deposit on installment purchase is required.
Legal 5% - Payable upon completion of payment.
VAT 5% - Payable at each instalment payment.
Insurance not more than 1% - Payable prior to handover of payment.
A purchase receipt, invoice and deed/contract of sale.
30months on Hotel Tower after payment of initial deposit.
The difference is to cover the cost of funds with factors such as borrowing costs, inflation, increasing and unsteady high fluctuations in cost of materials over the installment tenor.
Average ROI is 29% i.e. average yield of income 14% for the first 4 years of operations and 15% capital appreciation
Currently it is about minimum of 15% per annum.
Yes, higher floor command a higher price due to higher premium from exotic panoramic views, greater natural lighting and increase in construction cost as the levels go higher.
In a declining economy with fears of rising inflation and currency devaluation, the best store of value is in real estate. This is because land is an asset that will always appreciate. In the unlikely event that the appreciation of asset is slowed or halted, it is unlikely that it will fall below the purchase/investment cost.
Yes, mortgages are available from Stanbic IBTC to subscribers based on their credit worthiness and repayment capacity.