Prindex unveils residential apartments for rental-yield-hungry investors

Authorities of Prindex Properties have said that investors looking for assets to store their wealth need not look further as it has launched two residential developments that promise investors high rental yield on a year-on-year basis.

Prindex is an indigenous real estate development company that specializes in developing investment apartments for discerning real estate investors that seek to store wealth in alternative asset classes like real estate.

It builds investment apartments, sells the apartments to home buyers and investors, but stays back to manage the property for the buyers and give them rental returns year-on-year.

“We have strategically located our projects around Surulere, Yaba, and Lekki where, by research, we have discovered that those areas of Lagos metropolis give the most optimal rental returns,” Tolu Bawa-Allah, the company’s manager director, told journalists.

The company’s latest developments are the Apple Place and Dream Place, both located in the Lekki area of Lagos. Bawa-Allah told select property reporters on tour of the two facilities that the Apple Place is 38-unit estate with three apartment blocks-A,B and C.

These apartments comprise two bedrooms and three bedrooms with fully-fitted kitchens and top-of-the-range facilities that support comfortable and convenient living experience.

“What you have seen today is the completion of Block A which is about 90 percent complete. We are looking to hand over the keys soon. Block B is at advanced state of construction while Block C is just starting at foundation level,” Bawa-Allah said.

The Dream Place located in Lekki Phase 1, just behind the Evercare Hospital, is a 16-unit development, comprising 2-bedroom and 3-bedroom apartments on four-floors, including the base-floor. It is a well-finished development with fitted-kitchen, spacious rooms and relaxed staircase, among other facilities befitting its upscale location.

Unlike the Apple Place where each unit is entitled to one parking lot, the Dream Place provides two parking plots for each unit of the 16 apartments. Again, the ground floor here is dedicated to car parking just as all the Boys Quarters are located on the ground floor.

“Yes, the difference is clear and that has to do with both location and pricing,” Bawa-Allah, said, explaining that Lekki Phase 1 is highbrow; whereas a buyer or an investor pays N125 million for a 2-bedroom apartment at Apple Place, those buying or investing in same size apartment at Dream Place pay N350 million.

Besides the two new projects, the company has other projects and altogether they have about 100 units of apartments under management. These are part of their success stories. But beyond these stories are also challenges which they have had to contend with.

Apart from the COVID pandemic which impacted negatively on the two projects, there is also the challenge of an economy that is largely unsupportive of investments.

In spite of these challenges, Bawa-Allah and his team enjoy strong investor- and buyer-interest in their products. “The interest is very strong. As I said earlier, we are industry professionals. The company is led by industry professionals. So, when you come into our development, you see very clearly that there’s a lot of thought process that has gone into what we’re doing,” he explained.

He added that professionalism is part of the quality they sell. “We have some clients that from the first project, have come along with us to every project we’ve built because of the quality we offer.

Furthermore, there’s a very high demand for houses in the markets because there’s a large deficit. It will shock you that 85 percent of all people in Lagos are renting. They’re all tenants and they want to become landlords,” Bawa-Allah said.