Findings have revealed that subscribers to the collapsed 21-storey building in Ikoyi, Lagos State, signed contracts ranging from over $500,000 (N206.5m) to over $3m (N1.24bn) for the purchase of luxury apartments in the high-rise from Fourscore Heights Limited.
Documents also revealed that after the payment of an initial deposit, most of the subscribers signed an agreement to pay the balance over a period of 48 months.
Subscribers said the management of Fourscore Heights Limited made the payment plan so flexible such that intending apartment owners could pay their balance through instalment payments over a period of 48 months.
It was gathered that the installments are expected to be made either monthly, quarterly, bi-annually, or yearly, depending on the choice of the subscribers.
The subscribers also revealed that the luxury apartments on the high-rise went for various prices, with subscribers to the apartments on the upper floors paying more than those on the lower floors.
The higher the floor of the apartment is located, the higher the price. Those on the higher floors paid more than those on the lower floor.
Aside from the luxury apartments, the 21-storey building also contained several facilities to be enjoyed by the intending owners, including a power generating plant, club house, swimming pool, communal offices, gym and spa, 24-hour security, servant’s quarter and parking space.
The package also included legal and agency fees, which were not disclosed in the offer letter.
According to a letter by Fourscore Heights Limited to the subscribers, “We are pleased to offer for sale three bedroom Finished Flat on 5th floor Peace Building for the sum of USD 565,000.00 (five hundred and sixty five thousand dollars only), situated at 44bcd Gerrard Road as described above, under the following terms and conditions subject to contract viz details of development: three bedrooms (all en suite), one bedroom servant’s quarter, kitchen, parking space, generating plant, 24-hour security, access to club house, swimming pool, communal offices, gym and spa.
“Purpose: Strictly residential. Title: Deed of sublease. Payment terms: 1st payment -$5,000; 2nd payment – $60,000; Balance payment – (this will be spread over the period of four (4) years. Legal fees: five per cent. Agency fees: five per cent. All payments should be made in favour of O. Osibona/Fourscore Heights Limited.”
The letter also showed that subscribers were to make payments in dollars into the company’s domiciliary account, which was provided in the letter.
