DANGOTE GROUP MULTIPURPOSE COOPERATIVE SOCIETY LIMITED (DANCOOPS) HOUSING ESTATE
Development of about 2,000 Housing Units for Dangote Group Multipurpose Cooperatives Society Limited (DANCOOPS)
MORE PROJECTS
| S/N | PROJECT DESCRIPTION |
|---|---|
| 1 | Eradication of bed bugs in 14 hostels at the University of Lagos by advising and supplying them with High grade Macintosh to prevent the reinvention of new mattresses. |
| 2 | We supplied Mathan (ALGON) mattresses to 552 Local Government in Four geopolitical zones. Total was 11,000 Hospital mattresses |
| 3 | Construction and Management of Standard Alliance Group Office Plaza at Lekki Phase 1,Lagos State. Development of Windermere Terraces Estatre, Ikate-Lekki, |
| 4 | Development of New County Terraces Estate, Iroko Awe-Lekki |
| 5 | Development of Elizabeth Courts 1&2 Estate, Ikate-Lekki |
| 6 | Development of Vintage Place Estate, Sangotedo-Lekki |
| 7 | On-going Development of Graceville Court Estate, Iroko-Awe, Lekki |
| 8 | Development of Vista Terrace Estate, Igbokusu, Lekki |
| 9 | On-going development of Crescendo Heights Estate, Ikate, Lekki |
| 10 | Development of 650 Housing Units for a Federal Government Parastatal in Abuja |
| 11 | Development of residential houses on 5.7 hectares of land at Gaduwa, Abuja, etc. |
| 12 | Central Bank Industrial Training Institute, Abuja – completed |
| 13 | Nestle Agbara expansion project – completed |
| 14 | A development of luxury shopping mall at the heart of Ikeja.- Sympatico Ltd |
| 15 | Development of 1200 Affordable Housing Units for Dangote Group Cooperative (DANCOOPS) |
| 16 | Distribution Dangote Cement in Lagos and Ibadan |
FREQUENTLY ASKED QUESTIONS
Where is Dancoops Estate
It is located at Omu Ishoko village in Mowe at Obafemi Owode local government area of Ogun state.
Dancoops housing project is surrounded by adjoining estates such as; Makun Estate, Golden Heritage Estate, Wisdom Estate, Pentagon Estate etc.
The estate has a motorable link road to the Lagos/Ibadan Expressway. It is less than 5 minutes to the Redemption camp and about 20 minutes drive to Lagos toll gate.
Project Description and housing typologies
Development of about 2,000 units of low-cost housing for members of Dangote
Group Multipurpose Co-operatives Society Limited (“Dancoops”) and the entire Dangote Group (“Dangote”).
Housing typologies and prices
I bedroom block of flats - N19,500,000
2 bedroom block of flats - N30,000,000
3 bedroom block of flats - N36,500,000
3 bedroom Terraces - N64,500.000
4 bedroom semi - detached - N75,500,000
What type of title document does Dancoops Estate have?
C of O / Deed of Assignment
What is the project finance structure?
*Mortgage for home owners
*Tenor - 5 to 30 years
*Pricing - Single digit ( all - in )
*Equity Requirement - 20% minimum
What is the collateral/ security ?
*Legal Mortgage over housing units financed
* Guarantee of Dancoops
* Guarantee of Dangote group
What is the repayment structure ?
* Monthly deduction ( principal & Interest ) from salaries and other entitlements of housing beneficiaries
What is the repayment mode ?
Domiciliation of beneficiaries salary account
What happens when beneficiaries exit from employment?
Outstanding loan can be liquidated from terminal benefits of the staff on cessation of employment from Dangote Group
What are the conditions to access National housing fund ?
* Monthly contribution to NHF
* 2.5% of monthly contribution to NHF, get allocation letter for the house to buy, recent payslips to test affordability with application for mortgage loan via a primary mortgage institution
How long it takes to access my pension ?
It takes an average of 30 working days once your documents are complete to process an approval from PENCOM and another 5 working days to get your account with your appointed mortgage lender credited with your 25% RSA balance after PENCOM's approval
Is it advisable for someone who is 50 years or above to key into this project since the maximum age is 60 years and repayment plan is 30 years ?
This is dependent on a number of factors such as the cost implication of the property you are getting, your disposal income ( usually your salary) and other renumerations less your expenses , and time of retirement.
An analysis will be done by your mortgage lender to determine if your cashflow can take on the loan repayment, if your cashflow is adequate, then you can key into the scheme.
With the current situation of the economy, how will one cope on retirement after depleting one's contributions on a house ?
Try and boost your RSA balance through additional voluntary contributions which will be deducted from source ( into the RSA account in addition to the statutory contributions).
Some contributors do this in order to increase their balance at retirement
How many percentage is the equity contribution for someone going for 30m ?
If an RSA holder has N30m , then the maximum equity he can access is 25% which is N7.5m
How many toilets will the 3 bedroom block of flats have ?
- One for master's bedroom
- One shared
- One WC only for the guest room
Will the roads leading to the houses of the first phase be fully constructed?
We plan to make the phase 1 fully habitable with infrastructure like road, power and water.