Some 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 obtained by Punch Newspaper 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.
Some of the subscribers told Punch that 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.
The instalments, according to them, are expected to be made either monthly, quarterly, bi-annually, or yearly, depending on the choice of the subscribers.
They 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.
A subscriber disclosed that he was given an apartment on the fifth floor and planned to pay a monthly instalment of $10,416 (N4,301,808) over a period of 48 months, following an agreement to pay $65,000 (N26,845,000) as initial deposit.
According to him, the total package was $565,000 (N233,345,000) and it was meant to be paid over a four-year period, after the payment of the initial deposit of $65,000.
A copy of the subscriber’s letter showed that 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.