Oyo State Housing Corporation and Dastic Homes launch 200-unit Ibadan resort city
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The Oyo State Housing Corporation has partnered with Lagos-based developer Dastic Homes Ltd on Teni Gardens City, a 200-unit resort-living estate planned for Ajoda New Town in Ibadan, with homes from N35 million under a buy-to-host ownership model.
The Oyo State Government, acting through the Oyo State Housing Corporation, has partnered with Lagos-based developer Dastic Homes Ltd to deliver Teni Gardens City, described as Ibadan's first resort-living community. The 200-unit development is planned for Ajoda New Town and combines smart bungalows, resort facilities and a commercial village around a buy-to-host model that allows owners to live in their homes or list them on a professionally managed hospitality network for short-let, long-let and corporate rentals.
Phase one offers one-, two- and three-bedroom bungalows with boys' quarters from N35 million, with an initial deposit of N10 million and 12- and 18-month payment plans. The developer says the first 50 phase-one subscribers will receive a full year of property management free of charge, and puts projected annual returns at between 12 per cent and 18 per cent for owners who rent out their units through the network, which handles cleaning, guest screening, maintenance and marketing.
The developer says the site was chosen for its connectivity, placing Teni Gardens City about seven minutes from Ibadan Airport, 25 minutes from the University of Ibadan and Bodija, and roughly 90 minutes from Lagos by expressway. The master plan includes a 3,000 square metre artificial beach, a spa and infinity pool, a gym with a CrossFit zone and yoga studio, a two-screen boutique cinema, a 40-room boutique hotel, tennis and padel courts, an agro-tourism farm, a supermarket, 15 food outlets and a 500-capacity event centre.
Residents are to manage the estate through an app covering amenity booking, bill payment, maintenance requests, visitor codes and live rental income tracking. The developer says every bungalow will come with smart locks, CCTV coverage, solar panels with inverter backup and fibre internet.
Dastic Homes, led by Dr Bunmi Felix Olubamidele, said the partnership with the Oyo State Housing Corporation marks its entry into Nigeria's South West. The company said two further resort cities are on the drawing board, Teni Gardens Lakowe in the Lekki-Epe corridor of Lagos and Teni Gardens Asaba in Delta State.