About Ruby 3 Joint Ownership Project
Co-ownership also known as Shared or joint ownership has become a popular model, especially in urban areas where property prices are high. It allows multiple individuals to collectively invest in a property, making homeownership more accessible and affordable.
Co-ownership of the Ruby III Apartment refers to the joint ownership of 1 unit of 2-bedroom apartment by up to 10 individuals. Each individual will own 10% stake of the Unit. Think of it as owning shares/stock of a company. The concept was designed to reduce the barrier of entry into real estate investment for Nigerians, and also help them share their risk. With as low as 5 Million Naira, an individual can own 10% stake of an apartment.
Here’s why you should buy into the Ruby III Co-Ownership Scheme.
- Cost Sharing
Joint ownership allows individuals to pool their financial resources, making the purchase of Ruby 3 more affordable by splitting the costs among the co-owners.
- Rental Income Potential
By renting out Ruby 3, co-owners can generate consistent rental income. The property’s location in Ologolo, Lekki, may attract tenants seeking a desirable living environment, increasing the likelihood of steady rental returns.
- Reduced Financial Risk
Sharing the financial burden with other co-owners helps mitigate individual risk. If there are unexpected expenses or fluctuations in the real estate market, the impact is divided among multiple parties.
- Diversified Investment Portfolio
Investing in joint ownership of Ruby 3 enables individuals to diversify their investment portfolio. By spreading their investments across multiple assets, they reduce the risk associated with putting all their resources into a single property.
- Access to Desirable Location
Joint ownership can provide access to a desirable location like Ologolo, Lekki, which may be otherwise financially out of reach for individual investors. Co-owning Ruby 3 allows investors to tap into the potential growth and benefits of this sought-after location.
- Shared Responsibilities
With joint ownership, the responsibilities of property maintenance, repairs, and management can be shared among the co-owners, making it more manageable and less time-consuming for each individual.
- Increased Buying Power
By combining resources, co-owners have a higher purchasing power, enabling them to acquire a larger, more desirable property like Ruby 3 than they could on their own.
- Flexibility in Usage
Joint owners can establish agreements on property usage, whether for personal purposes or rental income generation. This flexibility allows for shared enjoyment of the property or the potential to earn rental income when not in use.
- Potential Appreciation
Real estate properties, especially in desirable locations like Ologolo, Lekki, have the potential to appreciate over time. Investing in joint ownership of Ruby 3 allows individuals to benefit from any potential increase in property value, providing a return on investment when the property is eventually sold.
How it works
01
READ
Read the FAQ carefully
02
REGISTER INTEREST
Fill in your bio-data
03
Schedule an Inspection
Choose date to inspect the property.
04
Pay
Make payment
05
Documents
Get your documents.
06
Updates
Get the latest updates on the developments
Facilities and Amenities
Standard-Sized Bedrooms
Each apartment in Ruby 3 features well- proportioned bedrooms designed for optimum comfort and relaxation.
Uninterrupted (24/7) Power Supply
Uninterrupted power supply is provided to cater to the daily needs and convenience of the residents.
Designated Parking Space
Residents can enjoy the convenience and security of having their own dedicated parking space.
Fully Fitted Kitchen
The apartments come with modern and fully equipped kitchens, making meal preparation a breeze.
Treated Water System
Ruby 3 Appartments boasts of properly treated healthy water systems for the its owners.
24/7 Security
With round-the-clock security personnel, Ruby 3 ensures a safe and secure living environment for all residents.
Interlocked Road
Residents at Ruby 3 Apartments can enjoy easy access to their homes on properly interlocked roads.
Location and neighborhood
One of the key highlights of the Ruby 3 Joint Ownership Project is its enviable location in Ologolo, Lekki. This vibrant neighborhood offers a perfect blend of urban convenience and serene surroundings. Residents will benefit from the proximity to a wide range of amenities, including the popular Circle Mall at Jakande. Additionally, being just a 10-minute drive from Lekki Phase 1, residents have easy access to shopping, dining, and entertainment options. First City Hospital ensures quality healthcare services, while the renowned Nike Art Gallery adds a touch of culture and creativity to the neighborhood.
The Developer
Ruby 3 is a project developed by Novarick Homes, a reputable and experienced real estate development company known for its commitment to quality, innovation, and customer satisfaction. Novarick Homes has a track record of successful projects, delivering exceptional properties that meet the highest standards of craftsmanship and design.
FAQS
Co-ownership of the Ruby III Apartment refers to the joint ownership of 1 unit of 2-bedroom apartment by up to 10 individuals. Each individual will own 10% stake of the Unit. Think of it as owning shares/stock of a company. The concept was designed to reduce the barrier of entry into real estate investment for Nigerians, and also help them share their risk. With as low as 5 Million Naira, an individual can own 10% stake of an apartment.
The Ruby III Apartment project is a development by novarick Homes, consisting of 14 units of 2 bedroom serviced apartments, located at Ologolo, Lekki. It has ample parking space for each unit, clean water, 24/7 security and power. The project is suitable for shortlet.
The title on the Ruby III Apartment project is a Governor’s consent.
You will get a Receipt, and contract of sale. You will also get a deed of assignment upon completion and handover of the project.
The ownership of a unit is split into 10 places (slot), 1 slot is 10% ownership stake, and that is the minimum stake you can have in one unit, and a maximum of 100% stake, i.e 10 slots. One unit of the Ruby III apartment is going for NGN 50,000,000 (Fifty Million Naira), which means that you can buy a minimum of 1 slot with NGN 5,000,000 (Five Million Naira).
No. You do not have to know the other people buying. The company will market to other investors to buy, however you can refer people to buy from your unit slot.
Yes, you can resell your stake (slot) to others, who will then join the pool of investors, you would however need to inform the company to prepare all the necessary legal documentation to transfer ownership. In time ownership will be transferred and confirmed through blockchain technology.
The company can help to remarket your stake (slot) to existing members, and also push it out to the general public, the value however will be determined by a registered estate valuer appointed by the company.
The co-owners will typically establish a framework for managing the maintenance and expenses of the property. A mobile application will be employed to manage the administration, decision-making, and financial contributions related to the property’s upkeep.
The property will be put on short lease and managed by an approved facility manager appointed by the company on behalf of the Owners.
Yes. There are legal agreements in place. These agreements will outline ownership shares, responsibilities, decision-making processes, and dispute resolution mechanisms and others.
The Ruby III Co-ownership allows individuals to own a high valued property that might be beyond their individual affordability. It also enables shared expenses, potentially reducing the financial burden on individual owners. Additionally, co-ownership can provide an opportunity for investment diversification and shared decision-making in property management.
Yes, Co-ownership is suitable for everyone.
Yes.
- Unit price – 50M
- Price per slot – 5M (10% ownership)
Other fees
- Legal/documentation- 50,000
- Electricity connection fee – 100,000
- Interior furnishing – 400,000
- Service charge – 75,000
- Sinking fund – 50,000
- Total: N5,675,000 per slot
Yes, Provided that the payment will be covered.