Ikoyi Collapsed Building Subscribers Signed Over $500,000 Contract Each

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, findings by our correspondent have revealed.

Documents obtained by our correspondent showed 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.

In an interview with Punch, 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.

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.