VirginBay Residence
₦100,000/Unit share
Yearly rental yields 10% of sales value guaranteed and rental increases every 2 years due to capital appreciation
Guaranteed Net Rental Yield
₦10M Annually
1. What type of Property is this – It is a 2 Bedroom Luxury apartment.
2. What is the Minimum amount to co-own this property and the minimum unit? –
Answer: The minimum amount is *N100,000* and minimum unit is 1 unit of 1,000 unit shares.
3. Is there a Maximum subscription amount –
Answer: No, there is no maximum amount.
4. How long will it take members to subscribe –
Answer: It depends on the rate of subscription. But we are projecting a maximum of 3 months subscription period for a property and an average subscription period of 1 month and above.
5. What is the projected time-line (subscription period)
Answer: – 8weeks, starting from the day of listing on the PINCOOP market place (but it depends on the members subscription rate).
6. What is the title document of the property?-
Answer: The title document of the property is a C of O
7. Does the property have a building plan –
Answer: Yes it has an approved building plan.
8. What documents do I get when I purchase a unit?
Answer: – You would get your purchase receipt, Certificate of beneficial Ownership, Contract of Share ownership, photocopies of the original title document of the property co-owned.
*NB*: the original document will be kept in the bank, for all co-owners to have unrestricted access for sighting.
9. When is the projected launch date of this property?
Answer: The project launch date is after the holding period which is the subscription period for the property plus 2 weeks for payment for the property and property documentation and extra 2 weeks to get the property ready for launch.
10. What purpose would the property be used for –
Answer: The property will be used for Shortlet/Airbnb so that we can get the maximum ROI.
11. Has the document of the property been verified by PINCOOP before listing?
Answer- Yes PINCOOP has done due diligence and verified the documents to be free from all encumbrances before listing on the PINCOOP platform.
12. How long is the documentation period?
Answer – takes 2weeks.
13. Is the property going to be insured?
Answer: Yes, the property will be insured by Zenith insurance.
14. What is the annual rental yield for this property?
Answer – 10% of the capital invested to co-own.
15. What is the capital appreciation rate for this property?
Answer; – the capital appreciation rate is projected between 5% – 20% every two years, but it basically depends on the current market value of the property.
16. How long will I be earning the rentals for this property
Answer- Generally for 99 years or remaining unexpired lease on the C of O.
17. Can I transfer the ownership of my shares to another person
Answer- yes you can, but you must notify us for update on the PINCOOP database.
18. What happens if I do not want to retain my shares of the property again ?
Answer- you will notify us of your intentions and we would put it up for other investors to purchase at the current market value.
19. How long will it take for my shares to be sold?
Answer: it will take a minimum of 4 weeks.
20. When can I sell my share?
Answer: – You can sell your share of property after the minimum holding period, which is 2 years after launch date of the property.
21. How do I sell my share after the minimum holding period?
Answer – PINCOOP helps to sell your share of property at the end of the holding period. Your share is purchased back at the current market value, meaning your capital plus capital appreciation over the years. But however PINCOOP charges a flat fee rate of N10,000 to assist you to sell your shares.
22. How do I receive my rental returns?
Answer- Rental returns are available in your PINWALLET at the end of every 12 calendar month from the launch date. Funds in you PINWALLET can be withdrawn to your bank account immediately.
23. How is this different from Outright ownership?
Answer: – Its not different at all as the benefit is same and even more, it’s just that you are buying a fractional unit from a whole unit and you’d enjoy:
✔️Benefits as a Landlord and even more from as little as 1 unit co-owned.
✔️Property portfolio diversification
✔️Own property in different locations.
✔️Digitally track and manage what you own easily.
24. How does PINCOOP manage the properties?
Answer:- PINCOOP acquires and hire professionals to manage the properties, as well as collect and distribute rental income for the beneficiary owners.
25. Is PINCOOP a regulated company?
Answer: We are not an investment company nor do we offer public investment services. PINCOOP is a registered cooperative multipurpose society. The properties are independently Managed through a trusteeship for beneficial owners.
26. When do I get my share of rental returns?
Answer: 1 year from launch date.
Is the ROI guaranteed – yes the ROI is guaranteed at 10%, and there can be an upward review.
Features
- All rooms en-suite
- Guest Toilet
- Open Planned fully fitted Kitchen
- Balconies
- Spacious Living area and Dinning
- 24/7 Uninterrupted Power Supply
- Ample Parking Space (2 cars)
