Nigeria’s real estate industry has become an integral part of the economy. Now, it is the fourth biggest contributor to the economy. However, owing to the pandemic, demand for big property in the high brow areas suddenly dipped last year. Job losses and salary cuts have also prevented many from renting better apartments or purchasing new homes.
Despite the seeming drawbacks, real estate experts were still optimistic. “A section of the workforce, who now works remotely may have an increased demand for larger spaces, “Specifically millennials looking for an improved privacy, the need for new apartments would probably surface.”
In an effort to boost economic activities amid the pandemic, the Central Bank of Nigeria (CBN) recently approved 200 billion (US$ 520 million) in mortgage finance to fast track construction of 300,000 social housing units for low-income earners and to create new jobs for the unemployed.
This year, 2021, is a year with many doubts owing to uncertainties unleashed by Covid-19 pandemic. But despite all these, the real estate sector has been touted to play a major role in restoring the loss during the pandemic. This week, City People will be listing 10 big projects in Lagos to watch and the project’s tale narrative in the sector.
Odo-Ogun Castle Limited is first on our list. It’s a new city in Ikorodu, Lagos State. It’s a proposed city that promises a lot. Odo-Ogun Castle Estate is a Limited Liability Company registered to carry out land sales, City Estate development & sales of an affordable home, properties and property, including facility management. With our unique contemporary style and zeal for connecting people with property, we aspire to provide the ultimate real estate experience for today’s emerging markets need. Whether you are buying to live in, to rent out or for investment. It’s a multi-billion naira developmental project in Odo-Ogun community. The project is an idea of a Chinese man, Jin Anping.
Iluburin Housing Estate: Vibrant new waterside district on Lagos Island – Ilubirin is a wonderful world of shops and homes, of concerts and dance, of restaurants and cafés, of places to work, places to learn and places to play. A stunningly landscaped with gardens, wetlands and lagoonside promenades. This engaging and dynamic new community would set new lifestyle standards in the city.
Ilubirin is located just off the Third Mainland Bridge, on the northwest coast of Lagos Island overlooking the lagoon. The development is centrally positioned between the mainland and the core districts of Lagos; Victoria Island, Isale-Eko, Obalende and Ikoyi.
This project is almost at completion stage as work commenced in the last few months at the site.
Iconic Towers: The iconic Towers represents a cutting edge architectural landmark, beautifully crafted and set to redefine the City’s Skyline. This multi-storey residential dwelling exudes class, taste and high standard of living, giving true definition to Luxury lifestyle. This is another project that people should watch out for in 2021.
Iconic Towers is located right behind Zenith Bank’s Headquarters, on Sinari Daranijo Street, Victoria Island, Lagos. It is in close proximity to Eko Hotel and Suites and flanked by the top-notch commercial hub, which ultimately offers a contemporary live, work and caps lifestyle.
Alaro City is a development by Rendeavour, in partnership with Lagos State Government. Rendeavour is Africa’s largest new city developer, building seven cities on 12,000 hectares of land in Nigeria, Ghana, Kenya, Zambia and the Democratic Republic of the Congo.
Conceived on 2,000 hectares, Alaro City is in the North West Quadrant of the Lekki Free Zone. Ideally, situated on the Lekki-Epe Expressway for ease of transportation to Lagos or the hinterland. The largest Deep-Sea Port in West Africa is currently under construction and located at the south of the city. An international airport is at a planning stage and would be located adjacent to the city.
The Lekki Free Zone, established in 2006, is a modern free zone managed by international best practices. The zone’s 16,500 hectares are divided into four quadrants and managed by various operators, benefiting from Lagos State’s position as the premier distribution hub in West Africa.
Alaro City is authorised by both the Federal Government, through the Nigeria Export Processing Zones Authority, and the Lagos State Government to receive all Free Zone benefits.
Leonardo By Sijumoto Construction: The LeonardoBySujimoto is coming to ruffle architectural imagination and introduce a new trend with a waterfront property whose features and facilities cannot be found anywhere in Africa.”
“In bringing the project to life, the company did not only study the life and history of Leonardo Da Vinci, but it also studied the best projects in Ikoyi and Eko Atlantic. Armed with these numerous information, Sujimoto Construction Company created seven exclusive features and facilities that give the LeonardoBySujimoto a competitive edge over its counterparts. This project is situated on Ikoyi, Lagos and it promises many features.
Famfa Oil Towers: It’s a new project of 20 storey office block development (i.e. a Ground floor, 19 suspended floors including a basement) on a 5695sq.m parcel of land on Ikoyi.
The building is 103 meters in height with a gross floor area of approximately 55,000 sq. m and comprises lettable office spaces, owner-occupied office spaces and multipurpose hall each with a dedicated well-situated entrance at the ground floor. There are 6 floors of lettable office spaces in combination with split level suspended car park, and eight floors of full lettable office accommodation, which are divisible into 4 self-contained office spaces. FAMFA Oil has 3 dedicated floors in the block.
There is a gymnasium, helipad (with a dedicated waiting lounge) at the top of the tower, and a total of 266 car park spaces to cater for all occupants within the tower.
The proposed design, in general, makes provision for a high level of interior finishes, which was taken several notches upward in the main reception, multipurpose halls & owner-occupied office floors with input from the interior designer, which upon completion would be breathtaking. This comprises raised access floors, select granite finishes and indirect lighting within the office spaces.
The building’s façade comprises extensive high performance unitized curtain walling with integrated façade lighting, ballistic performance considerations in select areas, and aluminium cladding. Now, it is at of completion stage.
Orange Island is an ambitious real estate, which has been classified under the new neighbourhoods. The development is estimated to cover 150 hectares of land on Lekki, Lagos State. Orange Island, which is like the Eko Atlantic City project, is a newly berth planned city on the Lagos lagoon, estimated to cost N40 billion and to accommodate 25,000 people.
Ibeju Lekki is an area that portends an enormous opportunity for capital appreciation in the long term. Enquiries about, and purchase of, land at the Ibeju Lekki axis was, at least, 50 percent greater than that of any other area in Lagos. The huge investments in the area by industrialists and the government, such as the Lekki Free Trade Zone, the proposed second airport and the Dangote Refinery is an added advantage to property developers in Lekki area of Lagos. The top property developments under construction on Ibeju Lekki are Citadel of Dreams, which is about ten minutes drive after La Campagne Tropicana on Ibeju Lekki; Amazing Grace, about three minutes away from Ibeju Lekki, LGA and off the coastal road; Almonds and Vines Gardens located adjacent to the proposed airport in Lekki and very close to the Lekki Free Trade Zone; Masters Villa, a garden scheme located in Awoyaya, Ibeju Lekki; Citadel Homes and Parks, located near the Free Trade Zone and a few metres from the Akodo general hospital.
Chelsea Hotel’s site is located at the intersection of Kingsway, Gerrard and Osborne Road, and considered to be prime real estate on Ikoyi by prospective real estate developers. Multiple access points, high visibility, coupled with the exclusive Ikoyi location help boost its suitability. Although humble, construction has already commenced at the site of the five-star hotel, developed by the Chelsea Group. The estimated cost of the hotel is $25 million. The distinctive style of the building would enable completion of the building to be considerably faster than other development projects, which typically use concrete.
– ISAAC ABIMBADE
