Developer expands portfolio with $25m apartments
To satisfy housing demands of Nigerians in the high-income cadre, a contemporary luxury apartment of about 20-storey is to be delivered to subscribers by January 2020 in the Lekki phase 1 corridor, Lagos.
The project known as Blue Water occupies 10,514.76square metres of built up area of 37,000square metres land size with a total of 600 apartments and penthouses of one, two and three bedrooms. It offers an exclusive resident’s recreational park, internationally branded retail and leisure mall as well as waterfront living.
Developed and funded by the Elalan group as the main contractor and African Capital Alliance, the completion of the first phase of the project would be followed by the phase two and three respectively.
It is designed by Ngonyama Okpanum and Associates. Other unique features of the ultimate lifestyle destination project include; safe investment, serviced community, residents’ ventilated underground parking, innovative design, live, shop and play development facilities.
Elalan group is one of the fastest growing and dynamic construction/civil engineering companies in Nigeria while African Capital Alliance is a pan-African investment firm sponsoring funds and managing investment of over $1.2billion.
The first phase of the project known as ‘Sapphire residences and recreational park’ commenced in July 2017 using locally manufactured and produced materials while imported materials were used where locally manufactured ones are not readily available. The project will cost $25million while the entire Blue Water scheme will cost $165million. The project is to be managed by a reputable facility management company, Provast.
Speaking at the topping out ceremony, witnessed by its subscribers, the Project Manager, Elalan, Mr. Kenneth Leech described the edifice as a new scheme for Lagos, which caters for lifestyle and community living.
He said: “The project meets everybody’s need, occupation is going to start January next year. Target market, includes, single and upwardly mobile individuals, first‐home buyers, couples, second home seekers looking for proximity to their workplace, smart property investors, retirees downsizing their housing needs and Nigerian’s in diaspora seeking serviced and secure housing as they transition back home.
“Apartment features sun filled spaces made comfortable with efficient cooling, large windows for proper ventilation and amazing views, master bedroom with fitted wardrobes and en‐suite shower, fully fitted air‐conditioned kitchens, contemporary bathrooms with quality fixtures and fittings, beautiful ceramic tile flooring and energy efficient appliances”.
He stated that the market response to the scheme has been very encouraging despite operating in a difficult economic environment.
The head of real estate, African Capital Alliance, Obi Nwogugu said so far there has been 35per cent commitment by subscribers while robust discussion and negotiation is going on.
“There is no scheme like this that exists in the country. It is the first opportunity to have waterfront living in Lagos. It is the first time anybody is putting condominiums in the waterfront development like you have in New York, London and others”.
The project has a price starts from N41.5 million and offers off-plan sales.
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