On account of its large, young and growing population, strong purchasing power of its emerging middle class and, most importantly, its economic growth which, analysts say, hovers between 6 and 7 percent per annum, Nigeria has become an investment destination with many completed and pipeline world-class projects in various parts of the country, notable the major cities.
Some of these projects stand out on account of their strategic location, large size, and huge capital investment. Abuja, Lagos and Port Harcourt harbours what could be described as the country’s top 10 projects with awesome dimensions and interesting architecture.
Some of these projects include Eko Atlantic City in Lagos, Asokoro Island in Abuja, Rainbow Town, also called Rainbow World, in Port Harcourt, Amen Estate in Lagos, Landmark Towers also in Lagos, RivTaf Golf Estate in Port Harcourt, Jabi Lake Mall in Abuja among others.
Eko Atlantic City
Variously described as tomorrow’s Lagos, Africa’s Dubai and Nigeria’s 21st Century City, Eko Atlantic City is arguably Nigeria’s topmost city not only for the reason of its size, but also for its concept and the wonderful technology that drives its building and construction.
Sitting adjacent to Victoria Island in Lagos, the City which was inaugurated in 2010 as a joint venture between Lagos State government and South Energyx Limited, will rise as the next generation of property in Africa occupying about four square miles which is approximately 10 square kilometers being reclaimed from the Atlantic Ocean. Developers keep the cost of the project secret.
As a mixed use development, it will satisfy needs for financial, commercial, residential and tourist accommodations and is expected, upon completion, to provide home for 250,000 residents and a daily flow of 150,000 commuters.
The centenary city Abuja
Inaugurated early last year by President Godluck Jonathan, the Centenary City Abuja is envisaged as a spectacular city hub and a fitting tribute to Nigeria on its 100th year of formation. It is master-planned community sitting on 1,300 hectares of land touted as the largest of its kind in Africa.
The city which is located off Airport Road, Abuja, has three iconic features—the Africa Tower, scaling high at 308 metres, The Mall of Nigeria and a 30-hectare Nigeria Park. Africa Tower will be the tallest building in the continent while the mall will be its largest retail and entertainment destination.
Julius Berger, the German construction giant and Eagle Hills of Dubai are already in strategic partnership to develop The Address Hotels and Resorts in the city. The address is just one of the many developments expected in the city. The promoters have kept the cost of the development to their chest.
Asokoro Island Abuja
Asokoro Island, a 21st Century city that derives its name from the accident of its location, is nestled immediately beneath Aso Rock and surrounded by the shores of the Pendam Lake which gives it bespoke natural ambience with a lush green façade.
Consistent with modern city development, the Island incorporates residential, commercial and leisure facilities that satiate hunger for quality living and desire for business and relaxation in a secure, serene, clean, eco-friendly, energy efficient and sustainable environment.
Unveiled in the property market by the second quarter of 2014, the island features its eco-friendly credentials ideal for private, business, diplomatic residence and for work, play and leisure. It occupies approximately 60 hectares of land and is estimated to cost of $1 billion.
Rainbow Town, an initiative of the Rivers State government with the financial backing of First Bank of Nigeria, was conceived in tune with modern city development where people live, work and place. Inaugurated about four years ago, Rainbow Town is a self-sustaining, secure living community where residents will live in peace and harmony, fulfilling their life aspirations. It sits on 24 hectares of land and is to deliver about 1,181 housing units on completion.
Ikem Ume-Ezeoke , the MD/CEO of Messrs Homes & Homes Real Estate Solution Limited —the Town’s marketing agent—says “Rainbow Town presents a once-in-a-life-time opportunity any wise person with the means would grab quickly with both hands because, overtime, the price would be reviewed due to popular demand. It therefore, pays to buy early”, assuring that by the 4th quarter of 2016, keys will be handed over to buyers.
Rivtaf Golf Estate
RivTaf Golf Estate is a whole new town within the Garden City of Port Harcourt, covering 40 hectares of land and offering residential and investment opportunities with strong value proposition for home seekers and investors respectively. The 750-unit housing estate which was inaugurated in October 2012, is estimated to cost N12 billion.
Developed by Messrs Redbrick Homes Limited, Amen estate is the latest address for intending homebuyers, seeking to own homes in a serene but exclusive environment close to the Lekki Peninsula along the Lagos-Lekki/Epe Expressway.
The estate sits on a large land mass of about 700 plots, offering different house types ranging from block of flats, semi-detached to fully detached duplexes. It is estimated to cost billions of naira.
Landmark Towers is a new luxury development standing on 10 floors at the beachfront of the Atlantic Ocean, precisely at Oniru, Victoria Island. Developed by Landmark Africa, the tower is specifically built to meet the need of corporate executives and multinational clients desiring a one-stop-convenient address where they can live, work, play and even shop under one secure roof.
Sitting on two acres of land, the tower promises 17,945 square metres of mixed use space. Though constructed at the cost of $40 million, the development is currently valued at $110 million by a reputable audit firm.
Lakowe Lakes Golf and Country Estate
Specifically built for home buyers with knack for uncommon luxury, Lakowe Lakes sits on a land area of roughly 308 hectares of land in the Lekki-Epe corridor in Lagos. It is developed by Asset & Resource Management Company Limited (ARM) and proposes an unmatched lifestyle community with premium plots and detached and town houses, and an 18-hole world-class golf course.
Park Gardens being developed by Centre Base is the biggest real estate investment in Warri, Delta State. The lifestyle community which comprises 400 units of different house-types including block of three-bedroom flats, semi-detached four-bedroom flats and four-bedroom duplexes is located inside the Warri Industrial Business Park (WIBP). Estimated to gulp N10 billion through its four phases of construction, its promoters say it will serve as the residential abode for the WIBP.
Jabi Lake Mall
Jabi Lake Mall located right in front of the Jabi Lake in the heart of the federal capital, Abuja is going to be a large destination centre that will be sitting on 31,000 square metres of gross buildable area and 26, 000 square metres of lettable area. The mall being promoted by Actis, a private equity investment firm, will be the largest in Nigeria, being larger than The Palms and Ikeja City Mall.
The mall which was inaugurated early 2013 and estimated to cost about $130 million is targeted at Abuja’s growing population of 2.2 million with over 68,000 households whose annual expenditure is over $150,000 per household.