An illustration of the proposed The Pacific, Lagos
Despite the construction freeze that accompanied the bursting of the bubble, the nation’s real estate market, especially in Lagos may have begun to peak, with property investors’ and developers’ renewed confidence in the economy.
The latest data from Nigeria’s National Bureau of Statistics showed that the real estate service sector swung back to positive growth and expected to perform better this year.
Senior officials of Global Property Partners (GPP) are also upbeat about Nigerian commercial property sector, despite some analysts’ expectation that the market will remain sluggish. They believe that the current economic climate is providing opportunities for developers and investors.
They spoke during the foundation laying ceremony of their mixed-use 14-floor tower, The Pacific Lagos, located on the strategic Ozumba Mbadiwe Street in Victoria Island, worth N3.8 billion.
The Pacific Lagos, according to the Managing Director of Cavalli Business and Investment Group, GPP’s parent company, Mr. Emmanuel Odemayowa, was modeled on mixed used property developments in some of the world’s leading economies and was designed to provide Nigerians with a “Work, Live and Play” environment “comparable with the best internationally.”
He said the Pacific Lagos was the product of many years of research, brainstorming and planning toward building “a vertical mixed high-rise structure” that would meet the diverse lifestyle needs of its residents in terms of convenience, access to the commercial nerve centres of Lagos and premium facilities.
Mr. Odemayowa also said the new high-rise project was in line with the Cavalli Group’s vision of helping to reduce Nigeria’s severe housing deficit through the development of real estate modeled on international standards.
The Chairman of Cavalli Group, Gbenga Onabanjo, said the project comprises commercial and residential one and two bedroom apartments as well as penthouse suites and recreational spaces on the 14 floors.
He also said the building had been designed to offer breathtaking views of the Lagos Lagoon and the Atlantic Ocean from its upper floors, adding that it was also equipped with a suspended mosaic-tiled swimming pool, round-the-clock security and facility management, as well as a recreational floor with gym, spa/massage facilities, game room, shopping mart as well as restaurant and bar.
The projected completion period for the Pacific Lagos is 36 months (2022) and a Director of the Cavalli Group, Mr. Tunde Adaramaja, assured investors that the GPP had financial arrangements to ensure it would meet this target date.
Asides the foundation laying, the company also launched its Pacific Mutual Investment Plan, a product introduced by GPP to offer flexible investment options for the Pacific Lagos from as low as N10 million.
The event was graced by the Chairman/CEO of the Nigerians in Diaspora Commission, Mrs. Abike Dabiri-Erewa, represented by Mrs. Yemisi Ibrahim, as well as other dignitaries.
Source: The Guardian.
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