Developers, investors’ new offerings signpost future of high-end market
In what signposts the future of Nigeria’s high-end property market, real estate developers and investors (local and foreign) are in bullish outing with the development of mixed use facilities where clients can live, work and play under one secure roof.
This trend, already seen in some exclusive locations in Lagos, is driven by an increasing demand from both international tenants and members of the upwardly mobile middle class in search of a one-stop-convenient address where they can reside, work and play in an enclosed community
Market watchers predict that with stable demand for such developments in the next few years, the trend would spread to other organised markets such as Abuja and Port Harcourt in the near future.
Currently, Dayspring Property Development Company Limited is at the edge of delivering its 12 floor Rose of Sharon Tower in Victoria Island with three of its floors clearly dedicated to office space, while the other eight floors will be designed as apartments.
Nestoil Group has also commenced the construction of its Nestoil Tower, a mixed-use development consisting of 7,500 sqm of office space and 3,500 sqm of residential space all on 15 floors in Victoria Island.
Cadwell Limited, a real estate firm has also joined the fray with its ingenuous architectural master piece branded The Sphere. The development will not only offer residents unique leisure facilities but also luxury goods retail shops and office suites at its base floor.
On a larger scale, the Rivers State government together with the Rainbow Town Development Limited (RTDL) is only 20 percent away from delivering Rainbow Town, a premium mixed-use community.
The town comprises 1,181 upscale residential apartments and a 15 floor Iconic tower which will host the commercial hub of offices, convention centre, movie theatres, shops, restaurants all within 23.24 hectares of land, located in Trans-Amadi business and industrial corridor of Port Harcourt.Similarly, the Delta State government has commenced construction of the first phase of the Warri Industrial Business Park sitting on a large expanse of land measuring 329 hectares.
According to its promoters, the park will host a cluster of heavy industries, warehouses, office complexes, commercial retail outlets, hotel, high-end residential apartments, light industries, factories, and recreational developments on delivery.
Also in Lagos, Landmark Africa, a specialised provider of international standard mixed use space is at the verge of delivering its signature 10-floor Landmark Towers.
Sitting on two acres of land, the project will berth on 17,945sqm of mixed use space, with six floors of grade A office space, three-storey leisure facility, 22 boutique short stay apartments and 2,100sqm of retail space on the ground floor.
“There has been a growing demand from both international clients and the indigenous middle class for a one-stop convenient facility that offers functional live, work and play amenities,” Paul Onwuanibe, CEO, Landmark Africa, explained to BusinessDay recently.
Onwuanibe revealed that as internationally recognised mixed use developer, his firm currently has about 100,000sqm of mixed use and grade A office space in the pipeline for delivery in the next 24 months.
“We are currently doing 6,000sqm of prime office space for a multinational company in Ilupeju; in Victoria Island, we are almost set to deliver 12,000sqm of top-notch office space for PwC (part of the Landmark Towers)”, he said.
“We are also planning to have the 2,000 sqm Hard Rock Cafe, a perfect blend of residential and retail development soon,” the CEO said, adding that his firm would also deliver two grade A office blocks in Victoria Island, with each of them giving 12,500sqm.
“In Ikoyi, we have been contracted to deliver 9,500sqm and 4500 sqm of grade A office space for an investment company and an international tobacco company,” he added.
ODINAKA MBONU