Sujimoto in ambitious N1bn capital raise for ‘best-kept-secret’ devt
In its usual ambitious move to achieve the best in class, Sujimoto Construction has just raised over N1 billion from local investors for its ongoing mystery project in the upscale Banana Island, Lagos.
The company’s ability to raise such a substantial investment completely from local investors for a low-key project has not only lent credibility, but also underpinned investor-confidence in the Nigerian real estate industry.
A statement from the company at the weekend signed by its official, Lanre Alfred, says the project, which has been kept a guarded secret by Sujimoto boss, Sijibomi Ogundele, is a development of extremely luxurious terrace houses in the heart of Africa’s most expensive neighbourhood. The name and full description of this ongoing project are still unknown, hence the sobriquet, ‘best-kept-secret’.
However, the project, according to a reliable source, will be an iconic project that surpasses the extravagant cliché of homes in Banana Island. “A home with two massive master-bedrooms, two luxury and contemporary kitchens – wet and dry; two standard maid’s rooms and a private elevator in each units, is first of its kind; it is not surprising to find a home that encompasses these unique and ground-breaking standards and the wheels of execution is being steered by Sujimoto as they are known for such innovative feats.
As expected, concerns are rising from the populace on the ‘price tag’ on this property. People are pondering restlessly on how ridiculously expensive this project will be. For certain, most of the projects in Banana Island sell for between N250 million and N500 million for a Terrace house, but with an extravagant project like this, one cannot fathom how exorbitant the selling price will be.
The statement reveals that all efforts to uncover the price of this project, which promises more quality and sophistication, has been futile. “The deeper we search, the farther we find ourselves from getting the real sales figure for this project; or will they be the same price as other upcoming projects in its neighbourhood? Ogundele wondered. “And come to think of it, in Nigeria of today, do people still yearn for sophisticated homes and extravagant splendour?” he queried.
News reaching the company, he said, revealed that some real estate moguls and construction experts thought the project was beyond the Nigerian taste and standard, adding that even Banana Island did not count as a suitable location, but perhaps in the federal capital of Abuja, near the Aso- Rock Villa, it would be well appreciated by its target audience.
“In producing the best of luxury, we expect Sujimoto’s collaborations with the best hands in the industry; we have had to travel to countries such as Turkey, America, Spain, Italy and Japan, visiting leading factories in elevators, tiling, floorings and the likes, seeking for the best”, Ogundele disclosed.
CHUKA UROKO