Urban renewal scales up investment, residential opportunities in Yaba

Known as the academic hub of Lagos and strategically positioned to become Africa’s Silicon Valley, Yaba, is evidently poised for a renaissance. Little wonder, GlobalMix Capital Limited is determined to make the wish of young families seeking residential opportunities in this increasingly coveted district on Lagos mainland a reality with its new Alcove Homes.

Sitting on 1.4 hectares of land, the lifestyle estate promises young families and corporate executives, a taste of luxury homes – a feat that the fast rising Lekki-Epe axis has seemingly muscled exclusively to itself in recent time.

“Alcove Homes is designed to provide young families the rare luxury of a gated estate that can equally boast spacious playground and recreational area for kids as well as a green area,” Olumide Koya, managing director, GlobalMix, told

BusinessDay at recent visit to the project site.

“Yaba in its entirety is undergoing urban renewal with this neighbourhood inclusive, as old structures are being pulled down, with the hunger for modern homes rising among the residents, which explains our decision to build Alcove

Homes,” Koya said.

According to him, the 88 housing units in the estate will comprise 64 units of three-bedroom apartment including a maid’s room, eight units of three bedroom pent house, which can be easily converted into four bedroom, and 16 units of four-bedroom terrace houses which will also come with a service quarter.

A unit of the three-bedroom apartment will sell for N40 million on delivery, while a unit of the town houses and the pent house would cost N65 million and N85 million, respectively.

“A major distinction of Alcove Home is its ample parking space for residents and visitors which will also include the ground floors of the apartment blocks,” Koya further revealed, adding that the prices of the units are relatively affordable when compared with the value home-buyers will get when they move in.

Other amenities at the estate include a fully fitted kitchen in each apartment, a gymnasium, central swimming pool, an integrated potable water supply, a club house, well designed sewage system and an elevator for the apartment blocks.

According to Koya, the first 40 units comprising four terraces, four pent houses and 32 apartments will be delivered with the accompanying infrastructure, while other units will be delivered subsequently.