The preference of buyers for estates where they can live, work and play is a major driver of developers’ new approach to residential real estate projects, especially in the major cities of Nigeria.
Most of the completed and pipeline residential developments are designed and constructed with opportunities for buyers to live, work and play—a development which analysts say is aimed at serving both security and convenience purposes.
The 1004 Flats, a massive residential community in Victoria Island, Lagos which was home to federal government senior civil servants before the monetisation policy, is one of the few estates where the management is giving this buyer preference serious consideration.
The new commercial development being planned for the estate is aimed to complement the residential segment of the estate, and according to Samuel Ukong, the MD/CEO, 1004 Estates Limited, the new project is for the residents to live, work, play and innovate.
“We have discovered that one of the major problems in this country is moving around the city. We are going to have offices, retail malls and apartments and the aim is to bring everything close to the residents, as much as possible to eliminate the number of hours spent in traffic”, Ukpong disclosed.
According to him, there will also be Club 1004 which he explained, was their approach to leveraging on the number of residents that they have in the estate, noting that the estate has 1,070 apartments with 1,070 owners, giving a total of about 2,130 individuals who own and live in 1004.
Similarly, the UACN Property Development Company (UPDC) is in Amuwo Odofin, creating a haven where home buyers have the opportunity of living in luxury apartments, enjoying all the facilities in Golden Tulip Hotel, and also shopping and relaxing at the Festival Mall—all within the same place.
“The aim of this development is to create a community that is self sustaining, where residents won’t have to move out for shopping or relaxation, because all they need are here”, Hakeem Oguniran, UPDC’s managing director, said at the mall’s construction site.
The trend is also occurring in neighbouring Ghana, where many Nigerians live.At the Ambassador Heights in Ghana, Nigerian investors and home-seekers account for over 40 percent of demand for the luxury residential development on which construction started just recently because of these preferences.
Robert Davis, Ambassador Heights’ Sales Manager, says the development would deliver world class design and build quality, assuring that with its modern glass facades, manicured private gardens, and beautiful interiors with luxury finishes, fittings, and appliances, it would complement an unrivalled ownership experience.
By virtue of its location, Davis described Ambassador Heights as a 5-Star mixed use development in which the hotel and the commercial space have been fully completed, explaining that this was the reason for the high interest shown by Nigerian buyers and other international buyers.
“Ambassador Heights is designed to be an urban sanctuary within the city for a privileged few, offering immediate access to all of Accra – from the vibrant central business district to the sprawling seashore. Mere minutes away from the Arts Centre, the National Museum, and directly opposite the National Theatre, there is no shortage of local culture and entertainment to cater to those with a discerning urban lifestyle”, he assured.
Continuing, he said, “Accra is the nerve centre of ‘New Ghana’ and all it stands for, where the young middle class are witnessing a renaissance in attitude. There is an awakening to entrepreneurship and a consciousness towards art and luxury, where comfort is a major factor in every lifestyle choice”.
According to him, there is no better statement than living in this Accra’s premier downtown address. He further explained that it is one steeped in history with a clear view to the future and a distinct feel of a refined luxury lifestyle.
Chuka Uroko
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