One of the major multi-unit residential developments in Banana Island, Nigeria’s most exclusive and predominantly residential settlement, is currently in the market looking for buyers with long and patient capital fit for real estate investment asset in this class.
Known as Ocean Parade Towers, the waterfront property comprising 24 units of 4-bedroom luxury apartments was developed by the Chagoury Group of companies. South Energyx Nigeria Limited, which is developing Eko Atlantic City, is a subsidiary of this Group.
As an estate, Ocean Parade features a collection of high-rise apartments nestled within a secure and safe environment that defines Banana Island. Its strategic location gives 180 degrees panoramic views of the lagoon. On offer here is a full block of 4-bedroom apartments for sale.
Ubosi Eleh+ Co, a firm of estate surveyors and valuers marketing the property, says the facility provides a luxury life style facility for its inhabitants, noting that, by designing and building a ring road around the entire Banana Island complex, the Chagoury Group has ensured that the internal site remains traffic free and only accessible to pedestrians.
The location of this imposing residential building in Banana Island makes it a good buy for any investor with a long term view of the market. This man-made island that is slightly curved in shape like a real banana, is a narrow but very expensive market which thrives on its special attributes.
Part of the attributes of the island is the flexibility of movement that it offers. The island is connected to Ikoyi by a dedicated road which is linked to the existing road network near Parkview Estate. It is considered to be at par with the Seventh Arrondissement in Paris, La Jolla in San Diego, and Tokyo’s Shibuya and Roppongi neighbourhoods.
Chudi Ubosi, Principal Partner at Ubosi Eleh+ Co, explained to BusinessDay that property values hardly goes down in Banana Island. “It always goes up or stabilizes depending on the economic swings in the country at the time. Security and quality infrastructure have combined to make Banana Island an expensive market and a highly exclusive and sought after address”, Ubosi assured.
The implication of this is that buyers of Ocean Parade, which is in the market at the moment for N₦6,500,000,000, have a lot to gain in a matter of years to come as values appreciate fast and demand is encouraging despite the challenges in close sub-markets like old Ikoyi and Lekki.
The Towers is unique real estate development designed and built by ITB Nigeria Limited– the building and construction subsidiary of the Chagoury Group. As a symbol of luxury and security, it provides luxury life style for its inhabitants.
Ubosi explained further that the security need of the estate was carefully thought out, planned and implemented, adding that the facilities provided in the estate are state-of-the-art and include an ultra modern adult and children outdoor swimming pool, two lawn tennis and a basket ball court, a gymnasium, 24hours electricity supply, sewage and water treatment plant, borehole, multi-storey car park, pool side bar, clubhouse, squash court, etc.
“There is a generous balcony for sit-out, three lift for each building including a panoramic lift for the exclusive use of the penthouse residents”, Ubosi added.
Chuka Uroko
