Azuri Towers, a large mass development comprising of three towers- an office tower and two residential towers in the heart of Eko Atlantic City is expected to yield an inflation-adjusted return of 6 percent per annum.
The property developers, Eko Development Company Ltd made this known during the recent unveiling of the 3-bedroom and 4-bedroom show apartments of the property that is expected to reach completion in the next year.
While the developers of the iconic project which holds the record as the tallest residential building in both Nigeria and West Africa said it expects the buyers of the apartments to live and work in them, it said, the property is expected to yield a decent return for investors.
“We expect that people that will buy the apartments will live in them. We are not promoting that the people that will buy the properties will rent them on a service apartment basis for day-to-day renting. But we know people we rent it out and so they can expect a real yield of around 5-6 percent,” Olawale Opayinka, MD/CEO, Eko Development Company said.
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The developers said they are confident of the return following the expected high demand for the apartments.
According to the Eko development Company, its confidence comes from the quality of the Towers and combined with the fact that the property is situated in the heart of Eko Atlantic, Nigeria’s first green city.
“It is sure for those that want to buy to rent that they will always get clients, so there will be very little vacancy and there will be competition, and that will ensure that the yields are what they are supposed to be,” Opayinka explained.
Speaking on the features that distinguish Azuri Towers from other property developments in the country, the MD said its pride lies in the quality of the property, “the size of our apartments, the quality of the materials and we also focus on the use of local materials where they are available.”
Other qualities that distinguish the property, according to the developers include the integrity of the development, functionality of the spaces and the amount of intelligence that has gone into the designs.
“We are one year to completing this development. Towards the end of June 2022, we’ll be doing the grade opening of Towers. However, in December this year, we’ll open the office tower as we promised,” Opayinka said.
Located in the most dynamic area of Eko Atlantic City, the Marina; one of the waterways into Eko Atlantic expected to draw many visitors into the city itself, the developers said in Azuri Towers we will have 130 families living in the two residential towers.
As one of the real estate projects in Eko Atlantic city, Azuri Towers is covered by the benefits from the City which is being built on 10 million square metres beside the Atlantic Ocean.
Destined to be West Africa’s new financial centre, Eko Atlantic, Lagos’ ambitious multi-billion dollar new city is both reliable and secure. Eko Atlantic’s state of the art infrastructure, including its water-processing plant (providing potable tap water) and modern utility systems (all under one management company), guarantees an exceptionally comfortable lifestyle.
