It was an exciting moment for Alaro City, one of the emerging urban communities in Lagos, South West Nigeria, as Universal Homes, located in the city, welcomed its first set of residents recently in a moderate ceremony hosted by the developers.
These residents collected keys for 48 homes that were ready for occupation. The 48 homes are part of the first phase of the entire development valued at $90 million. The 576-apartment project marks a significant milestone for new homeowners and the broader housing sector in Nigeria, according to John Latham, executive director, Universal Homes FZE.
The housing shortage in Nigeria has been a persistent challenge, with millions of citizens unable to access affordable and quality homes. Latham noted that the rapid completion of the Universal One apartment, built using an advanced formwork construction method, is a testament to the potential of innovative building techniques to address this deficit.
He explained that the decision to develop Universal One in Alaro City aligns with the company’s objective of identifying locations with the best long-term growth potential for home investors.
“Universal One is poised to be a model for future developments within Alaro City, exemplifying how modern, affordable housing can seamlessly integrate into a dynamic urban setting,” he said.
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Situated off the eight-lane Main Boulevard in Alaro City, Universal One also boasts of three-acre park, recreational complex, a swimming pool, football pitch, a gym, and many more amenities. The next 48 units will be handed over to owners by December 2024. The entire 576-apartment first phase of the project will be completed by the end of 2026.
“This milestone marks a significant achievement for all stakeholders involved and reflects the ongoing growth and development within the Lekki Free Zone, which continues to play a pivotal role in Nigeria’s economic expansion. Congratulations to the new homeowners, and may your new homes bring you happiness and prosperity,” Adeniyi Akinlusi, managing director, chief executive of Lekki Worldwide Investments Limited, stated.
The key handover of Universal Homes, with prices starting from $79,950 for the two-bedroom apartment, was attended by new homeowners, Alaro City board members, Universal Homes executives, and representatives from Alaro City.
Yomi Ademola, chairman, West Africa for Rendeavour and managing director of Alaro City, noted that Universal Homes investment potential was growing daily, adding that the proximity to the future airport, the fast-track connection to Lagos through the Epe Expressway or soon-to-be-built Lagos-Calabar Coastal Highway, along with access to the growing business hub and a great rental demand, makes it a unique investment opportunity.
Alaro City, which is also home to other investments and economic activities, is conceived as a 2,000-hectare city development located within the Northwest Quadrant of the Lekki Free Zone. It has a registered and unencumbered Certificate of Occupancy (C of O) title and is furnished with industrial-grade standard roads.
These roads include an eight-lane, 60-meter-wide boulevard, which is one of the largest privately owned roads in Africa. The city boasts 24-hour electricity via a privately owned Independent Power Plant (IPP), water, drains, sewage systems, and access to ICT infrastructure.
