Keble, in partnership with D207 Construction, has held a groundbreaking ceremony for Phoenix Apartments, a residential development in Lekki. The project was presented as a response to demand for housing in the area and a shift towards structured real estate investment models.
Speaking at the event, Jerry Raji, chief executive officer of D207 Construction, said the project focuses on design, functionality and coordination across teams. He explained that the approach brings together design, regulatory compliance and construction processes.
“We are trying to define your vision,” Raji said. “The focus is on space, natural light and how people use areas like the kitchen and bathroom. When these come together, it becomes a unit. It is a house that becomes a home.”
He added that the company aims to “source right, design right, build right and finish right,” noting that collaboration between design, quality control and regulatory teams is central to delivery.
Josemaria Agulanna, chief executive officer of Keble, addressed investors and agents, outlining the financial model behind the project. He said the development allows fractional ownership, enabling buyers to invest in parts of a unit rather than full ownership.
“On Keble, you can own fractional parts of this unit,” he said. “If you do not have the full amount, you can still buy into it.”
Agulanna highlighted three key considerations for potential investors: demand, income and resale value. He said the Lekki market offers a level of certainty compared to emerging locations.
“This is a mature market. It is not a case of waiting for future growth. The activity is already here,” he said. “You are getting capital appreciation and steady cash flow, and the asset is managed for you.”
He added that liquidity in the area makes resale easier. “You can sell faster because there is demand. That is important for any investor,” he said.
During a panel session, speakers discussed regulatory compliance and construction standards. Raji explained that soil testing and structural planning were carried out before design decisions were made.
“The foundation determines what can be built,” he said. “We carried out tests and designed from a sustainability point of view.”
Oladimeji Davies, Chief Executive Officer of Dipodavies Realty, said buyers should focus on value and purpose when entering the market.
“Real estate is an asset market,” he said. “You have to look at why you are buying and the value of what you are buying.”
On pricing, Agulanna said the company reviewed current market rates and development costs before setting prices. He noted that a two-bedroom apartment is priced based on existing conditions in the area.
“We looked at what it costs to build and what similar properties are selling for,” he said. “That helps us plan and price correctly.” he shared that the purchase price is N260 million.
The discussion also addressed long-term market trends. Agulanna pointed to population growth and limited supply as factors driving demand in Lekki.
“There is demand and limited supply in this area,” he said. “That is what supports value and rental income.”
He added that corporate governance structures are in place to ensure continuity. “We have investors, a board and reporting systems. It is not a one-man business,” he said.
The Phoenix Apartments project is expected to combine residential use with investment returns, with developers stating that management and maintenance will be part of the offering after completion.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
