Of the few local investors that have taken positions in Eko Atlantic City, Arkland Properties Investment Limited seems to be the most ambitious as the company says it is pushing to build 20 percent of the new city.
This, the company explains, is in line with its vision to be the highest point of reference when it comes to excellent property acquisition, development and investment in Nigeria and West Africa.
Though Evelyn Edumoh, Arkland Properties’ chief operating officer, who gave this hint, did not disclose when the 20 percent projection was to be realized, she told BusinessDay in an interview that they were determined and optimistic given the development footprints they have already in the city.
Eko Atlantic is a visionary solution to the seasonal flooding and erosion of the Lagos coastline, especially in Victoria Island. It is a new city, with effective flood defences, being built on land reclaimed from the Atlantic Ocean.
With an area of approximately 10 square kilometers, Eko Atlantic would have a waterfront, an efficient transport system, high quality infrastructure with commercial and residential accommodation, and leisure facilities.
Expectation is that the new city, on completion, would serve as a gateway for funds and investments into the country, mainly driven by technology and payment system infrastructure. It is regarded as the financial hub of the future that will boost productivity, increase value proposition and position Nigeria as a key destination for investment in Africa.
“We are the first purely indigenous real estate developer to build towers in Eko Atlantic City and that has earned us a reputation as a property development giant renowned for pioneering innovation, redefining upscale living and delivering superior quality,” Edumoh said.
“At Arkland, we specialize in acquiring, developing and investing in housing with a focus on our prime values of sustainability, longevity and premium living. With operations in prime locations within Lagos, Nigeria, we have sold over 300 completed units and we currently have over 2000 units on-going,” she added.
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Arkland is currently developing three iconic towers in the new city which Edumoh listed as A&A Towers, Phoenix Towers and Phoenix Rising Towers. A&A Towers, according to her, is strategically located within the elite Oceanfront District of the burgeoning coastal city.
It is a 22-level high-rise, towering at a height of 73 meters with a stunning architectural design from top to bottom. The Towers offers scenic views of the Atlantic Oceanfront, as well as spacious floor plans, upscale interior fittings and high-level furnishing.
Phoenix Towers, on its part, stands on 27 floors, taking up 3,442 square metres (sqm) space in the coastal city. The Towers, which is named after the Phoenix bird, known for its beauty and resilience, boasts large, brilliantly designed and well proportioned three-bedroom apartments that offer residents an exquisite lifestyle in a pristine environment.
“The Phoenix Rising Towers, much like its predecessor, is a 29-level tower designed on 3,673sqm of space in the city. It is being built to perfection with the same Arkland quality of uncompromised excellence. The Towers offers choice apartments and penthouse villas with best-in-class facilities and finishing,” Edumoh said.
Besides about 6 percent yield on properties in this city, the chief operating officer also assured that because of its state-of-the-art infrastructure, including water-processing plant (providing potable tap water) and modern utility systems, all under one management company, Eko Atlantic City guarantees an exceptionally comfortable lifestyle.
It is expected that Eko Atlantic City will host 2,500 residents with 1,500 others commuting to the city on a daily basis. It is also expected that, as Nigeria continues its trajectory to become a top 20 global economic power, investing in this new city opens a wealth of opportunities for tapping into the wider potential of Africa as a whole.
