• Tuesday, June 18, 2024
businessday logo

BusinessDay

Expectations high as developer targets Banana Island standard in new estate

Expectations high as developer targets Banana Island standard in new estate

High-level expectations have been raised in Nigeria’s real estate development circles as a young and ambitious developer has unveiled a new estate development scheme where he aims to replicate or, possibly, surpass Banana Island standard.

The developer, Kayode Aloyinlapa, is the CEO of Askariot Homes Limited, a real estate company that is proving the uniqueness of its vision since its entry into the real estate market where it has started a new development called Askariot City.

Though location is a strong factor for this new city, the developer is, apparently, more particular about the power of infrastructure and architecture which, according to him, are the things that make neighbourhoods like Banana Island great and attractive destinations.

Banana Island is, unarguably, the most exclusive and expensive real estate address in Nigeria today with its rich and complex architecture of luxury homes. The curved island, which has the shape of a natural banana, is presently the most expensive location in Lagos where land value is not only high, but also dollar-denominated.

The exclusive Island is a brand of sorts, harbouring anybody who is somebody in society, especially high net-worth and corporate individuals and institutions in Nigeria. “The island has the best security, best facilities and best services, and has become a brand on its own. Anybody who can afford it wants to live in the island. People are ready to pay extra to live in this island,” Chudi Ubosi, a resident, explained to BusinessDay in an interview.

This is Aloyinlapa’s vision of Askariot City which is located along Atan-Owode express, a very strategic location with proximity to Winner’s Chapel Headquarters, The Bells University, Jalupon Resort, Good Shepherd College of Education, and Idi-Iroko Nigeria Customs Office.

“Lagos state is getting filled up and gradually selling out; most of the prime locations there have reached their peak, already selling in hundreds of millions; that’s no longer a smart place to invest; so, one of the smartest real estate decisions is to go to Ogun State which is closer to Lagos as that would be the next destination for people with appetite for high returns,” he explained in defence of this location.

Continuing, he noted, “there’s a huge deficit of premium estates in Ogun State. Lagos real estate understands the power of basic infrastructures in their estates and the construction of beautiful houses. This basic fact is the reason people will use their last kobo to buy houses in Lekki despite the flood challenges.”

Aloyinlapa believes that people will naturally be attracted to a beautiful, secure and serene environment, pointing out that this is what majority of Ogun State real estate companies don’t provide, which is why he has gone there to take advantage and set a new pace, boosting lives and the economy of the state.

He recalled that Dubai got greatly transformed between 1990 and 2017, leveraging the same power of infrastructure and architectural masterpiece that he has chosen to use too. He hopes that “the same way the whole world is going to Dubai for business and vacations will be the way they will be rushing and migrating to Askariot City.”

According to him, it’s all about vision and with his vision, he is sure that Askariot City, on completion, will be the next destination for notable Nigerians.