The Akwa Ibom State government brought excitement into the Lagos real estate market recently with groundbreaking to commence construction work on an 18-storey mixed-use building on Bishop Aboyade Cole Street in Victoria Island.
The iconic building, christened Ibom Towers, is an architectural masterpiece that promises luxury living for its prospective occupants. It is a unique blend of sophistication, comfort, and top-notch amenities.
The residential aspect of the development will deliver 30 apartments comprising spacious one-bedroom units occupying 95 square metres; two-bedroom units on 190 sqm, and three-bedroom units on 275 sqm. At the peak of the Towers is four-bedroom duplex penthouse occupying 600 sqm with breathtaking views and luxury living.
Imo-Abasi Jacob, the managing director of the Akwa Ibom Investment Corporation (AKICORP), described the Towers as a premium project designed to attract urban professionals.
He provided insights into the building’s unique features and facilities at the groundbreaking event. According to him, prospective residents will be welcomed into the building by an impressive entrance driveway, landscaped gardens, and a captivating water feature.
“The Towers grand reception hall leads to state-of-the-art lifts and staircases, ensuring seamless access with very convenient parking spaces for 65 cars across the ground and 1st to 4th floors.
The 5th floor houses the exclusive Residence Club, where residents can unwind by the cascading pool, stay fit in the gym, or host gatherings in the lounge and games room. From the 6th to the 14th floors, a mix of apartments offers maximum comfort and privacy. The 15th-floor penthouse, with a private roof terrace, provides an elite living experience,” he noted.
Read also: Akwa Ibom sees opportunities in Lagos real estate, begins construction on 18-floor Ibom Towers
The Towers, which is situated in close proximity to some of the finest establishments in Lagos, including the Civic Center, Victoria Mall Plaza, and the American International School, represents a significant economic opportunity for investors and the Akwa Ibom State government.
Jacob explained that the construction and operation of the high-rise building will generate substantial employment opportunities, driving economic growth and improving livelihoods which will have a multiplier effect on the economy.
“For the people of Akwa Ibom, the benefits of this project are profound. The revenues generated from this high-rise building will be reinvested in critical sectors such as agriculture, helping to alleviate food insecurity and improve local food production,” Jacob said.
He added that as a strategic investment, Ibom Towers will ensure that, even though it is located in Lagos, its economic ripple effects will bolster the economy of Akwa Ibom, creating jobs and enhancing the state’s infrastructure.
Also at the groundbreaking event jointly performed by Umo Eno, the Akwa Ibom State governor, and Babajide Sanwo-Olu, the Lagos State governor, Eno expressed confidence in the Lagos real estate market and the opportunities it offers, assuring home buyers and investors of early completion of the project in the next 24 months.
He explained that the project is expected to drive substantial revenue and GDP growth for both states, and also providing the much-needed economic diversification amid Nigeria’s current financial challenges.
“This project is meant to generate income and create job opportunities for our state. Anytime leaders invest in forward-looking projects like this, there are challenges, but a leader must look into the future,” he said, noting however, that “with Ibom Towers, both Akwa Ibom and Lagos are demonstrating how unity and vision can drive prosperity, marking a new era of economic innovation amid national economic downturn.”
On his part, Sanwo-Olu welcomed the development, highlighting Lagos’ longstanding role as Nigeria’s centre for commerce. He assured Akwa Ibom of not only the safety, but also good returns on their investment.
“Lagos is the cynosure of investment in Nigeria and Africa; Governor Eno has taken the right decision to invest in the Lagos real estate market which will give bountiful return on investment,” Sanwo-Olu said, adding, “it is a good business sense to invest in areas of comparative advantage; Lagos State government will equally look at possible areas to invest in the rich resources of Akwa Ibom State.”
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