Alaro City, the new inclusive city in the Lekki Free Zone, being developed as a joint venture between the Lagos State government and Rendeavour, the largest new city builder in Africa, has made a bold statement in Nigerian property market with 100 percent sell-out all of its first phase of ‘Buy & Build’ residential plots in just six months. The serviced plots were recently fully subscribed and Phase 2 is now open.
Alaro City was launched in January this year to boost foreign direct investment in Nigeria and create tens of thousands of jobs. “We expected high uptake of the plots, but the rate at which they sold out has been exceptional,” said Odunayo Ojo, CEO of Alaro City.
The new city is situated in a prime location in the Lekki Free Zone, making it one of the most exciting development projects to come to Lagos State. The location and exclusive benefits have undoubtedly been key selling points for buyers.
It is an integrated mixed-use, city-scale development with industrial and logistics locations, complemented by offices, homes, schools, healthcare facilities, hotels, entertainment and 150 hectares (370 acres) of parks and open spaces. Asides the residential sales, there has also been a rapid uptake in commercial plots.
“The Lekki-axis has been a key driver in residential real estate in recent years. Alaro City offers a unique and valued investment proposition that the market clearly recognises,” said Gbenga Olayinan, CEO, Estate Links Limited, a leading real estate consultancy. “As with any real estate investment, the real trick is to key in early,” he added.
Located in the North West Quadrant of the Lekki Free Zone, Alaro City lies in the growth path of Lagos, one of Africa’s fastest-growing cities with a population of over 20 million. The city is adjacent to the future international airport, the region’s largest deep-sea port, and major Nigerian and international companies.
Rendeavour is building seven new cities in Africa—in Nigeria, Kenya, Ghana, Zambia and Democratic Republic of the Congo. As a master developer, Rendeavour invests over $250 million in each project, creating the infrastructure and living and working spaces that will help sustain and accelerate Africa’s economic growth, meet the aspirations of Africa’s burgeoning middle classes, and serve as a catalyst for further urban development.
CHUKA UROKO
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