The five 17‐to‐20 storey residential buildings, comprising 1, 2 and 3bedroom contemporary luxury apartments sitting on 37,000 square meters of sea view land embraces the latest in lifestyle and living in contemporary and cosmopolitan city of Lagos.
With its contemporary luxury apartments, exclusive resident’s recreational park, internationally branded retail and leisure mall and waterfront living, Blue Water Lagos is not located in Ikoyi, Banana Island or Victoria Island where opulence defines architecture and dictates designs, but embraces the best and latest which these upscale neighbourhoods offer.
Located in Lekki Phase 1, a fast-developing urban community providing home for few upper and a large number of middle class population in Lagos, the development is conceived as an ultimate lifestyle destination with restaurants, shopping, entertainment and leisure facilities conveniently nestled within walking distance of the apartments and homes.
Before the economic downturn of the last three years, whose effects are yet to leave the country especially at individual level, Nigeria had a burgeoning middle class population estimated then at 40 million, representing about 23 percent of the country’s large and growing population.
MKO Balogun, CEO, Global PFI, notes that developers used to focus on the upper class but are now turning their attention to the small-size multi-family units for mid-income earners where t demand resides. Over 60 percent of people looking for homes today are not out for four or five bedroom apartments, but one or two-bedroom. That is where the market is at the moment”, he notes.
Obi Nwogugu, Head of Real Estate at African Capital Alliance (ACA), agrees, saying, “as investors and developers, our confidence in the market derives from our belief that there is demand and we can always identify products where there is demand even in a recession like this. The fact that there is a cycle does not mean that is how the market is going to be forever. There is going to be changes and forceful improvements which will improve project attractiveness”.
Blue Water Lagos targets the middle class as well as high net-worth individuals in the Lagos society. It promises a 10,000-square meters retail and leisure mall, all on 10,514.76 square meters of built up area for the first phase of the development.
This facility is the latest residential development from the stable of ACA working in collaboration with Alalan Group. ACA is a leading panAfrican investment firm sponsoring funds and managing investments of over $1.2billion
Founded in 1997, ACA is an independent private equity firm focused on investing in Nigeria and the Gulf of Guinea. It has raised aggregate commitments of over US$1.2 billion since its inception and has a track record of successfully exiting investments and delivering strong returns to investors.
Although the company has only nine years of experience in the real estate sector, out of its two decades of experience investing in the Africa Region, it has very strong footprints in real estate resulting from its thorough understanding of the market and variables that can affect investment results.
Elalan Group, on the other hand, is one of the fastest growing and most dynamic construction and civil engineering companies in Nigeria. Over the past three decades, ElAlan has successfully delivered a multitude of project spanning a broad range of asset classes that including No 4 Bourdillon, Tango Towers, Olympic Towers, and WAPIC Head Office.
The three-phase development, which first pahse-The Saphire- will be delivered in December 2019, is designed to be self-sustaining. The second and third phases will each deliver two residential towers situated above a two-level retail and leisure mall.
Development facilities will include recreational park, retail and leisure mall, adult and children’s swimming pools, children’s play area, tennis and basketball courts, gymnasiums, club lounges, resident’s ventilated underground parking, etc.
Besides its excellent location in close proximity to Victoria Island, Ikoyi and Lagos Island, its live, shop and play proposition with restaurants, shopping, entertainment and leisure facilities are conveniently located within walking distance for enhanced livability.
Its innovative design ensures energy and water efficient systems, fire alarm and sprinkler protection, water and sewage treatment plants and high speed broadband. As a serviced community, residents are assured of on premise concierge and facility management services with uninterrupted power supply, 24 hour security and access control systems.
The development’s waterfront living gives beautiful views of the sea, harmonic waves, and soothing breeze. This is complemented by ample open exterior spaces with gorgeous resident’s recreational park that offers interaction with the environment and promotes passive recreation.
The quality of the developers contributes significantly to the safety of the investment. Investors are assured of significant capital appreciation even before construction is completed and good rental yield based on excellent location for rental investments.
CHUKA UROKO
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