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Cruxstone, LSDPC joint venture opens homeownership window at Iconic Tower

Iconic Towers, a new residential development in a highbrow neighbourhood in Lagos, is about the latest homeownership and investment destination in town for home seekers and savvy investors, officials of the company developing the facility have said.

BusinessDay learnt that Iconic Towers is a joint venture project between Cruxstone Development and Investment Limited and Lagos State Development and Property Corporation (LSDPC). In the estimation of the developers, it is an ultra-luxury facility offering 1, 2 and 3-bedroom apartments.

In real estate, it is said that location is seen as everything and, according to the developers, Iconic Towers is well location right behind Zenith Bank head office and directly opposite Methodist Boys High School in Victoria Island, Lagos.

Iconic Towers is a four-phased development that will, on completion, deliver six blocks of 13-floors each. “We have practically finished the first phase of the development and this is going to be available for occupation from December 1 this year, Adetoro Bank-Omotoye, Cruxstone’s managing director, explained to BusinessDay at the project site.

The massive project, which sits on 10,000 square metres, has standard features and top-notch facilities which the managing director listed as constant electricity supply, security, and recreational facilities which include swimming pool, lawn tennis etc.

“All the blocks are tiled on the ground floor like a 5-star hotel lobby. So you come into your place and it feels like in a hotel. Everything is under control for security purposes; so people cannot just enter their apartments unless they are given access,” he said.

He added that the project offers adequate parking for all, explaining that there are two units of parking space for 2-bedroom and 3-bedroom apartments; 1-bedroom apartments have one parking lot, while the penthouse has three units of parking space. “It provides an environment for connecting and business opportunities,” he assured.

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Besides the facilities which Iconic Towers offers, Bank-Omotoye assured further that it is an environment for connecting with high net worth individuals, explaining that these are the kind of people anyone would like to associate with.

“Another important thing is that because this is a joint venture with the Lagos State government, we have gone ahead to ensure that the title you are getting is a registered title with Governor’s Consent. We have taken off that burden of doing it by yourself,” he stressed.

Kunle Samuel of the Business Development, Joint Venture Department of LSDPC, highlighted the economic and social benefits the joint venture concept offers Lagos citizens, saying that the concept aligns with the state government’s public and private partnership (PPP) initiative.

“It is the policy of Lagos State to do business with private organization to further the concept of public private partnership. In doing that, we have entered into a business alliance with Cruxstone,” noted Samuel who spoke during the tour or Iconic Towers by the Lagos State House of Assembly Committee on Housing.

He noted further that Iconic Tower was just one of over 20 joint venture developments that the Corporation has undertaken and that they were happening all over the state at the same time. “It is a system that we have perfected and we are going to do more of it,” he assured.

He disclosed that the Corporation has a few estates it is building with its own money directly, but 80 percent of all they were doing now was joint venture through the PPP initiative.

He said that the initiative was part of the state government’s approaches to bridging housing deficit, explaining that since the houses on offer in the highbrow areas were not affordable to the masses, what they do is to take whatever money they make from there and go to low income areas and build mass housing that the people can afford.

“Right now, we have developments in Alagbado, Ikorodu, and Owode, but they are in the pipeline. These are targeted at low income earners; we call them affordable houses because there is nothing like low income housing anymore,” he said.

To make the houses all the more affordable, he said, “we are working together with relevant government agencies to finance our developments. This is because we have realized that no matter how much we build, the people cannot afford it if they are not sold with mortgage facilities.”

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