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Eko Atlantic City swells with opportunities as more investors take position

Eko Atlantic City swells with opportunities as more investors take position

On incremental basis, investment and residential opportunities are growing in Eko Atlantic City as more investment interests are taking position in the city which is, arguably, another Dubai in Africa.

Besides Eko Development Company which is the developer of the Azuri Towers, the city is also home to other iconic developments by both private equity and institutional investors such as Arkland Property Investment which is developing the 22-floor A & A Towers.

Other developments are the Pan Atlantis Towers by Periwinkle Residences, Eko Pearl (Champagne Tower) and Eko Pearl (Black Tower) by Elias Saad Leading Association (ESLA), and Amni Towers by Amni International Petroleum Development Company.

The latest on the radar is the Louisville by Total Energy Staff Co-operative and Multi-purpose Society. The upcoming development which ground-breaking has been scheduled for the first quarter of 2022, is a world of smart building and timeless value, according to its promoters.

“We bring you a rare opportunity to be a part of something modern and enduring in design, smart and green in its DNA, offering a lifestyle of elegance in a wide array of living spaces, entertainment, recreation, sporting, and shopping options to choose from,” an official of the co-operative society said.

Continuing, he assured, “we promise far more than a home. We offer you a future with unparalleled value for money in investment and living; enabled by the best financing products and rare flexibility in payment plans.”

Louisville will comprise 300 residential homes spread between two towers, a world class sporting center and club, retail outlets, and other facilities. It is designed to employ modern technology to achieve smart living and high standards in the area of energy efficiency and environmental conservation in the living and consumption of utilities.

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The developers make value propositions that immediately dispel fears currently associated with high-rise developments in Nigeria. “As responsible developers, we prioritise safety, quality and the protection of the environment over cost or profit,” the official assured.

“This is why we have put together a quality team to deliver for you a house suitable for a home,” he explained, listing their project partners as General Contractor, ITB; MOA, Structural design; Baron, Architecture; Avantis, Electro-Mechanical Design Engineering; Availsys, IT & Smart Technology; FOAB, Quantity Surveyors, while Film House Cinemas is the Indoor Cinema.

On offer for home-buyers and investors alike are 2-bedroom apartments which are already sold out; 3-bedroom selling for $540 000; 4-bedroom, $800 000 and Penthouse which goes for $1 500 000.

A buyer is expected to make 30 percent down payment for order confirmation, and the balance spread through building period. ITB, the main contractor, has assured of delivery in time and on budget.

The incoming year also holds promise for more residential offerings in the new city. The Azuri Towers project, which commenced construction in 2017, is expected to have its Office Tower fully ready this year while the other two residential towers are expected to be opened in 2022.

A recent report by Estate Intel, a real estate online research platform, quotes Eko Atlantic City as saying that beneficial occupancy of the offices would commence this December, adding that the building will have 28 floors and about 27,000 square metres of office space resting on a four floor parking space and podium.

According to the report, the other two residential towers i.e Azuri One and Azuri Two towers will offer up to 130 residential apartments all together. These units comprise luxury 3 and 4-bedroom apartments, and 6-bedroom simplexes (penthouses).

Once completed, one of the Residential Towers among the Azuri Towers will be the tallest Residential Tower in Nigeria, having 33 floors and a height of 146 meters.