Expectations as Grenadines Homes readies for market with The Oceanna

A proposed mixed-use development of commercial and residential resort, The Oceanna, is being developed as a 4-tower edifice, architecturally inspired by the sculpted beauty of seashells to redefine the skyline of Lagos.

Being developed by Grenadines Homes, the property is located on Water Corporation Drive in Oniru, which punctuates the shores of Victoria Island, as well as the artful personality of colonial houses of Ikoyi.

The Oceanna is a conglomeration of man-made innovation and organic, natural beauty displayed in luxury apartments in Lagos.

The Landmark Waterview, The Empire Residences II, The Signature Apartments by Deluxe Residences and the massive cathedral development of Love of Christ generation church are some other developments located along Water Corporation Drive where The Oceanna is being built.

While Cappa and D’Alberto Plc is serving as the main contractor handling the project, Ecad Architects in conjunction with HOK Architects (who designed the Emirates Stadium), Morgan Omonitan & Abe Ltd, Trevi Foundations Limited among others, are the other members of the construction team.

The resort which consists of 4 towers including The Oceanna Cerulean, The Oceanna Indigo, The Oceanna Aqua and The Oceanna Azure is scheduled to be completed in the third quarter of 2022.

With specially designed residences, unique offices, and luxury retail and boundless recreation opportunities, The Oceanna is being designed with the function to inspire through innovation.

Residents, workers and visitors alike will have the opportunity to enjoy an unrivalled 360-degree experience; one that is yet to be seen in the region, and a match for its global mixed-use counterparts.

Whether overlooking the blue expanse of the Atlantic Ocean or the extensive greenery of Victoria Island, according to Grenadines Homes, The Oceanna is a community with an innate connection to Lagos, encouraging business synergy and convivial community.

Among the four towers, The Cerulean, a mixed-use tower sitting on a footprint of 650sqm is expected to be the first that will see the light of day and will feature 17 floors of office and residential space. Facilities available include a gym/spa, swimming pool and children’s play area among others.

Construction is currently ongoing with the foundation which consists of 200 Piles, 32 meters below the ground (which is similar to the height of a ten storey building) done by Trevi Foundations Limited. Currently, construction is at the 5th floor and is estimated to be completed in the first quarter of 2021.

The Cerulean tower offers 112 apartments of studio, 1 bedroom, 2 bedroom and 3 bedroom units and, according to Grenadines Homes, it is already 85 percent sold out.

The Indigo is a 24-floor hotel tower building sitting on a footprint of 1,084sqm consisting of branded studio and 1 & 2 bedroom luxury units and would feature restaurants, gym, spa, swimming decks, concierge and valet service, meeting rooms, a tennis court, art gallery, and a helipad.

The hotel studio units are currently priced at N150 million per unit. However, in a co-ownership scheme by Grenadines Homes, each unit can be divided into 20 lots which currently cost N7.9 million per lot. Piling will begin in the first quarter or next year and the estimated construction period is 30 months.

Grenadines Homes has commissioned W Hospitality Group to source for 5- star luxury hotel brands to manage the hotel.

The Azure and Aqua towers are currently conceptual with implementation expected soon.

Nigeria has one of the most expensive property markets in the world. It is the second most expensive in Africa after Angola and the reasons for this go beyond just the construction cost which is also a factor.

Other factors, which are extraneous, include high cost of funds, government charges, high cost of land, and market uncertainty or the shelf life of the property which means the time the property has to stay in the market before it is sold.

Endurance Okafor