Investment opportunity opens as Afriland Properties, LSDPC turn sod to build Falomo Towers

Investment and residential opportunity has opened for investors and home buyers as Afriland Properties, in partnership with Lagos State Development and Property Corporation (LSDPC), has turned the sod to build Falomo Towers in Ikoyi, Lagos.

Falomo Towers, being developed with the theme, ‘The Revival of a Landmark’, is a mixed use development that will be sitting on about 20,000 square metres of prime land located off Awolowo Road, Ikoyi, Lagos. The building will be standing on 10 floors, according to the developers.

It will be rising on the ashes of Falomo Shopping Complex which was home to many banks, offices of professionals, SMEs and other businesses. Falomo Towers has a decade of history behind it and it is expected to transform and beautify Ikoyi skyline.

In his opening remarks at the sod turning event, Tony Elumelu, chairman of Heirs Group, described the development as a celebration of the power of dialogue, sense of reasoning and humility,” recalling that at the start of the journey to the Towers, there were little disagreements and difficult moments.

Elumelu commended the Lagos State governor, Babajide Sanwo-Olu, and the political leaders in the state for believing in the private sector as the development of Nigeria lies in the development of the private sector, and for the private sector to do well, government must put ears on ground.

“For the private sector to do well, the political leadership must create the right environment. Lagos has set the pace in this direction. This partnership is a celebration of dialogue and this makes Lagos remain the most hospitable environment for investors,” he noted.

Uzo Oshogwe, the MD/CEO of Afriland Properties, hoped that with the new development, they would give Ikoyi back its lost landmark, this time, bigger and better, adding that the development comes with sustainability, creativity and innovation.

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“This development is to beautify and enhance the skyline of Lagos,” she said, adding that Afriland Properties was committed to Afri-capitalism ideology enunciated by the Heirs Foundation which believes that, through long term investment in real estate, they would create employment, economic well-being and social wealth that would transform Ikoyi, Nigeria and Africa.

In his remarks, an elated Sanwo-Olu enthused that they found the right partners in Afriland Properties which, he noted, was tested, trusted and reliable, recalling that in 2020 and 2021, he commissioned their two towers—the Afriland Towers in Lagos Island and the Heirs Towers in Victoria Island respectively.

The governor hoped that, in the next 30 months, “by the grace of God, we will all be alive when we will be doing the real handing over of Falomo Towers, now in the heart of Ikoyi.”

In a veiled reference to Elumelu’s mention of little disagreements in the beginning, the governor said the parties agreed that this project must not be thrown away. “Today, we are making a transaction that is bigger, better and bolder than what was initially proposed 10 years ago,” he said.

To him, the new development “testifies to the uniqueness of public and private sectors in ensuring things can be made a lot better when we sit and agree. This is a clear example of what Public Private Partnership (PPP) model is out to achieve when partnerships and collaboration are pursued and implemented with seriousness.

“When we put our minds of possibilities to ideas, great things happen. This aptly describes the story of today’s flag-off of construction of Falomo Towers.”

The governor noted that young people needed accommodation, adding that they wanted to have the accommodation in the heart of the place they grew up. He therefore urged the young ones to start saving for Falomo Towers “because it will be a place where all of you will truly be proud of.”

He added that the development which will offer one, two and three bedroom apartments “speaks to the reality of young people today; it speaks also to the reality of upper middle class people that want to live in a place like this.”

“I believe it’s all been put together; it’s a mixed use development that will ensure you live, work and play which is what everybody is talking about now. Some people now work from home, and everybody wants an atmosphere where you also don’t want to work, work, and work; you want to be able to have time for your family. In this property, it’s all allowed,” he assured.