In what experts have described as a show of resilience and confidence in a slowing economy, Periwinkle Residences gathered subscribers, vendors, contractors, and stakeholders recently to witness the groundbreaking for the building of its 16-floor Periwinkle Atlantis in Lagos.
According to officials of the company, the multi-billion naira project is a statement of intent that their company is poised to continue playing a leading role in the real estate industry going forward.
“What we are all gathered here for today is to witness one of the symbolic moves of Periwinkle Residences to confidently make its statement of intent that we are here to stay. I am excited to announce that the first 30 units issued were sold out within weeks,” Chiedu Nweke, the company’s chairman/CEO, said at the sod-turning event.
Nweke noted that, in just five years, Periwinkle Residences had emerged a force to reckon with in the industry, recalling that the company began in 2017 first as Orange and then Oxygen and that it has been a very short but progressive journey for them.
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“In 2020, we saw this location and indicated interest because we reasoned that it matched our vision. We were told it was owned by UAC. We went ahead and acquired it in 2021. Today, we have done tremendous work from understanding the soil texture to structuring, architectural work, and marketing to the groundbreaking we are witnessing today,” he said.
“It takes a lot of work and it’s been a long time coming. Apart from the structure of six spaces you are all seeing today, we have about four of these in Lagos alone including a foothold in Eko Atlantic”, Nweke added.
According to him, Periwinkle Residences has emerged as a company of reckoning and also one that has come to stay and play at the highest level of the business. In terms of ranking, he said, the company was among the top 10 and was making an emphatic statement of intent just as it is poised to make that statement on the Lagos skyline. “We are where we are today and people recognize us for what we do and offer which are quality products and business opportunities,” he said.
He explained that the company was known for not compromising quality and it is such that every vendor, contractor, or supplier at the ground breaking event represents the best in the business.
“So, for us to be doing what we are doing shows that we are ready to compete at the highest level of the business. Wherever you see our footprint, we change the game in excellence in every frontier of our engagement,” he said
Giving an elaborate overview of the building, the Managing Director, Tunde Olatunji described it as an “intelligent building” located in a prime and premium location holding 16 floors of residential condos. He said the first three floors were dedicated to parking spaces while the fourth floor has a recreational area with a swimming pool, barbing shops, etc.
“The fifth to 16 floors are residential; there are two wings A and B which house one and two bedrooms while the 14th and 15th have three bedrooms with the 16th hosting the penthouse,” he said.
Olatunji highlighted the intelligent characteristics of the building, saying, “the idea behind the project is to promote a hotel and residential business. What we have here is premium class, the condos have a sweeping view of the Atlantic Ocean, availability of 24-hour internet services, ample parking space including extras for those with numerous cars, 24-hour CCTV monitoring, and guaranteed security.
“For those seeking an option for investment, we have worked out the business case and can confidently assure you that your investment would make a return of between 15 to 18 percent Return on Investment (RoI) in a year. In the event that you prefer to use your condo for Air n B, we have an arrangement for such an option”, he assured.
