New Lagos housing scheme to gulp N60bn

A total sum of $165 million (an equivalent of N60 billion) has been estimated as the cost implication to deliver a new housing project of over 600 apartments in Lagos State.

The project, known as Blue Water Lagos, is a brainchild of partnership arrangements between Elalan Group, a real estate firm and a pan-African investment firm, African Capital Alliance (ACA).

According to the investors, over N6 billion had already been spent on the project sitting on an expansive 37,000- square meter sea view land in the heart of Lekki area of the state.

According to Kenneth Leech of Elalan Construction Company (Nigeria) Limited, Blue Water is a contemporary mixed-use development comprising five, 17 and 20-storey residential buildings of one, two and threebedroom apartments being offered for sale off-plan Phase I.

Leech stated at the topping out of the Phase 1 of the project in Lagos recently that it has three phases.

He said the Phase 1, dubbed Sapphire Apartments, contains 124 apartments consisting of one, two, three apartments which will be followed by duplexes and four bedroom flats which are to be fully delivered by December, this year.

“Phases two and three would consist of two residential towers situated above two levels of top brand retail and leisure malls in each phases providing topnotch local and internationally branded products and services to the residents and visitors,” he said.

The 1 bedroom flat sells from N41.5 million; 2 bedroom flat at N54.8 million; and 3 bedroom flat starting at N81.2 million.

There is an infrastructure deposit requirement of 1 bedroom of N1.5 million; 2 bedroom at N2.125 million; and 3 bedroom at N3 million.