Lagos's luxury residential market boom

By Martins Akuwike April 14, 2022
A computer generated image of the proposed Oculus Grande in Lagos. A computer generated image of the proposed Oculus Grande in Lagos.

As plans are revealed for a new skyscraper in Lagos, Martins Azuwike discovers Nigeria's commercial hub could soon be a byword for luxury living.

 

Swings in Nigeria’s real estate sector have been unpredictable with signs that suggest mixed blessings for the investing public, especially since the outbreak of Covid-19.

In 2020, when the lockdown altered almost every facet of the economy, investors endured pains similar to those of the global economic meltdown of 2008-2009, with a sharp slump in the value of their prize assets.

The burst saw activities in the commercial and household ends of the market drop significantly, as rental clients lacked the ability to renew leases.

However, the market is abuzz now, with hefty investments in new, contemporary designs and avant-garde projects.

Most impressive of these is the new Oculus Grande development to be built in Lagos's Oceanfront Okunde Blue Waters Tourism Zone.

The futuristic, mixed residential and commercial development is set to become Nigeria's 'tallest building' when it takes its place alongside the 32-storey NECOM House on the Lagos waterfront.

Comprised of two 35-storey twin towers linked by an eight-storey bridge on top of a five-storey podium, this state-of-the-art development will house a five-star hotel, casino and conference centre, as well as a five-storey shopping mall when complete.

Its condominiums and penthouses, meanwhile, are expected to be some of the most luxurious in the country, boasting uninterrupted views over the Atlantic and city, as well as access to a fitness centre, racket court, rooftop lounge and infinity pool.

Units in Oculus Grande are already on sale, with prices starting from $850,000.

The Resurgence

An artist's sketch of The Resurgence (above), another of Cepstar7's Lagos developments.

The planned towers are the brainchild of Cepstar7, a pan-African and Middle Eastern real estate conglomerate involved in several other developments in the city.

These include The Resurgence, a five-star boutique hotel, with executive offices, private lounges, roof-top bar, wedding/entertainment receptions, wine cellar, concierge and private party planning.

The developers are also behind One Ocean and Blossom Condominiums, a 43-unit luxury condominium project in Lagos marina.

Cepstar7

A computer generated design of Cepstar7's One Ocean and Blossom Condominiums in Lagos.

Located inside the Ocean Epiphany development at the Okunde Blue Waters Scheme of Lekki Phase 1, its portfolio of two-, three- and four-bed apartments and penthouses will benefit from uninterrupted power supply, wellness and fitness facilities, and private beach access.

Frank C Oti, Broker/Realtor, Cosmopolitan Estates and Condominiums, told NewsAfrica that Cepstar7's developments were expected to set the Lagos luxury market alight: 'What Cepstar7 Developers has come with is design excellence. There may have been other designs, but our emphasis is on excellence in design.'

Cepstar7 added: 'We have used this opportunity to create iconic structure that provides residence and guests a unique sense of place and community within the mix-use Oculus Grande to call it home. We pride ourselves in developing world-class luxury condominiums and industrial infrastructure.'

See, www.cepstar7.com