HIGH-END DEVELOPERS

Nigeria 2020 | REAL ESTATE & CONSTRUCTION | B2B

With Eko Atlantic City becoming a premium destination in Lagos, its high-rise developments are truly incorporating world-class infrastructure.

Elias Saad
ELIAS SAAD
Chairman
Eko Pearl Towers
Olawale Opayinka
OLAWALE OPAYINKA
Managing Director
Eko Development Company (Azuri Towers)

What is the current status and the progress with your project?
ELIAS SAAD Following the construction of the Black Pearl Tower, we have gone on to construct the Champagne Pearl Tower, the second of five towers planned for Eko Pearl Towers. We still have plans to complete the White, Aquamarine, and Indigo Pearl Towers. We have had to focus on appealing to an international market, particularly the Nigerian diaspora as our target market. We have also recruited most real estate companies because of their extensive network of high net-worth clients to approach directly. Our experienced sales team operates a targeted marketing strategy, focused at orientating prospective clients only at convenient relaxation areas in addition to references from existing owners of Eko Pearl apartments. We have also improved on the quality of our infrastructure to be able to compete with new, ongoing projects at Eko Atlantic City. We have adapted the designs to suit the needs of the market and encouraged repeat buyers on short-let AirBnB-style apartments. Monthly stays allow for more corporate clients and expatriates working for less than a year within the country to take advantage of all the opportunities of living in a planned city such as Eko Atlantic.

OLAWALE OPAYINKA Azuri Towers will consist of three towers: two residential and one for offices. Azuri One is now the tallest residential tower in Nigeria, the tallest in West Africa, and the second tallest on the continent. The location on the marina is a strategic advantage. The towers themselves are avant-garde. They are the top end of luxury at an international standard. The structure is sound, and the civil engineering quality is outstanding. One unique aspect of the towers is that they sit on a floor of 13,500sqm of sheer concrete foundation. Everything coming out of the city flows from our location. The proximity to the marina also means one can practically park their yacht on their front doors. All these factors mean the crème de la crème of society seek to position themselves here. We offer 500-sqm apartments overlooking the wonderful marina here. The penthouse is 2,500sqm on three floors, with a private swimming pool. We have taken luxury to the edge. Some 30% of the project has been sold. We have a show apartment that will open in May. By then, we intend to sell 60%. We will open the project on December 12, 2021.

What added value and contributions have you brought to Lagos?
ES Eko Pearl has become a major tourist attraction for many looking to visit Eko Atlantic City. With two of the towers completed, and the AirBnB short let apartments available for those who cannot afford to own or who would rather prefer to lease than purchase an apartment, the presence of business conference rooms, an Olympic-sized pool, international standard gymnasiums and restaurants, it has become a major attraction for those looking for an intriguing change of environment within the ever congested city of Lagos. As a result of Eko Pearl's proximity to Victoria Island, the major business hub of Lagos State, the apartments are priced to meet an upper middle to high end class of prospective investors. The advantage of this is that the lease prices and returns on investment are significantly higher when compared to other neighboring districts. Many investors, especially foreign investors, are happy to see a steady return on investment in US dollars.

How are you applying upcoming trends in real estate to the Azuri Towers development?
OO We are always looking at the future. Our development is a reflection of what we expect the future to look like. Everything in our apartments is smart and communicates with any platform, be it from a car, phone, or even eyes. Motion control is something we are working on. Everything someone would want to do must be available here. Azuri Towers will hold some of the best retailers, sporting activities, and work-from-home spaces. There are designated spaces that are intended for smart working. This is a place where one can live, work, and play. The marina access means one can even sail away directly. At all times, the challenge is to imagine the future to create in the present or position the present to be able to integrate that future. In light of COVID-19, we have the capacity for virtual meetings and large video conferences. We use all the technology available to think forward.