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Thursday, May 30, 2024

Eko Atlantic City to address nation’s housing deficit

Real estate investor and developers of the Eko Atlantic City Project on Victoria Island in Lagos, South Energyx Nigeria Limited (SENL), has restated its commitment to reduce the country’s huge housing deficit over the next few years through the development of a wide range of affordable and luxurious residential buildings.

Ronald Chagoury Jr., Vice Chairman of South Energyx Nigeria Limited, developers of Eko Atlantic City
Ronald Chagoury Jr., Vice Chairman of South Energyx Nigeria Limited, developers of Eko Atlantic City

Making the pledge recently in Lagos was Mr. Ronald Chagoury Jr., Vice Chairman of South Energyx Nigeria Limited, a subsidiary of the Chagoury Group. He described the Eko Atlantic City as a unique and ambitious project developed by the company as part of its efforts at solving the country’s housing problem.

According to statistics, Nigeria’s housing shortage is estimated at 17 million, of which five million exist in Lagos alone. When completed, the new Eko Atlantic City will reduce this by providing homes to about 450,000 residents, with additional office space for another 300,000 people, according to the developers.

“At the moment, we are working hard with our partners to ensure that the project is completed on schedule. In fact, the first residential building should be ready before the end of the year and the second by mid-2017, with the first office block set to be ready by October, 2016,” he stated.

“One common misperception about Eko Atlantic City is that all of its properties are priced above the market. This is hardly the truth, for while the city will naturally feature a range of high-end luxury apartments, it will also provide many opportunities for more competitively priced accommodation,” he said, even as he described the project as a “vital answer to the housing shortage in Lagos.”

According to data released by Residential Auctions Company (RAC), there are already over 1,000 units of apartments of various room sizes ranging from one-bedroom to four-bedroom apartments already under construction at Eko Atlantic City.

Chagoury expressed the belief that ambitious projects such as the Eko Atlantic City will not only help alleviate Nigeria’s housing problems, but also help put Lagos on the global map as one of the emerging smartest cities in the world, thereby boosting its business and tourism potentials and revenue.

He called for concerted efforts by stakeholders, including local and international investors in solving the country’s housing problems. “South Energyx has taken it upon itself to reduce Lagos’ accommodation deficits with the Eko Atlantic City. However, to totally overcome the problem, all hands must be on deck,” he said.

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