Leading real estate investment company in Nigeria, South Energyx Nigeria Limited (SENL), developers of the Eko Atlantic City Project on Victoria Island, Lagos has restated its commitment to significantly 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.
Making the pledge 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 very 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 presently stands at 17 million and when completed the new Eko Atlantic City will significantly reduce this by providing homes to about 450,000 residents, with additional office facilities for another 150,000 people.
“At the moment, we are working assiduously with our partners to ensure that the project is completed on schedule. In fact, one of the first two residential buildings would be completed by the end of August, while the second would be ready before the end of the year, with the first office block set to be ready by October, 2016,” he promised.
“One common misperception about Eko Atlantic City is that all of its properties are priced above the market. But 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 affordable accommodation,” he said, and 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 penthouses already under construction at Eko Atlantic City.
Chagoury expressed the belief that ambitious projects such as the Eko Atlantic City will not only help eliminate Nigeria’s housing problems, but will help put the country on the global map as one of the emerging smartest cities in the world, thereby boosting its 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 significantly reduce Nigeria’s accommodation deficits with the Eko Atlantic City. However, to totally overcome the problem, all hands must be on deck,” he said.