As high prices of building materials threaten construction costs and dampen hopes of quality homes, Messrs Cruxstone Development and Investment Limited, has entered into a joint venture partnership with Lagos State Government for the development of luxury apartments in Victoria Island.
The deal with the state’s Development and Property Cooperation (LSDPC) is for the construction of high-rise buildings known as Iconic Towers. Under the project, the government provided the land and title documents, while the private developer will construct the units, markets and manages the property.
Essentially, the luxury units sit on about 10,000 square meters of land space located on Sinari Daranijo Street. It is designed by renowned architect, Play in Architecture and the builders are BCL Construction and Civil Engineering.
The Iconic Towers comprises four blocks of towers of 13-floor each, which offers a contemporary live, work-play lifestyle. It will be developed in four phases. The first phase has been completed and will be ready for occupation by December. Other phases will be delivered next year.
The Managing Director, Cruxstone Development and Investment Limited, Dr. Adetoro Bank-Omotoye, said the involvement of the government gives partners, clients and investors an assured guaranteed security on their investment as all documents and title deeds are delivered and perfected from the state.
He explained, “The Iconic Towers is built as three block of residential apartments and a block for luxury hotel called, The Autograph, for an extended stay. Residential area consists of one-bedroom, two-bedroom, three-bedroom apartments and four-bedroom penthouses that provide an inspirational view of the city landscape and a relaxing view of the Atlantic Ocean.”
Bank-Omotoye, who spoke during the visit of the state’s lawmakers to the site, said: “It is designed with class and distinction, the Iconic Towers brings the dream of living the super-luxury lifestyle into reality.
According to him, the towers has been uniquely designed to meet all contemporary architectural standards by providing exquisite residential amenities required for comfort and an ostentatious lifestyle.
Among social amenities expected are five stars styled lobbies and lounge areas, 24-hour concierge services, 24-hour power supply, CCTV cameras, fire control system, green areas and gardens, state-of-the-art elevators, children’s play area and gym/sports centre.
Other proposed facilities are a basketball court, restaurants and bar, health station, swimming pool, supermarket, theatre hub, clubhouse and spa and Sauna.
LSDPC Business Development Manager, Mr. Kunle Samuel, said the project is a Public-Private Partnership (PPP) agreement for the construction of six high-rise structures over 30 months, adding that the buildings would be shared between both parties.
“This is one of the 25 joint venture developments that is happening across the state at the same time. It is a system we have perfected and we are going to do more of it.
“The state is interested in partnering with private organisations that have the financial and technical capacities to develop estates. We have some estates being constructed directly, but 80 per cent are through PPP concept,” he said.
Speaking on prospects of low-income housing in the state, Samuel said: “What is staring us in our faces is non-availability of land. What we have done in these highbrow areas are to look at our old properties, where we once had bungalows to maximise them so that the returns will be high. We make money here through rentals and plough them back in places like Alagbado and Ikorodu for mass housing schemes.”