HUTU by Aiben has officially overtaken Eko Atlantic to become Nigeria’s largest private residential development, according to a statement released by the developers. The project, located in Lagos, spans 50 hectares and will feature 5,000 homes, making it the biggest single private residential estate in the country.
Project Details and Scale
The development is a joint venture between Aiben Property Development Limited and the Lagos State Government. It is situated on the Lekki Peninsula, an area known for rapid real estate growth. The 5,000 housing units will include a mix of apartments, townhouses, and villas, catering to different income segments. The total investment is estimated at $500 million, with construction expected to be completed in phases over the next five years.
“This milestone reflects our commitment to addressing Nigeria’s housing deficit,” said Aiben’s Managing Director, Tunde Folawiyo, in the statement. “HUTU will provide quality, affordable housing in a master-planned community with world-class amenities.”
Comparison with Eko Atlantic
Eko Atlantic, also in Lagos, was previously the largest private residential development in Nigeria. It covers 10 square kilometers and includes luxury apartments, commercial spaces, and a marina. However, HUTU surpasses it in terms of residential unit count, with 5,000 homes compared to Eko Atlantic’s estimated 2,500 residential units. Eko Atlantic remains larger in total land area and commercial development.
Impact on Nigeria’s Housing Market
Nigeria faces a housing deficit of over 20 million units, according to the World Bank. Projects like HUTU aim to bridge this gap. The development is expected to create thousands of jobs during construction and beyond, boosting the local economy. The Lagos State Government has supported the project as part of its efforts to increase housing supply and improve urban infrastructure.
The first phase of HUTU, comprising 1,200 homes, is scheduled for completion by 2027. Sales have already begun, with prices starting at ₦50 million for a one-bedroom apartment. The development will also include schools, hospitals, shopping centers, and recreational facilities.
Future Plans
Aiben plans to expand HUTU further, with additional phases that could bring the total number of homes to 10,000. The company is also exploring similar projects in other Nigerian cities, including Abuja and Port Harcourt. “HUTU is just the beginning,” Folawiyo added. “We aim to replicate this model across the country to provide decent housing for millions of Nigerians.”
