In a firm stance on maintaining standards, Lagos-based property development company, Prindex Properties, has declared that consistent quality delivery is non-negotiable for sustaining investor trust and long-term value in Nigeria's real estate sector.
Strategic Partnerships Counter Inflationary Pressures
The firm's Managing Director, Mr. Tolu Bawa-Allah, an architect, highlighted the critical role of strategic alliances in navigating the country's macroeconomic challenges. He specifically pointed to the persistent inflationary pressures that severely impact construction costs, housing supply, and overall affordability.
"We do not believe in compromising quality because it is a constant across all our projects," Bawa-Allah stated during the showcase of the Apple Place Apartments in Agungi, Osapa-Lekki. "We have been able to partner with some financial institutions to front-load materials for our projects so that we do not get into a situation where prices rise midstream, and additional costs become inevitable."
Details of the Agungi Development
Bawa-Allah provided specifics on the showcased project, revealing it includes a completed block of 16 apartment units, two additional blocks of 16 apartments each, and another block of six units currently under construction. The development offers two- and three-bedroom apartments with mid- to high-level finishes.
The apartments come equipped with numerous amenities designed for modern living and investment appeal:
- 24-hour facility management
- Fitted open-plan kitchens
- Ample car parking space
- Comprehensive security systems
- Alternative power supply
He explained the architectural layout, noting each block has a ground floor plus three upper floors. The three-bedroom units are situated on the top floor, with one bedroom innovatively accommodated within the well-ventilated roof space. The other floors primarily house two-bedroom apartments.
Targeting the Short-Let Market and Diaspora Investors
A key strategy highlighted was the deliberate design of the two-bedroom apartments to cater to the lucrative short-let and Airbnb market. Bawa-Allah directly urged both local and diaspora-based Nigerian investors to seize this opportunity.
He emphasized the project's attractive location, stating it is roughly 10 to 15 minutes from Circle Mall and the Lekki Expressway, all within a serene environment.
The two remaining blocks, under construction for about two years, are slated for completion next year. "We look forward to completing the other blocks, which will add about 38 apartments to our portfolio of properties under management," Bawa-Allah said. "That is the business model we operate, where we also manage the properties on behalf of the owners."
The timing of the project showcase was strategic, aimed at capturing the attention of the annual "Detty December" influx of Nigerians returning from abroad. The event served to present them with viable real estate investment options in Lagos.
