Dr. Bamidele Onalaja, Managing Director of Revolutionplus Property Company Limited, has addressed concerns regarding the delay of the Flourish Apartments and Terraces project on Orchid Road in Lekki, Lagos. The development, one of the largest in the area, began several years ago and is now in its final stage of completion.
Reasons for the Delay
Speaking at the project site, Onalaja explained that sharp inflation and exchange rate fluctuations were major factors. “When we started selling a few years ago, prices were based on the Naira to Dollar exchange rate. But when forex rates increased, we faced challenges. Cement rose from 3,000 Naira to about 11,000 Naira, and other materials were similarly affected,” he said.
Communication with Subscribers
Onalaja noted that the company contacted subscribers who had paid. “Some understood and added more money to their initial payments, but others refused to listen. We proposed either adding funds or a refund,” he stated. He emphasized that the project has tied down company funds but vowed delivery this year.
Commitment to Completion
“I am committed to finishing within three to four months. There are still up to 30 unsold units. Subscribers who fully paid the original price have reserved units. To enjoy the estate, full payment and adherence to terms are required,” Onalaja said. He dismissed rumors of relocating to the United States, highlighting the company’s investments and contributions to Nigeria’s GDP.
About the Development
Flourish Apartments and Terraces is a premium residential estate with luxury flats and duplexes. Revolutionplus is known for affordable homes and flexible payment plans, typically requiring an initial deposit with the balance spread over 12 to 18 months. However, property prices remain subject to market changes.
Onalaja urged subscribers to be patient and collaborate for a successful outcome.
