Lagos State Governor, Babajide Sanwo-Olu and business leader and philanthropist, Tony Elumelu, led other real estate stakeholders over the weekend in the groundbreaking ceremony for the new Falomo Towers development in Ikoyi, Lagos.
The project is being developed by joint venture partners, Afriland Properties Plc, investee company of the Heirs Holdings Group, and the Lagos State Development and Property Corporation (LSDPC).
The Special Guest of Honour, Sanwo-Olu, in his address, commended the joint venture (JV) partners for their commitment to the Nigerian real estate sector and their vision in redeveloping the iconic Lagos landmark.
In a statement, he praised both companies for what he believed would be an exemplary delivery of a public-private partnership.
Sanwo-Olu stated that the new Falomo Towers would become a highly sought-after destination for work, life, and play.
“The JV is delivering an environment that offers contemporary work and living spaces, that will further catalyse Lagos’ economic renaissance. I am delighted that Afriland Properties, one of the country’s leading institutional real estate investors, is able to partner with Lagos State, to deliver excellence,” he said.
Elumelu, in his keynote address, stated that the project was a demonstration of the governor’s commitment to private sector growth in Lagos state and the country.
He emphasised the importance of the private sector in transforming Nigeria’s economy and the need for meaningful partnerships, which would unleash the potential of the country.
“We believe that the growth of our economy, will be delivered by the private sector, but for the private sector to do well, our public sector leaders must create the right environment,” he said.
“The partnership we are celebrating today is a model, not just for Nigeria, but for Africa. I salute all those who have contributed to this exciting venture, not least His Excellency, whose vision we are delivering”.
On his part, the MD/CEO, Afriland Properties, Uzo Oshogwe, stated: “This mixed-use development will drive sustainability, creativity, and innovation. It reinforces our promise to beautify and enhance the Lagos skyline. We are implementing our firm commitment to Africapitalism, that through our long-term investment in real estate, we will create employment, economic prosperity, and social wealth, that will transform Ikoyi, Lagos, Nigeria, and the African continent.”
Managing Director, LSDPC, Ayodeji Joseph stated that the partnership with Afriland Properties Plc would provide additional residential apartments, that would increase the housing stock in Lagos and provide affordable housing for the middle-class citizens and millennials, who form the core of the 21st century workforce.
Falomo Towers is a contemporary mixed used development, focused on sustainability and sustainable building practices, designed to deliver a greener environment. The project would deploy cutting-edge technology-enabled design, to create an architectural masterpiece.
Afriland Properties Plc is a property management, investment, and development company, offering end-to-end services along the real estate value chain, from management to joint-venture investments. With a portfolio size of over N10 billion and one of the largest land banks in Nigeria, Afriland is pioneering the opportunities presented by an institutional approach to real estate, serving niche markets throughout Africa.