Governor of Lagos State, Babajide Sanwo-Olu, and business leader and philanthropist, Tony O. 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 JV partners for their commitment to the Nigerian real estate sector and their vision in redeveloping the iconic Lagos landmark. He praised both companies for what he believed would be an exemplary delivery of a public-private partnership.
Governor Sanwo-Olu stated that the new Falomo Towers will become a highly sought-after destination for work, life, and play. โThe JV is delivering an environment that offers contemporary work and living spaces, that will further catalyse Lagosโ economic renaissance. I am delighted that Afriland Properties, one of the countryโs leading institutional real estate investors, is able to partner with Lagos State, to deliver excellence.โ
Chairman, Heirs Holdings, Elumelu, in his keynote address, stated that the project was a demonstration of the Governorโs commitment to private sector growth in Lagos State and the country. He emphasised the importance of the private sector in transforming Nigeriaโs economy and the need for meaningful partnerships, which would unleash the potential of the country.
โWe 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,โ he said. โThe 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 deliveringโ.
The Managing Director/CEO, Afriland Properties, Uzo Oshogwe, stated: โThis 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.
The Managing Director, LSDPC, Hon. Ayodeji Joseph stated that the partnership with Afriland Properties Plc will 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 will 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.