Reasons for Developing the Asset
Our appraisal of the opportunity considered the general residential housing deficit in Nigeria and the dearth of quality apartment-style residential properties in a megacity like Lagos.
The premise of Blue Water Lagos is the provision of a modern mixed-use development which was not very pervasive in the market at the time development of the asset began. The economies of scales, the opportunity to introduce a differentiated product in the real estate market, in a premium waterside location while addressing the housing needs of people who wanted flats and not houses were key project considerations.
The economies of scales, and the opportunity to introduce a differentiated product in the market, which if well executed, addresses the housing needs of people who wanted flats and not houses was a major win. It also provided opportunities to make good returns on the investment, developing the waterside real estate which is a premium offering in other markets.
The efficiency of a multi-storey residential development has a positive impact on the community through improved land utilization i.e. more housing units on the same square meter ridge. In addition to job creation, the use of foreign and indigenous contractors has had a positive impact on the transference of knowledge to the local construction industry.
The asset was completed within stipulated time and budget, and achieved EDGE Certification.