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Discussion Starter #1
making a thread for it since the project has started.




EDC begins Azuri Peninsula development
March 30, 2015
Maureen Ihua-Maduenyi



Eko Development Company Limited has said the first phase of its mixed luxury development, Azuri Peninsula, has commenced.


According to the Chief Responsibility Officer, EDC, Ms. Ibiene Ogolo, the architectural design of the 120 luxury apartments, 12 super-luxury simplexes and two villas as well as seven townhouse apartments was done by the global design firm, Gensler.

“Azuri Peninsula offers the optimum place to live, work, play and invest, and offers a unique and luxurious urban lifestyle by the delightful marina-front of the Marina district in the vibrant new Eko Atlantic City,” Ogolo said during a tour of the facility.

She added that the entire development would cover about 127,507 square metres, with the phase one taking up 13,000 square metres, while the built up area would take as much a 130,000 square metres.

Ogolo said Azuri Peninsula was already 80 per cent subscribed, while the remaining 20 per cent had yet to be finalised.

According to her, the name Azuri is a combination of two words representing the blue sky and beauty, adding that the promoters wanted a name that resonated with Africa.

She said, “Azuri offers the citizenry an opportunity to live life in residences befitting kings and queens. There will be a five-star marina and yacht club, with an attractive promenade, high-end shops, cafes and a wealth of amenities in a curated and sophisticated environment. The landmark scheme is also close to the business district in the new city, which is destined to be the new financial centre of Lagos.

“The developers behind the most luxurious residential destination of 2015 in Lagos have carefully chosen a brand name that resonates. Azuri combines the African word: ‘Zuri’ meaning beautiful, while ‘Azure’ suggests a radiant sea.”

Ogolo noted that the first phase of the project would showcase two and four-bedroom luxury apartments, six-bedroom simplexes and seven-bedroom villas, which would be arranged across the marina townhouse apartments and three outstanding residential towers named ‘Zuna’ (abundance), ‘Orun’ (heaven) and Oba (king), and would reach up to 26 floors.


She added, “The podium towers are carefully positioned to maximise views of the marina and garden-piazzas. Located on the ground floor are retail spaces, while ample underground car parking is to be found on the lower ground level. Gensler’s exceptional panel of interior designers are creating spacious and elegant apartments with a selection of design palettes.

“The ultra-exclusive villa residences, which crown ‘Orun’ and ‘Oba’ towers, will offer the ultimate in luxury living and include a private gym and swimming pool as well as stunning panoramic views.”

She said that apart from the ultra-modern facilities within the development, there would be high-end retail outlets, international standard restaurants and an abundant range of amenities in the Marina District itself, all of which would establish Azuri Peninsula as a premier residential destination.

Ogolo added, “Eko Atlantic’s high-standard infrastructure, which includes managed and maintained utilities, will guarantee an exceptionally comfortable lifestyle. A well-planned road system, up-to-date ferry service and helicopter service linking the city to Lagos will ensure that Eko Atlantic is the best-connected city in West Africa.




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Azuri Peninsula’s apartments brighten real estate market
March 30, 2015


In designing the project, the podium towers are carefully positioned to maximise views of the marina and garden-piazzas. Located on the ground floor are retail spaces while ample underground car parking is to be found on the lower ground level

PRIVATE developers have increased their stakes in the Lagos real estate market with a series of significant investments, notably is the first phase of prestigious Azuri Peninsula, which upon completion would house 120 families.

The project, designed by Eko Development Company Limited as luxury apartments, 12 super-luxury simplexes and two Villas as well as seven townhouse apartments, make up the first phase, with a three-year completion plan.


Azuri Peninsula, sitting on 13,000 square metres land mass was designed by the award winning and globally acknowledged architect, Messrs Gensler, Azuri offers the optimum place to live, work, play and invest.

It was also planned to offer a unique and luxurious urban lifestyle by the delightful marina-front of the Marina District in vibrant new Eko Atlantic City.

The first phase of this Marina-front project showcases exceptionally crafted two and four bedroom luxury apartments, six bedroom simplexes and seven bedroom villas which are arranged across marina townhouse apartments and three outstanding residential towers.

Fulfilling the highest standards of contemporary living, all apartments will be fully-fitted with the finest materials, including state-of-the-art kitchens and luxurious bathrooms, District Cooling air conditioning and broadband (which will also be provided throughout the city). Each apartment will feature terraces and/or balconies.

Speaking during the tour of the site last week, Chief Responsibility Officer (CRO), Eko Development Company Limited, Ibiene Ogolo, hinted that the there would be a five star Marina and yacht club with an attractive promenade, high-end shops, cafes and a wealth of amenities in a curated and sophisticated environment.

“The landmark scheme is also close to the Business District in the new city, which is destined to be the new financial centre of Lagos. The developers behind the most luxurious residential destination of 2015 in Lagos have carefully chosen a brand name that resonates. “Azuri” combines the African word “Zuri” meaning beautiful, while Azure suggests a radiant sea.

“Gensler’s exceptional panel of interior designers are creating spacious and elegant apartments with a selection of design palettes”, she said, noting that in the Marina District itself, there will be high-end retail outlets, international standard restaurants and an abundant range of amenities, all of which will establish Azuri Peninsula as a premier residential destination.

On payment options, Ogolo said his company has put in place attractive plans for prospective buyers. According to her, subscribers are expected to make deposit of 25 percent initial cost, another 25 percent when the development gets to certain stage and another 25 percent at the completion stage and ten percent when the house is ready for possession. “In one word, payment would stretch for three years completion period”.

Besides, she said Azuri, being ultra-exclusive Villa residences, which crown ‘Orun’ and ‘Oban’ Towers, will offer the ultimate in luxurious living and include a private gym and swimming pool as well as stunning, panoramic views.

Residents of Azuri Peninsula will have access to a twenty-four hour concierge service, a gym, two squash courts, and a café. Further amenities include a relaxing sauna as well as games and screening rooms and a children’s playroom. Outside, residents will have access to a private outdoor swimming pool, children’s playground, garden-piazzas and valet parking.


In designing the project, the podium towers are carefully positioned to maximise views of the marina and garden-piazzas. Located on the ground floor are retail spaces while ample underground car parking is to be found on the lower ground level.

Eko Atlantic’s high-standard infrastructure, which includes managed and maintained utilities, will guarantee an exceptionally comfortable lifestyle. A well-planned road system, up-to-date ferry service and helicopter service linking the city to Lagos, will ensure that Eko Atlantic is the best-connected city in West Africa.

Azuri Peninsula, within the Marina District, will be under a five-minute drive from the Business District in the new city and is approximately 26 km from Lagos’ International Airport.
The development brings together private individuals and companies who have the knowledge and expertise to transform land lost to the sea, into an oceanfront city that will be one of the wonders of the 21st century.

The multibillion-dollar investment is provided solely by private investors and includes local and international banks: First Bank Nigeria Plc, FCMB, Access Bank Plc and Guaranty Trust Bank Plc, BNP Paribas Fortis and KBC Bank, as well as a growing number of private investors.


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Discussion Starter #12 (Edited)
Endless Ambition

TBY talks Ibiene Ogolo, Chief Responsibility Officer of Eko Development Company, on the development of the Eko Atlantic Project and its impact.

June 2015





Eko Atlantic is the continent’s most significant development. What about it was attractive?

We saw Eko Atlantic as an ambitious project and that, for us, marked it as a grand opportunity. At the site Eko Atlantic now occupies, formerly known as Bar Beach, there was significant erosion over the years that, as recently as 2005, threatened all of Victoria Island. Eko Atlantic resulted as a solution to protect the shoreline of Victoria Island and also to create a city that would be well-planned as well as developed in accordance with 21st century best practices. Speaking from the perspective of investment, this project is a critical part of the transformation of Lagos, Nigeria, and Africa at large. As a result, Eko Development Company saw this as the perfect location to deploy our project, aptly named Azuri Peninsula.



Azuri Peninsula is positioned as a luxury, mixed-used residential development. It is intended to be an address with a specific layout that includes shops and community areas. What factors influenced your design?

What differentiates one real estate project from another is its functionality. For us, real estate is not just brick and mortar; it involves lives, sustainability, and its impact on the environment. We wanted to create a marina development better than any other, hence our choice of land within Eko Atlantic. We have taken time to ensure that our development meets different benchmarks, which included studies of other marina and destination developments such as Dubai, Los Angeles, Qatar, and so on, and considered the adaptability of those developments to our climate and culture.



How will the legal differences from the rest of Lagos State, such as a free trade zone (FTZ), benefit not only Azuri Peninsula, but also the rest of Eko Atlantic?

The FTZ, which is a federal government initiative, will give confidence to investors who want to live or transact business within Eko Atlantic. As a free trade zone, we will benefit from tax exemptions for materials that come into Eko Atlantic. We must bear in mind the impacts of these exemptions to the cost of construction as well as the finished product. From the perspective of a developer, that will give us reassurances that our projects will be competitive. If you take into account the cost of land and construction, one would expect our pricing to be exorbitant, but I can say that today the cost of our finished project will be competitive with costs in Victoria Island and Ikoyi in Lagos. The second consideration is that since Eko Atlantic City is governed by South Energyx, a municipality in its own right, and is exempt from the familiar day-to-day bureaucracy of Lagos State, and has its own streamlined system. The timeline of projects are shortened with the stamp of approval from the government. Confidence is constantly being built, and there is a steady stream of work at Eko Atlantic on a daily basis. It is set to be the first in-mind interface of cross border transactions, and a transparent means of building foreign confidence in Nigeria. It will be a point of capital and intellectual inflow that is tailored to private sector needs and one that matches its pace.



What stage is the Azuri Peninsula project currently at in terms of construction?

We are currently engaged with the piling stages of the development, which we began in January of 2015. We have, however, completed piling works for the first tower (Orun), 236 of them to be precise, and are at about 90% along with the second tower (Oban), with just 20 more piles outstanding as at June 2, 2015. In terms of timeline, we are very much on schedule and have begun making off-plan sales. By the end of 1Q2016, we will have finished the podium of the development.



After the election, what changes have you seen in regards to business and investment, and what has been the general effect on Eko Atlantic?

Around the time of elections there was considerable anxiety as with any election in Africa because of the transition from the incumbent party to the opposition. Thankfully, the process has been a smooth and successful one. After the election, the stock exchange went through the roof, which was tagged the “Buhari Boost” and that has helped the economy by reinstating confidence in the market. The international community has seen that Nigeria is not as volatile as was painted or as predicated by many to be. In the years ahead, I foresee stability and a further boost of confidence in Nigerian economy, which will translate to increased FDI inflows.



Would reform in the petroleum industry be a boon to Azuri Peninsula?

Most government initiatives will have some sort of impact either directly or indirectly. The Petroleum Industry Bill (PIB), when passed, will have a positive impact on the industry. Nigeria is an energy producing country. However, only 20 to 30% of our GDP is funded by oil. If oil prices go up, there will be more liquidity and access to cash. I do not see the PIB as the only government initiative that will be of importance to us. With the new government in place, I want to believe that there will be more prudence, more initiative toward economic development, and growth that will help deepen our capital and money markets and thus translate to better access to much-needed funding such as development grants, loans, and mortgages.



How will developments with Eko Atlantic affect real estate in Lagos?

Presently, various data shows that there is a deficit in residential and commercial buildings, which has resulted in the gap between supply and demand. When you do the math, and take into consideration the rapid growth of Lagos, oversupply will not be an issue but that of the ability to match quality developments with price to meet growing trends. This growth will continue as rural/urban migration continues and with increased influx of returnees from the diaspora. Many Nigerians in the diaspora want to return, but have questions about where they will live considering the lifestyle they have become accustomed to. It is worthy of note to mention that this gap is a great opportunity that Eko Atlantic City is designed to fill by ensuring that not only do they have planned districts but all developers produce quality products and ensure standards.



What are your expectations for the year to come?

For the year to come, I expect more economic stability and confidence in the market. The delivery date for Azuri Peninsula Phase I is 2018. We are currently on the drawing board for Phase II with smaller-sized apartments to cater to our clients.
 
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