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Eko Atlantic:Periscoping Africa's next property generation
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Recently, Lagos State government commissioned the redevelopment of the $3 billion Eko Atlantic city project, signaling the beginning of a journey into the next generation of property development not only in Nigeria, but also in Africa.
Recently, Lagos State government commissioned the redevelopment of the $3 billion Eko Atlantic city project, signaling the beginning of a journey into the next generation of property development not only in Nigeria, but also in Africa.
Eko Atlantic city, targeted to be completed by 2015, is an ambitious project that the Lagos State government is determinedto use to boost its economic profile and also as part of the mega city dream wherein the state, by 2015, will be the third largest megacity in the world.
Adjacent to Victoria Island, Eko Atlantic will rise as the next generation of property in Africa. The city will combine both residential and commercial accommodation in a location to be serviced by state-of-the-art, high-tech infrastructure. When completed, Eko Atlantic is expected to be larger than Victoria Island and is targeting 250,000 residents.
Lagos State, though one of the smallest states in Nigeria, land mass wise, has the largest human and industrial concentration in the country. With an expanding population of 15 million people, Lagos is the largest city in Nigeria, the second largest in Africa, and the sixth largest in the world. It is expected that by 2015, the population of the state will be 25 million, thus qualifying it as the third largest megacity in the world.
The state harbours the head offices of the largest international companies that are based in Nigeria. All Nigeria's leading financial, oil and gas, and telecom companies as well as the Nigerian Stock Exchange are located in Lagos.
The land for the Eko Atlantic project, according to the developers, South Energyx Nigeria Limited, will be reclaimed, up to 820 hectares, by dredging from the waters of the Atlantic Ocean in an environmental friendly process.
In a brief chat with Business Day at its beautiful stand at Eko Hotels & Suites, venue of the 4th Lagos Economic Summit on April 23, officials of the Eko Atlantic Development Company said Eko Atlantic was set to be the heart of tomorrow's Lagos.
"Consider it the Dubai of Africa---a lively, 'happening' metropolis, cosmopolitan and culturally diverse, a melting pot for enterprise and exchange. The project will enable Lagos to compete, on every level, with some of the world's top business and tourism capitals", they said.
According to them, with its offering of premium corporate, retail and financial space and its potential as a high-end hospitality resort with a prime seaside location, Eko Atlantic would be a magnet for multinationals and foreign/local investors whose presence would multiply job and partnership opportunities, adding that tenants and businesses would have the security of knowing they reside in one of Africa's newest, most ambitious, and most autonomous urban centres.
Property development watchers say it only resides in the imagination the volume of construction that prime location in Lagos is bound to witness in the coming months and years.
According to them, it is to be expected that for a city that promises to be 'an autonomous urban centre', building patterns and architectural designs that will dot developments there might demystify the property development wonders of Dubai.
"Contemporary lifestyle facilities, from world-class shopping malls and restaurants to hotels and a vibrant nightlife, will conspire to create the good life at Eko Atlantic. The district will have all the benefits of any large thriving city plus the advantage of year-round sunshine and a coastline with endless beaches. A privileged, quality lifestyle is guaranteed", the developers disclosed.
Another high point of the project, according to the developers, is the relief it is going to bring in the burden of both commercial and residential property shortage which has already put Victoria Island in a strait and under pressure.
Victoria Island which was initially a residential area is now Lagos main business and financial centre, and in the last 20 years, the island has rapidly expanded, becoming not only the country's busiest banking and commerce hub, but also the most exclusive areas to live.
Today, the area is saturated in terms of transportation and land available for new development. There is also a huge shortage of hotel and accommodation capacity. This, among other reasons, makes the idea of Eko Atlantic worth the while. Land has to be reclaimed from the Atlantic Ocean to create valuable land to work in and enjoy.
Eko Atlantic city, targeted to be completed by 2015, is an ambitious project that the Lagos State government is determinedto use to boost its economic profile and also as part of the mega city dream wherein the state, by 2015, will be the third largest megacity in the world.
Adjacent to Victoria Island, Eko Atlantic will rise as the next generation of property in Africa. The city will combine both residential and commercial accommodation in a location to be serviced by state-of-the-art, high-tech infrastructure. When completed, Eko Atlantic is expected to be larger than Victoria Island and is targeting 250,000 residents.
Lagos State, though one of the smallest states in Nigeria, land mass wise, has the largest human and industrial concentration in the country. With an expanding population of 15 million people, Lagos is the largest city in Nigeria, the second largest in Africa, and the sixth largest in the world. It is expected that by 2015, the population of the state will be 25 million, thus qualifying it as the third largest megacity in the world.
The state harbours the head offices of the largest international companies that are based in Nigeria. All Nigeria's leading financial, oil and gas, and telecom companies as well as the Nigerian Stock Exchange are located in Lagos.
The land for the Eko Atlantic project, according to the developers, South Energyx Nigeria Limited, will be reclaimed, up to 820 hectares, by dredging from the waters of the Atlantic Ocean in an environmental friendly process.
In a brief chat with Business Day at its beautiful stand at Eko Hotels & Suites, venue of the 4th Lagos Economic Summit on April 23, officials of the Eko Atlantic Development Company said Eko Atlantic was set to be the heart of tomorrow's Lagos.
"Consider it the Dubai of Africa---a lively, 'happening' metropolis, cosmopolitan and culturally diverse, a melting pot for enterprise and exchange. The project will enable Lagos to compete, on every level, with some of the world's top business and tourism capitals", they said.
According to them, with its offering of premium corporate, retail and financial space and its potential as a high-end hospitality resort with a prime seaside location, Eko Atlantic would be a magnet for multinationals and foreign/local investors whose presence would multiply job and partnership opportunities, adding that tenants and businesses would have the security of knowing they reside in one of Africa's newest, most ambitious, and most autonomous urban centres.
Property development watchers say it only resides in the imagination the volume of construction that prime location in Lagos is bound to witness in the coming months and years.
According to them, it is to be expected that for a city that promises to be 'an autonomous urban centre', building patterns and architectural designs that will dot developments there might demystify the property development wonders of Dubai.
"Contemporary lifestyle facilities, from world-class shopping malls and restaurants to hotels and a vibrant nightlife, will conspire to create the good life at Eko Atlantic. The district will have all the benefits of any large thriving city plus the advantage of year-round sunshine and a coastline with endless beaches. A privileged, quality lifestyle is guaranteed", the developers disclosed.
Another high point of the project, according to the developers, is the relief it is going to bring in the burden of both commercial and residential property shortage which has already put Victoria Island in a strait and under pressure.
Victoria Island which was initially a residential area is now Lagos main business and financial centre, and in the last 20 years, the island has rapidly expanded, becoming not only the country's busiest banking and commerce hub, but also the most exclusive areas to live.
Today, the area is saturated in terms of transportation and land available for new development. There is also a huge shortage of hotel and accommodation capacity. This, among other reasons, makes the idea of Eko Atlantic worth the while. Land has to be reclaimed from the Atlantic Ocean to create valuable land to work in and enjoy.
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