Nigeria is set to construct a mixed-use 14-floor tower in Lagos at an investment cost of US $10m. Managing Director of Cavalli Business and Investment Group, GPP’s parent company, Mr. Emmanuel Odemayowa spoke during the foundation laying ceremony and said that the project has renewed confidence in the nation’s real estate market.
Dubbed the ‘Pacific Lagos’ the development will be located on the strategic Ozumba Mbadiwe Street in Victoria Island. The new high-rise project was in line with the Cavalli Group’s vision of helping to reduce Nigeria’s severe housing deficit through the development of real estate modeled on international standards.
According to Mr. Odemayowa, the tower was modeled on mixed used property developments in some of the world’s leading economies and was designed to provide Nigerians with a “Work, Live and Play” environment “comparable with the best internationally.”
“The Pacific Lagos was the product of many years of research, brainstorming and planning toward building a vertical mixed high-rise structure that would meet the diverse lifestyle needs of its residents in terms of convenience, access to the commercial nerve centres of Lagos and premium facilities.” said Mr. Emmanuel Odemayowa.
The project comprises commercial and residential one and two bedroom apartments as well as penthouse suites and recreational spaces on the 14 floors. The tower has been designed to offer breathtaking views of the Lagos Lagoon and the Atlantic Ocean from its upper floors. It will also be equipped with a suspended mosaic-tiled swimming pool, round-the-clock security and facility management, as well as a recreational floor with gym, spa/massage facilities, game room, shopping mart as well as restaurant and bar.
The projected completion period for the Pacific Lagos is 36 months (2022) and a Director of the Cavalli Group, Mr. Tunde Adaramaja, assured investors that the GPP had financial arrangements to ensure it would meet this target date. The latest data from Nigeria’s National Bureau of Statistics showed that the real estate service sector swung back to positive growth and expected to perform better this year.