Periwinkle Empire has entered into a joint venture with Bozac Continental Limited and Legacy Automobile Limited for the development of a luxury high-rise condominium in Banana Island, Ikoyi, Lagos.

The agreement, signed at a ceremony attended by executives of the three firms, covers a 3,000 square metre plot located at 101 Close, off 1st Avenue, near Ocean Parade Towers. The site is described as waterfront-adjacent, an area associated with premium residential developments.

Speaking at the signing, Chairman and Chief Executive Officer of Periwinkle Empire, Chiedu A. Nweke, said the partnership was facilitated by existing relationships among the parties. He added that the project reflects a shared approach to development and delivery.

Chairman of Bozac Continental Limited, Patrick Ikechukwu Chibueze, said the choice of partner was based on prior experience and project track record. He noted that the location remains one of the remaining plots available for large-scale residential construction in the area.

Also speaking, Chairman of Legacy Automobile Limited, Okey Ezibe, said the development is intended to align with the character of Banana Island while delivering long-term value.

The project will be led by the Managing Director of Periwinkle Condos, Tunde Olatunji, with Buildisa Construction FZE appointed as the lead contractor.

Company officials said preliminary work, including design finalisation and site preparation, has commenced. Construction is expected to begin within the current fiscal quarter.

According to the developers, the proposed building will include high-end residential units, private amenities and views of the surrounding waterfront. Further project details, including timelines and pricing, were not disclosed at the event.

Banana Island remains one of Lagos’ most sought-after residential districts, attracting investment in luxury housing due to its location, infrastructure and proximity to commercial centres in Ikoyi and Victoria Island.

Demand for high-end residential property in Lagos continues to be driven by both local and diaspora investors, despite broader challenges in the real estate sector.

The new project adds to a pipeline of developments aimed at meeting that demand, particularly within premium segments of the market.