Developer begins 16-storey Periwinkle Atlantis project in Lagos
A major stride towards stepping up Nigeria’s real estate sector construction activities was recorded, last week, in Lagos, with the flag-off of a 16-storey multi-billion naira Periwinkle Atlantis building project.
Promoted by Messrs Periwinkle Residences, the project known as an “intelligent building” is located in a prime and premium location and consists of 16 floors of residential condos. The first three floors were dedicated to parking spaces, while the fourth floor has a recreational area with a swimming pool and barbing shops.
The fifth to 16 floors are residential, he said, adding that there are two wings: A and B, which house one and two bedrooms while the 14th and 15th have three bedrooms with the 16th hosting the penthouse.
The groundbreaking turning-of-the-sod to signal the beginning of construction work was held recently, which attracted subscribers, vendors, contractors and stakeholders.
Speaking at the event, the Chairman and Chief Executive Officer, Periwinkle Residences, Dr. Chiedu Nweke, said: “The programme is one of the symbolic moves of Periwinkle Residences to make its statement of intent. I am excited to announce that the first 30 units issued sold out within weeks.”
Nweke said in five years, Periwinkle Residences has emerged as a force to be reckoned with in the industry. “Periwinkle Residences began in 2017, first as Orange and then Oxygen and it’s been a very short but progressive journey for us. In 2020, we saw this location and indicated interest because we reasoned that it matched our vision.
“We were told it was owned by the UAC. We went ahead and acquired it in 2021. Today, we have done tremendous work from understanding the soil texture to structuring, architectural work and marketing to the groundbreaking we are witnessing today. It takes a lot of work and it’s been a long time coming. Apart from the structure of six spaces you are all seeing today, we have about four of these in Lagos alone, including a foothold in Eko Atlantic,” he said.
He explained that the company is known for not compromising quality. “Every vendor, contractor, or supplier you see here represents the best in the business. So, for us to be doing what we are doing shows that we are ready to compete at the highest level of the business. Wherever you see our footprint, we change the game in excellence, in every frontier of our engagement.”
The Managing Director, Tunde Olatunji highlighted the intelligent characteristics of the building, saying “the idea behind the project was to promote a hotel and residential business. What we have here is premium class, the condos have a sweeping view of the Atlantic Ocean, availability of 24-hour Internet services, ample parking space including extras for those with numerous cars, 24-hour CCTV monitoring, and guaranteed security.
“For those seeking an option for investment, we have worked out the business case and can confidently assure you that your investment would make a return of between 15 to 18 percent Return on Investment (RoI) in a year. In the event that you use your condo for Airbnb, we have an arrangement for such an option,” he assured.