Amid growing concerns over the imbalance in Lagos’ luxury housing market, real estate developer, MGE Realty Limited, has unveiled plans to deliver more than 500 premium residential units across three major housing projects on the Mainland.

The initiative follows findings from the 2024 Troloppe Property Services Report, which revealed that luxury residential investment in Lagos has remained heavily concentrated in Ikoyi, Victoria Island and Lekki, leaving affluent homebuyers on the Mainland, particularly in Ikeja GRA, underserved.

The report noted that while demand for premium housing on the Mainland has remained consistently strong, the supply of new high-end residential developments has been relatively limited.

Speaking on the development, the General Manager of MGE Realty Limited, Ayokunumi Adebajo, said the report validated the company’s market research, which identified significant unmet demand for luxury housing on the Mainland.

“The report confirmed what our market intelligence has consistently shown deep and enduring demand for world-class living on the Mainland, which the market has largely failed to meet.

“Executives, professionals and established families in Ikeja GRA and its environs should not have to cross the bridge to enjoy the standard of living they have earned. We are bringing that experience closer to them,” he said.

Adebajo explained that the planned developments represent a strategic intervention aimed at bridging the long-standing shortage of premium housing in Ikeja GRA and Palmgrove.

According to him, the projects include the Palmgrove development, Melrose Residences, and Melrose Gardens in Ikeja GRA, each designed to serve different segments of the Mainland’s premium residential market while maintaining high standards of design, construction quality, and community living.

“For too long, luxury in Lagos real estate has been treated as a geographic location rather than a standard of excellence. Our position is that world-class living is defined by design quality, infrastructure, security and community, not by postcode. We are demonstrating that the Mainland can offer residential experiences that rival anything available on the Island,” he said.

The company’s Head of Marketing and Communications, Adedolapo Odunsi, said discerning and financially capable buyers on the mainland have long been underserved despite their purchasing power.

“The mainland buyer is sophisticated, financially capable and has been waiting for a developer willing to respond to their aspirations. That is exactly what we are doing,” he said.

Odunsi disclosed that construction of the Palmgrove project is nearing completion, while foundation works for Melrose Gardens and Melrose Residences in Ikeja GRA have been completed, with construction progressing on both developments.