Investors tasked on real estate potential in Lagos Free Zone

With the accelerated development-taking place on the Lekki corridor, investors and developers have been advised to take advantage of the potentials of the environment to lessen the socio-economic burden on infrastructure particularly, housing delivery in the state.

The Managing Director, Lekki Free Zone Development Company (LFZDC), Xigong Huang stated this during the commissioning of the first blocks of 24 flats serviced apartment within the zone, in Lagos.

Huang said the development of real estate in the zone, would be a win-win situation for the LFZC and housing developers, stressing that such investments have very huge potentials.

He said the goal was to develop the area into a satellite city with industrial facilities and advance infrastructure to attract not only manufacturers but also things like real estate and other commercials.

According to him, with the development of Lekki seaport, there would be huge demand for real estate business, logistics, and processing and petrochemical industry.
“The deep seaport is taking place and the delivery time for phase one is- the 30-months time from now. We want to develop the area into an advance eco-friendly zone with a certain standard of satellite city and so we should maintain some standards”, he said.

Built within a distance of about 65km from Lagos, the trade zone is to serve the exponentially growing metropolis. The free trade zone also has the potential for expansion, proximity to the international airport, and Sea link through the Atlantic Ocean, emerging economies in Africa, and European and capacity to support a growing Nigeria economy.

The Chairman, board of directors, Coral Beach Estate, Mr. Dave Inyere emphasised that the development of real estate opportunities within the Lekki free trade zone area would promote business and upscale infrastructure in the area.

With the pioneering of an ultra-modern estate of 318 luxury dwelling units consisting, 24 units of three-bedroom flats, 36 units of 2-bedroom flats, 24 units of 2-bedroom maisonettes, 144 units of studio apartments among others, he said the homes would cater for businesses and professional service provider as well as high net worth individuals operating in the trade area.

Inyere said the first block of commissioned 24-flats residential apartments, which is anchored on providing excellent dwelling experience and world-class service delivery, would cushion the shortfall in housing for its stakeholders.

The project manager, Emeka Okoye, an engineer, disclosed that the structure developed through direct labour and input of highly qualified built professionals has unique facilities like, 24hours power supply, Closed Circuit Television (CCTV), intercom, good access road network, and recreation facilities.

“For the people doing business within the free trade zone, the project is currently the only approved residential development within the area and so by the time the free trade zone start operating and when customs start implementing checks, it would serve as the first place for home seekers”, he stated.