Developer revives Ilubirin foreshore mixed development scheme

To address the demand for quality residential housing in Lagos State, the Ilubirin Foreshore mixed development project has completed its first residential apartments.

The development seeks to silence rumours of abandonment surrounding the project and reignite public interest in the ambitious scheme. Initially stalled for years, the project was revitalised during the Akinwunmi Ambode administration through a joint venture with private investors. After rigorous reviews, First Investment Property Company (FIDC) was awarded the contract to bring the vision to fruition.

Ilubirin, which spans a land area of 29-hectare of land on Lagos Island is being constructed by Arbico PLC and designed by SAOTA International Architects and ECAD Design Architects Ltd.

Ilubirin Sales Manager, Lerato Lekema-Okoro, explained that the first phase of the project includes 190 residential units, comprising one, two, and three-bedroom apartments across nine blocks.

Among the amenities in the estate are an event centre, restaurants, and promenade overlooking the lagoon, a conference centre, medical services, as well as landscaped green areas. “We aim to create an elevated living experience with thoughtful design features like double-glazed windows to reduce noise pollution, ensuring comfort amidst Lagos’s bustling environment,” she said.

Plans for future blocks include mixed-use high-rise buildings to cater to diverse residential and commercial needs. The commercial facilities include shopping centres, offices, and hotels.

Lekema-Okoro acknowledged past delays that led to investor dissatisfaction and refunds. She cited funding issues, design modifications, and challenges with canal redirection as significant hurdles.

“We had to address numerous issues, including rechanneling a canal within the property and extensive landfilling. These adjustments, though costly and time-consuming, were necessary to ensure the estate’s functionality and sustainability,” she explained.

To make the apartments more accessible, the Ilubirin Foreshore project partnered with Prudential Mortgage Bank to offer flexible payment plans. “Buyers can spread payments over two years or secure mortgages for up to 10 years at competitive rates. While economic conditions have driven interest rates to double digits, we’ve negotiated single-digit rates for the first two years to ease the financial burden on buyers,” Lekema-Okoro revealed.

She noted that the estate boasts strategic connectivity, allowing residents to easily access Lagos Island, the mainland, and Victoria Island. For green spaces and sustainability, Lekema-Okoro stated that the green areas and landscaped spaces are integral to the project, ensuring a balanced environment that promotes cleaner air and a sense of community.

With the completion of the first block, Ilubirin Foreshore is set to relaunch into the market, Lekema-Okoro expressed confidence in the project’s renewed momentum and ability to attract subscribers and investors.”Our commitment is to deliver a world-class residential experience that aligns with current realities and exceeds expectations,” she stated.