Gapstone, Netconstruct Partner to Build High Quality Affordable Homes in Lagos

Bennett Oghifo

Gapstone Developers Ltd, a subsidiary of Cruxstone Development and Investment Limited, and Netconstruct Nigeria Ltd, a real-estate development Company have signed a unique joint venture agreement to build affordable homes but without compromise on quality.

The joint venture agreement is for the construction of a residential estate known as Palmvale Homes that will consist of 400 housing units on 77,000 square metres of prime land.

Palmvale Homes is located along the Lekki-Epe Expressway, and it’s designed and built to have three-bedroom flats, three-bedroom terraces, four-bedroom detached houses, and maisonettes. 

According to the Group MD of Cruxstone Group, Dr Adetoro Omotoye, “Each of these homes fuses comfort and functionality, delivering a unique 21st-century lifestyle for local families, diaspora buyers, and savvy investors.

“The number of houses are already done. We are just taking it to the next level in terms of development.”

He lauded their new partner, Netconstruct for their years of experience and large portfolio of projects, saying, “They have a lot of the huge database of clientele, so everybody is just bringing to the table years of experience, data, resources, expertise, a whole lot to make sure that we come out with a project and a product that is like number one.”

Omotoye said their ongoing initiative would help close the huge housing gap in the country “through providing houses that are more reachable to people. We have been playing at the luxury end, but now we are dealing with houses that can be affordable. So that’s why we said let’s come into that space. Let’s come up with something that could help take care of that gap to a large extent. 

“It’s also important that when playing in that space, it does not mean that we are scaling down on our quality. So for us, it’s still being able to play in that space, yet being mindful of our quality is always major. Watchword for us is also bring affordable houses, yet quality houses, it takes a lot of value engineering, thinking through and we’re working with people that can deliver effectively in that space. So we’re very hopeful. We’re very sure that we will deliver in that space effectively.”

The Chief Executive of Netconstruct, Mr Afolabi Oseni said their company’s headquarters is in Lagos and that they have good presence in Abuja “where we’ve delivered just under 4000 different houses, and the land in question here, which is called Palmvale is actually a parcel of land that we’ve owned for close to 20 years and we’ve actually started development, as Dr. Omotoye mentioned to you. But after seeing what they have done in the Victoria Island area, even their price brackets, it’s actually quite attractive, though it’s part of the 1% of 1% but honestly speaking, it’s a very, attractive price. “And I also saw the commitment that they had, that they clearly demonstrated, towards the delivery of their units. I see a lot of passion in it.”