Real Estate Firm Enters Lekki Market with Phoenix Apartments

Raheem Akingbolu

Keble and D207 Construction have commenced development of Phoenix Apartments in Lekki, marking a new entry into a segment of the property market that combines residential housing with investment participation.

The ceremony, held on site, drew developers, investors and agents, with discussions centred on how the project responds to current housing demand and evolving investment structures within Lagos’ real estate sector.

Speaking during the event, Chief Executive Officer of D207 Construction, Jerry Raji, said the development is guided by a coordinated approach that integrates design, compliance and construction processes.

“We are trying to define your vision,” he said. “The focus is on space, natural light and how people use areas like the kitchen and bathroom. When these come together, it becomes a unit. It is a house that becomes a home.”

Raji explained that the company’s delivery model is built on a sequence of decisions that prioritise sourcing, planning and execution. “We aim to source right, design right, build right and finish right,” he said, noting that alignment across teams is required at each stage of the project.

In his remarks, Chief Executive Officer of Keble, Josemaria Agulanna, outlined the investment framework supporting the development, stating that Phoenix Apartments introduces a fractional ownership structure.

“On Keble, you can own fractional parts of this unit,” he said. “If you do not have the full amount, you can still buy into it.”

He said the model is designed to widen access to property investment while maintaining a focus on income generation and asset value. According to him, investors are expected to consider demand levels, income potential and resale prospects when making decisions.

“This is a mature market. It is not a case of waiting for future growth. The activity is already here,” he said. “You are getting capital appreciation and steady cash flow, and the asset is managed for you.”

Agulanna added that liquidity remains a key feature of the Lekki property market. “You can sell faster because there is demand. That is important for any investor,” he said.

Discussions during a panel session also addressed regulatory requirements and construction standards. Raji said preliminary soil testing informed the structural design of the project.