All the “Buy & Build” residential serviced plots have been fully subscribed in the first phase of Alaro City, a new inclusive city in the Lekki Free Zone, Lagos.
These plots were put in the market only in January and within six months they are gone and the phase two is now open, according to a statement by Rendeavour, Africa’s largest new city builder.
Alaro City was launched in January as a Joint Venture between the Lagos State Government and Rendeavour, to boost foreign direct investment in Nigeria and create tens of thousands of jobs.
“We expected high uptake of the plots, but the rate at which they sold out has been exceptional,” said Odunayo Ojo, CEO of Alaro City.
According to him, “Alaro City is situated in a prime location in the Lekki Free Zone, making it one of the most exciting development projects to come to Lagos State. The location and exclusive benefits have undoubtedly been key selling points for buyers.”
Alaro City is an integrated mixed-use, city-scale development with industrial and logistics locations, complemented by offices, homes, schools, healthcare facilities, hotels, entertainment and 150 hectares (370 acres) of parks and open spaces. Asides the residential sales, there have also been a rapid uptake in commercial plots, he said.
“The Lekki-axis has been a key driver in residential real estate over recent years. Alaro City offers a unique and valued investment proposition that the market clearly recognises,” said Gbenga Olayinan, Chairman of Estate Links Limited, a leading real estate consultancy. “As with any real estate investment, the real trick is to key in early.”
Located in the North West Quadrant of the Lekki Free Zone, Alaro City lies in the growth path of Lagos, one of Africa’s fastest-growing cities with a population of over 20 million. Alaro City is adjacent to the future international airport, the region’s largest deep-sea port, and major Nigerian and international companies.
Rendeavour is building seven new cities in Africa: in Nigeria, Kenya, Ghana, Zambia and Democratic Republic of the Congo. As a master developer, Rendeavour invests over $250 million in each project, creating the infrastructure and living and working spaces that will help sustain and accelerate Africa’s economic growth, meet the aspirations of Africa’s burgeoning middle classes, and serve as a catalyst for further urban development.
Alaro City is an inclusive mixed-income, city-scale development with master-planned areas for offices, logistics and warehousing, homes, schools, healthcare facilities, hotels, entertainment and 150 hectares of parks and open spaces. Rendeavour and Lagos State Government, have planned Alaro City as a 2,000-hectare, market-led project. Alaro City is authorised by both the Federal Government of Nigeria, through the Nigeria Export Processing Zones Authority, and the Lagos State Government as an entity to develop, operate, administer and manage the city.
The statement said Rendeavour has over 12,000 hectares (30,000 acres) of city-scale developments in the growth trajectories of large cities in Kenya, Ghana, Nigeria, Zambia and Democratic Republic of Congo. “Rendeavour is creating the living and working spaces that will help sustain and accelerate Africa’s economic growth, meet the aspirations of Africa’s burgeoning middle classes, and serve as a catalyst for further urban development.”