Nigerian Red Cross Partners Mall D’Oasis to Redevelop Ikoyi Property

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Fadekemi Ajakaiye

The Nigerian Red Cross Society has flagged off the redevelopment of its property, strategically located at Eko Akete Close, Ikoyi, Lagos, in conjunction with its development partner Mall D’Oasis Shopping Centre Ltd.

The new property, christened Oasis- Ikoyi, is expected to boost the humanitarian work of this Society that was established under the Nigerian Red Cross Society Act of 1960.

The redevelopment will result in a distinctive mixed used real estate, offering about 3,000sqm and about 100 of short/extended stay apartments, under management by an international franchise.

The land size is 3545sqm (approx.one acre), and the anticipated budget (build cost) budget is $26m. The transaction structure is 25 years lease agreement structured as a BOT (Build Operate and Transfer). Key Development Component: 5 floors office space, 7 floors of extended stay apartments, and one floor retail.

The redevelopment is a demonstration of the International Committee of the Red Cross continued commitment through its Nigeria office to its mandate in the country, according to senior officials present at the flag off ceremony at the Ikoyi site, last week.

The Oasis brand is inspired by the vision to provide a world class environment that supports good quality living across Nigeria. Oasis-Ikoyi is the second development undertaken by the Oasis brand in its medium term development plans in Nigeria. The first development, Oasis- Ikeja; another collaborative effort, is a mix of retail, office and hospitality which is poised to open to the public in 2021. The Oasis-Ikeja promises a respite from the energy, sometimes called chaos that is synonymous with Lagos today.

Signaling the commencement of the development, last week, a team from the National Head Quarters of the Nigeria Red Cross, led by the Society President Elder Bolaji Anani handed over the property to Mall D’Oasis for the commencement of works.

Other senior officials present were: Prince Adeqga Oluyemisi Prince – National Finance and Property Management Adviser; Barr. Muaza M. Dikwa -National Legal Adviser; and Mrs. Chinonye Ubakaeze – Admin and Lagos NHQ Liaison Officer.

It is anticipated that the construction, which will be handled by Denver Build, will span 24 months. Another consultant to the project is LYT South Africa.

“The Oasis Brand is inspired by the vision to provide a world-class environment for shopping, leisure, business and entertainment. This vision has guided our various developments in shopping and retails centres, hotels, office complexes and business lounges. With multiple ongoing developments spread across the country, the Oasis brand is poised to leave a signature of excellence, satisfaction and quality,” an official of the company said.