‘Why We’re Investing N10bn in Eko Atlantic City’

The Chief Executive Officer of leading estate developing company, Periwinkle Luxury Lifestyle Condo, Mr. Chiedu Nweke has said the company’s decision to invest $20million, translating to about N10 billion, in the building of a 15-storey luxury lifestyle condos was to make a statement that smart cities in Singapore and Dubai can also be replicated in Nigeria too.

Speaking yesterday at the sign-off ceremony for the acquisition of 2.400 square metres of land at Eko Atlantic City in Victoria Island, Lagos, Nweke said the “intention of the Pan Atlantis Condos was to challenge similar developments the likes of which you find in Singapore and Dubai”.

He recalled that “in 2009, we met with the Chairman of Eko Atlantic City and promised to collaborate with him to drive the dream of stirring a global challenge of providing world class luxury condos. We are not here to build run-on-the mill condos, we want to send a clear message that there are also big players in Nigeria capable of doing big things. We are therefore forerunners in the area of providing this niche service and in no time, we aspire to be the leaders in this business.”

Nweke disclosed that the company has acquired 2,400 square metres of land to build its first 15-floor high-rise with three suspended podia, swimming pool, three floor park and corridors.

According to him, the project which is primarily to project modern lifestyle will cost $20million and would be delivered in 30 months, adding that it is targeted at high net-worth individuals, the Diaspora and to drive foreign direct investment to the country.

The Managing Director of Eko Atlantic, Mr. David Frame noted that “the concept is to develop a world class city matching global standards and to achieve that, we need to move as a team. So, it is our belief that your success is our success too and together we would move on to achieve far more greater projects together.”

In his brief remarks, the Chief Operating Officer, Mr. Tunde Olatunde described Periwinkle Luxury Lifestyle Condos as a premium developer in Nigeria, adding that condos which is a word borrowed from the Americans simply means apartment.

While stressing that the company’s big vision is to build the biggest and tallest condos in Nigeria and Africa, said the project would churn out world class luxury three bedroom condos which would be sold off plans with flexible payment schedule spread over 30 months.

On the ability of the company to deliver the project in 30 months, the Chief Operating Officer (COO), Mr. Hassan Jaafar assured that “once you have a plan you schedule your timelines for delivering materials for piling, base production, space, service, green technology, ICT and others. In the end, we are delivering an intelligent building that meets global standards.”