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The Lagos State Government has concluded plans to deliver over 600 apartments at the cost of N60 billion. The project, named Blue Water Lagos, is a brainchild of partnership arrangements between Elalan Group, a real estate firm and a pan-African investment firm, African Capital Alliance (ACA).
Going by the investors explanation, over N6 billion had already been spent on the project sitting on an expansive 37,000- square meter sea view land in the heart of Lekki area of the state. Kenneth Leech of Elalan Construction Company (Nigeria) Limited, said that Blue Water is a contemporary mixed-use development comprising five, 17 and 20-storey residential buildings of one, two and three-bedroom apartments being offered for sale off-plan Phase I.
Leech stated at the topping out of the Phase 1 of the project in Lagos recently that it has three phases. He said the Phase 1, dubbed Sapphire Apartments, contains 124 apartments consisting of one, two, three apartments which will be followed by duplexes and four bedroom flats which are to be fully delivered by December, this year.
“Phases two and three would consist of two residential towers situated above two levels of top brand retail and leisure malls in each phases providing top-notch local and internationally branded products and services to the residents and visitors,” he said.
The 1 bedroom flat sells from N41.5 million; 2 bedroom flat at N54.8 million; and 3 bedroom flat starting at N81.2 million. There is an infrastructure deposit requirement of 1 bedroom of N1.5 million; 2 bedroom at N2.125 million; and 3 bedroom at N3 million.
