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THE BLUE WATER LAGOS RESIDENTIAL DEVELOPMENT
A top out ceremony took place recently for the on-going construction of the Blue Water Lagos – a Residential Development by Africa Capital Alliance and El-Alan Construction.
In building construction, top out ceremony takes place when the last beam (or its equivalent) is placed atop a structure. The Blue Water Lagos team cerebrated this event with a media event for the propose of public relations. Blue Water Lagos, also termed the “Ultimate Lifestyle Community” is an investment project by African Capital Alliance. Africa Capital Alliance is a leading independent investment firm focusing on Nigeria and the broader West African region. Their US$165m real estate fund will see the ground-up construction of this mid-market residential development. The project is being developed alongside EL-ALAN Construction Company (Nigeria) Limited, a dynamic construction and civil engineering company in Nigeria.
Blue Water Lagos is a contemporary mixed-use development that sits on a 37,000 square meters expanse of sea view land, crafted beautifully with quality and comfort embedded in its design. The contemporary mixed-use development comprising five 17 to 20 storey residential buildings of 1, 2 and 3 bedroom apartments. The project master plan and design was executed by Ngonyama Okpanum & Associates, an architectural firm founded in South Africa, but with operational offices in six other countries.
During the TopOut Ceremony, Mr. Obi Nwogugu, Head of Real Estate at African Capital Alliance said; the Blue Water Lagos is a redefinition of the conventional ‘affordable housing’. The first phase of the project—the Saphire Residences—is estimated to cost US$25 million. While the entire development will cost about US$165 million. More so, Mr. Kenneth Leech of El-Alan Construction said that his company will deliver 124 apartments, comprising 1,2 and 3-bedroom apartments in the first phase. These units would be ready for occupation in January 2020.
Watch the Blue Water Lagos project video below:
The development is already getting so much interest from the public. Most especially, the flexible payment plan which requires potential buyers to make 20 percent down payment; While the remaining balance of the payment will be spread over the year.
We need more of this type of housing projects to help meet the housing needs of our nation. The private sector should continue to assist the government in provide housing units especially those with flexible payment plans like this. Every year the country’s population increases; and housing needs also increases simultaneously. It is therefore paramount that both government and the private sector work in unison to provide one of the basic amenities citizens need which is housing.