Economy

$165m Blue Water Estate berths in Lagos

Written by Maritime First

…FG to issue N150bn bond Feb 20***

A Real estate firm Elalan Group and a leading pan-African investment firm with investments worth over $1 billion, African Capital Alliance, have formed a partnership to  deliver top-notch contemporary apartments in Lekki, Lagos.

Located in the heart of Lekki Phase 1, Blue Water Lagos offers easy access to Victoria Island, Ikoyi District, Banana Island and other parts of Lekki within five-15 minutes drive.

Sitting on an expansive 37,000- square meter sea view land and beautifully crafted with quality and comfort  embedded in its design, the estate is worth $165 million with the first phase costing $25 million, the Group stated.

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.

The Phase 1 plan dubbed Saphire apartments have 124 apartments consisting of one, two, three apartments which will be followed by duplexes and four bedroom flats.

The estate is developed by the Elalan Group and African Capital Alliance, master planned and designed by Ngonyama Okpanum & Associates, a recipient of numerous design wards. The quantity surveyors are FOAB & Associates

The project, according to Elalan Development Manager, Kenneth Leech, would redefine living in Lagos by offering affordable apartments with top-notch amenities, which include leisure, entertainment and recreational facilities that promote social interaction and encourage passive recreation.

The amenities include leisure, entertainment and recreational facilities that encourage social interaction and passive recreation and commercial spaces offer top brands the opportunity to provide quality services for the residents.

Leech added that over 700 cosmopolitan residences with pent houses would be offered within the Blue Water’s artfully imagined lifestyle concept.  He stated that there would be a large shopping entertainment mall in the other phases. A recreation park, landscape gardens, children play areas, tennis court, and basket ball.

According to him, the idea is to create a secure community where those who desire it can live, play and recreate.

He said:  “Blue Water by the end of this month, when the first flats will be delivered to its subscribers, will become the gathering place for global citizens, from local insiders to the most seasoned world travellers. We will create a new urban autonomy that will change not only how Lagos looks, but also how the world looks at Lagos.”

On the iconic development in the estate, Leech said it include restaurants, shopping, entertainment and leisure facilities located within walking distance with innovative designs of energy and water efficient systems, fire alarm and sprinkler protection, high speed broadband service and secured ventilated underground parking

On the completion date, he said  the project started two years ago. He was optimistic that the projet, whih started two years, would be completed in five years.

According to him, the clients’ response to the scheme had been very good and that it has sold beyond the group’s market projection.

Capital Alliance Nigeria Limited Head of Real Estate, Mr. Obi Nwogugu said over 35 per cent payment of the apartments had been made.

On payment plans, he said they had provided an easy plan with 20 per cent down payment and subsequent quarterly payments over the construction period and before December 31, this year.

He added that legal/administrative fees for the one bedroom, two bedrooms and three bedroom cost N400,000.

In the meantime, the Debt Management Office (DMO) has said the Federal Government would auction N150bn worth of bonds by subscription on February 20.

A circular by the DMO on Wednesday, showed the breakdown of the figure to include a N50bn five-year reopening bond that would mature in April 2023 and be offered at 12.75 per cent and another N50bn seven-year reopening bond to mature in March 2025 and be auctioned at 13.53 per cent.

The final one was another N50bn 10-year bond that would mature in February 2028 and be auctioned at 13.98 per cent.

According to the DMO, the bonds to be auctioned have a settlement date of February 22.

The DMO had earlier auctioned a N150bn bond on January 30 with a settlement date of February 1.

The circular said the DMO, on behalf of the Federal Government, was offering the amounts for subscription by auction and was authorised to receive applications for them.

The DMO said, “The units of the sale will be N1, 000 per unit, subject to a minimum subscription of N50, 001,000 and in multiples of N1, 000 thereafter.”

On the interest rate, it stated, “For re-opening of previously issued bonds, (where the coupon is already set), successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest on the instrument.”

On the securities, it added that the FGN bonds were backed by the full faith and credit of the Federal Government and were charged upon the general assets of Nigeria.

As part of its operations, the DMO recently disclosed that the Federal Government successfully issued a N100bn Sovereign Sukuk in December 2018, which was oversubscribed to the tune of N132.2bn or 132.2 per cent.

The offer, it noted, was opened to the general public and subscriptions were received from a wide range of investors such as retail investors, pension fund administrators, deposit money banks, fund managers, non-bank financial institutions and other institutional investors.

It stated, “The significant increase in the level of participation by retail investors from about four per cent in the debut issuance in 2017 to 17.33 per cent in 2018 means that the objectives of financial inclusion and deepening of the investor base of FGN securities are gradually being achieved. A total of 1,876 retail investors participated in the Sukuk issuance.”

The Nation with additional report from The Citizen

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Maritime First