Lagos Property Corp, Afriland Unveil Partnership For New Falomo Towers Project

Photo caption: From left, Managing Director/Chief Executive, Afriland Properties Plc, Mrs. Uzo Oshogwe; Group Chairman, Heirs Holdings, Tony Elumelu; Executive Governor of Lagos State, Babajide Sanwo-Olu; Vice-Chairperson, Transcorp Plc, Mrs. Foluke Abdulrasaq; and Managing Director, Lagos State Development and Property Corporation, Ayodeji Joseph; during the Sod Turning Ceremony of Falomo Towers, a joint venture project of Afriland Properties Plc (Investee company of Heirs Holdings), and the LSDPC, held at the site in Falomo on Friday.

The Lagos State Governor, Babajide Sanwo-Olu, and business leader and philanthropist, Tony Elumelu, led other real estate stakeholders over the weekend in the groundbreaking ceremony for development of the new Falomo Towers, Ikoyi, Lagos, by joint venture partners- Afriland Properties Plc, the investee company of the Heirs Holdings Group, and the Lagos State Development and Property Corporation (LSDPC).

Sanwo-Olu, who was the special guest, in his address, commended the JV partners for their commitment to the Nigerian real estate sector and redeveloping of the iconic Lagos landmark.

He praised both companies for what he believed would be an exemplary delivery of a public-private partnership, predicting that the new Falomo Towers will become a highly sought-after destination for work, life, and play.

In addition, he believes that the project “will further catalyse Lagos’ economic renaissance. I am delighted that Afriland Properties, one of the country’s leading institutional real estate investors, is able to partner with Lagos State, to deliver excellence.”

Chairman, Heirs Holdings, Tony Elumelu, in his keynote, described the project as a demonstration of the governor’s commitment to private sector growth in Lagos state and the country. He emphasized the importance of the private sector in transforming Nigeria’s economy and the need for meaningful partnerships, which would unleash the potential of the country.

“We believe that the growth of our economy, will be delivered by the private sector, but for the private sector to do well, our public sector leaders must create the right environment,” he said. “The partnership we are celebrating today is a model, not just for Nigeria, but for Africa.  I salute all those who have contributed to this exciting venture, not least His Excellency, whose vision we are delivering,” he stressed.

Also, the Managing Director/CEO, Afriland Properties, Uzo Oshogwe, said the contemporary “mixed-use development will drive sustainability, creativity, and innovation. It reinforces our promise to beautify and enhance the Lagos skyline. We are implementing our firm commitment to Africapitalism, that through our long-term investment in real estate, we will create employment, economic prosperity, and social wealth, that will transform Ikoyi, Lagos, Nigeria, and the African continent.

For the Managing Director, LSDPC, Ayodeji Joseph, the partnership will provide additional residential apartments, that would increase the housing stock in Lagos and provide affordable housing for the middle-class citizens and millennials, who form the core of the 21st century workforce.

The project, the statement stressed, is also focused on sustainability and sustainable building practices, designed to deliver a greener environment.  The project will deploy cutting-edge technology-enabled design, to create an architectural masterpiece.