Ilubirin Foreshore developers have disclosed that insufficient funding delayed the building project.
The developers in a statement, noted that the development sought to silence rumours of abandonment surrounding the project and reignite public interest in the ambitious scheme.
“Initially stalled for years, the project was revitalised during the administration of former Lagos State Governor, Akinwunmi Ambode, through a joint venture with private investors. After rigorous reviews, First Investment Property Company was awarded the contract to bring the vision to fruition. Ilubirin, which spans 29 hectares on Lagos Island, is being constructed by Arbico PLC and designed by SAOTA International Architects and ECAD Design Architects Ltd.”, it stated
Lerato Lekema-Okoro, the Sales Manager, Ilubirin, acknowledged past delays that led to investor dissatisfaction and refunds, citing funding issues, design modifications, and challenges with canal redirection as significant hurdles.
“We had to address numerous issues, including rechannelling a canal within the property and extensive landfilling. Though costly and time-consuming, these adjustments were necessary to ensure the estate’s functionality and sustainability”, she said.
Lekema-Okoro explained that the first phase of the project includes 190 residential units, comprising one-, two—, and three-bedroom apartments across nine blocks, adding that there have been planned unique amenities for the estate.
“There will be an event centre, restaurants, a promenade overlooking the lagoon, a conference centre, medical services, and landscaped green areas.
“We aim to create an elevated living experience with thoughtful design features like double-glazed windows to reduce noise pollution, ensuring comfort amidst Lagos’s bustling environment.
“The project will also include commercial facilities, shopping centres, offices, and a hotel. Plans for future blocks include mixed-use high-rise buildings to cater to diverse residential and commercial needs,” she said.
To make the apartments more accessible, the Ilubirin Foreshore project partnered with Prudential Mortgage Bank to offer flexible payment plans.
“Buyers can spread payments over two years or secure mortgages for up to 10 years at competitive rates. While economic conditions have driven interest rates to double digits, we’ve negotiated single-digit rates for the first two years to ease the financial burden on buyers,” Lekema-Okoro revealed.
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