Last week, we published an article on the development of La Definition, a 3 tower development by Total E&P Nigeria Staff Multipurpose Co-operative Society Limited and we have decided to explore at how different cooperatives of notable international oil companies in Lagos are adding to the total supply of multi-family residential units to the Lagos residential market.
Right now, we are tracking a total of 201 residential units in 3 locations by the corporate societies of international oil companies (IOCs) including Shell, Total and Mobil.
Developed by Shell Lagos Staff Cooperative (COOPLAG), The Autograph will feature 32 units of 5-bedroom semi-detached triplexes, 24 units of 4-bedroom flats, and a 7-floor building consisting of 24 units of 4-bedroom apartments, and 4 units of 3 bedroom penthouses. Project details include:
Location: Banana Island Road, Ikoyi, Lagos.
Main Contractor: COOP Property Development Limited.
Architect: Allison – Ade Nigeria Limited.
Project Manager: Bay Built Nigeria Limited.
Mep Engineer: Zabithon Nigeria Limited.
Project Type: Detached Triplexes, apartments, High Rise multi-family residences and Penthouses.
Date Added to Ongoing Projects: December 2019.
COOP-EAST RESORT ESTATE
Borne out of a partnership between Coopeast Shell Cooperative and ExxonMobil Staff Cooperative Multipurpose Society Limited, the project will feature 117 units of 3 bedroom terraces with boys’ quarters, 4 bedroom terraces with boys’ quarters, 4 bedroom semi-detached houses and 5 bedroom detached houses with a study, penthouse, boy’s quarters and a guesthouse nicknamed ‘the King’s House. Project details include:
Location: Behind Nicon Town Estate, Lekki Peninsula, Lagos.
Main Contractor: Brains and Hammers Nigeria Limited.
Architect: Brains and Hammers Nigeria Limited.
Project Type: Terrace and Detached Houses.
Date Added to Ongoing Projects: July 2019.
Developed by Total E&P Nigeria Staff Multipurpose Co-operative Society Limited, La Definition which means “The Definition” is a mixed-use development comprising 3 towers. According to MEP Consultants of the project, Chapman BDSP, La Definition will feature a water recycling system that will reduce demand for borehole water by up to 80% through the use of rainwater and greywater due to the limited availability of grid infrastructure in Lagos. Project Details Include:
Location: Kuramo Waterfront District, Eko Atlantic, Lagos.
Main Contractor: ITB Nigeria Limited.
Architect: Benoy Architects.
Project Manager: Laurus Development Partners.
Mep Engineer: Chapman BDSP.
Project Type: High Rise Multi-Family Residences.
Date Added to Ongoing Projects: April 2018.
While the oil and gas segment continues to be a major driver of activity in the office sector, it recorded a contraction of 6.63% (year on year) contraction in Q2 2020 and contributed a meagre 8.93% to the total real GDP in Q2 2020 due to the Covid-19 pandemic and subsequent crash in oil prices.
With this, it will be interesting to see if it will become the dominant driver of activity in the residential sector in the years to come.