Earlier this week, the Estate Intel team visited Periwinkle Estate located on Freedom Way, Lekki Phase 1, Lagos. The estate developed by Periwinkle Residences Limited has a waterfront area covering about 20,000 sqm. making it one of the notable land reclamation projects in the Lekki Phase 1 region.
Periwinkle Residences Limited is currently developing a twin high-rise block named Oxygen Apartments with 26 units each, 11 units of detached houses named Villa Homes, and 13 units of terraces named Oxygen Terraces. They are all currently under construction with the completion date set at Q4:2020.
General facilities in the estate include 24 hours power supply, automated home devices, CCTV, fibre optics for TV, Cable TV and data services, vacuum system sewage treatment, interlocked road networks among others. The estate also plans to develop another high-rise building, a hotel, a school and a shopping mall but approvals have not been granted for those projects. Aside from development sponsored by Periwinkle Residences Limited, land has also been sold to other private investors who commenced construction in January 2020.
According to the developers, the price of land/sqm. in Periwinkle Estate ranges from ₦180,000 – ₦250,000. Following our discussions with agents, this is higher than other Lagos Lagoon district projects such as The Imperial International Business City, Orange Island Phase 1 and Orange Island Phase 2 with average land prices ranging from ₦125,000 – 250,000, ₦120,000 – ₦175,000 and ₦95,000 – ₦110,000.
The ongoing development is progressing to look a lot like the CGI’s. Check out some of the amazing shots from our visit below: