What Sector is Driving Construction Activity in Eko Atlantic City?

Bisi Adedun . 1 month ago

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What Sector is Driving Construction Activity in Eko Atlantic City?

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When construction of Eko Atlantic City began in 2007, the sponsors set a timeline for construction of the 8.5km city wall to be completed by 2020, which wasn't met. However, the city is seeing an increased pace of development accompanied with more construction activity. Here are the sectors and projects driving this.


When construction of Eko Atlantic City began in 2007, the sponsors planned for the sand filling and construction of the 8.5km city wall to be completed by 2020, along with infrastructural facilities. However, by 2023, the project had only moved into its fourth out of six development phases, with just 6.5km of the city wall sand filled so far, thus indicating a slower than anticipated pace. 

Layout of eko atlantic city

Source: OATD: Van Bentum, K.M. (author) – The Lagos coast

Nonetheless, this year has seen significant progress in the city’s development with an increase in construction activity across various sectors. Long-term conceptual projects are now moving to the site, driven by developers aiming to benefit from the renewed interest in luxury residential developments.

Breakdown of Eko Atlantic Pipeline Projects by Count

Breakdown of Eko Atlantic Pipeline Projects by Count. Source: Estate Intel

Of the current projects in Eko Atlantic City’s real estate pipeline, the residential sector currently accounts for the largest share by count at 61.8%. Notably, Le Reve, one of the first projects profiled on Estate Intel, has now moved to site with construction progressing at a rapid pace. Now, it has evolved to a 54-unit luxury residential development offering smart amenities, office spaces, and a gymnasium. Here are a few recent photos of the development:

CGI Showing the Interior of the Le Reve Tower

CGI Showing the Interior of the Le Reve Tower. Source: August Crossing

CGI Showing the Interior of the Le Reve Tower. Source: August Crossing

CGI Showing the Interior of the Le Reve Tower. Source: August Crossing

CGI Showing the Interior of the Le Reve Tower. Source: August Crossing

CGI Showing the Interior of the Le Reve Tower. Source: August Crossing

CGI Showing the Interior of the Le Reve Tower. Source: August Crossing

CGI Showing the Interior of the Le Reve Tower. Source: August Crossing

CGI Showing the Exterior of the Le Reve Tower. Source: August Crossing

CGI Showing the Exterior of the Le Reve Tower. Source: August Crossing

CGI Showing the Exterior of the Le Reve Tower. Source: August Crossing

CGI Showing the Exterior of the Le Reve Tower. Source: August Crossing

Image Showing the Progress of the Le Reve Tower. Source: Estate Intel

Image Showing the Progress of the Le Reve Tower. Source: Estate Intel

Image Showing the Progress of the Le Reve Tower. Source: Estate Intel

Image Showing the Progress of the Le Reve Tower. Source: Estate Intel

 

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Le Reve Tower

Le Reve Tower. Source: Estate Intel

91.5% of Eko Atlantic City’s Residential Pipeline is Within the Luxury Segment of the Market

Map Showing Locations of Select Residential Pipeline Projects

Map Showing Locations of Select Residential Pipeline Projects. Source: Estate Intel

Out of about 2,500 units of residential developments planned in the city, 91.5% of the developments lie within the luxury segment of the market. On the other hand, ultra-luxury developments make up the rest of the residential market at 8.5%. In terms of typology, 3-bedroom apartments are the most common across the residential developments with 2 and 4-bedroom typologies also being major offerings.

In a bid to achieve market differentiation and increase value proposition coupled with the flight to live-work-play arrangements following the pandemic, we’re seeing more developments in the master-planned city with mixed-use designs to cater to the preference shift. As such, developments like Louisville, Azuri Towers, and A&A Towers have been designed with a mix of residential, leisure, office, and/or retail components.

Who are the Residential Developers Driving Activity in Eko Atlantic City?

Developers Driving the Eko Atlantic Residential Market. Source: Estate Intel

Developers Driving the Eko Atlantic Residential Market. Source: Estate Intel

In terms of ongoing construction activity, Arkland Properties and Investment currently holds the largest share of the Eko Atlantic City residential market with over 220 units across four ongoing developments. On the other hand, Eko Development Company and Eko Pearl come in second and third. It’s important to note that the developers considered have projects under active construction. As such, developers with conceptual projects and stalled projects have not been included here.

Despite Having the Largest Development Pipeline, 48.7% of the Residential Pipeline is Still Conceptual

Breakdown of Eko Atlantic City's Residential Pipeline by Status

Breakdown of Eko Atlantic City’s Residential Pipeline by Status. Source: Estate Intel

Despite having the highest number of pipeline projects at 21 projects with over 2,500 units, 48.7% of the projects within the city’s residential pipeline are still in their conceptual stages with 17% of the pipeline on hold. Nonetheless, ongoing and existing developments are registering healthy takeup rates with one developer mentioning that their ongoing projects within the city have a minimum subscription rate of 50% so far. Thereby underscoring a balanced market in terms of development activity and occupier interest.

Estate Intel loves your feedback! Let the Insights team know what you think about Eko Atlantic City Residential Market Overview by emailing [email protected].

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