Universal Homes, in collaboration with Alaro City, recently handed over the first 48 units of Universal One apartments. The development of the 576-apartment project, valued at $90 million, marks a significant milestone for new homeowners and the broader housing sector in Nigeria, which faces a housing deficit estimated at over 20 million units.
The housing shortage in Nigeria has been a persistent challenge, with millions of citizens unable to access affordable and quality homes. The rapid completion of the Universal One apartments, built using an advanced formwork construction method, is a testament to the potential of innovative building techniques to address this deficit.
Situated off the eight-lane Main Boulevard in Alaro City, Universal One also boasts a three-acre park, recreational complex, a swimming pool, football pitch, a gym and many more amenities. The next 48 units will be handed over to owners by December 2024. The entire 576-apartment first phase of the project will be completed by the end of 2026.
Managing Director, Chief Executive of Lekki Worldwide Investments Limited, Mr. Adeniyi Akinlusi stated, "This milestone marks a significant achievement for all stakeholders involved and reflects the ongoing growth and development within the Lekki Free Zone, which continues to play a pivotal role in Nigeria's economic expansion. Congratulations to the new homeowners, and may your new homes bring you happiness and prosperity."
The key handover of Universal Homes, with prices starting from $79,950 for the two-bedroom apartment, was attended by new homeowners, Alaro City board members, Universal Homes executives, and representatives from Alaro City.
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Chairman West Africa for Rendeavour and Managing Director at Alaro City, Mr. Yomi Ademola said, "Universal Homes investment potential is growing daily. The proximity to the future airport, the fast-track connection to Lagos through the Epe Expressway or soon-to-be-built Lagos-Calabar Coastal Highway, along with access to the growing business hub and a great rental demand, makes it a unique investment opportunity."
Executive Director of Universal Homes FZE, John P. Latham, stated, "The decision to develop Universal One in Alaro City aligns with the company's objective of identifying locations with the best long-term growth potential for home investors. Universal One is poised to be a model for future developments within Alaro City, exemplifying how modern, affordable housing can seamlessly integrate into a dynamic urban setting.
Alaro City is conceived as a 2,000-hectare city development located within the Northwest Quadrant of the Lekki Free Zone. Alaro City has a registered and unencumbered Certificate of Occupancy (C of O) title and is furnished with industrial-grade standard roads (including an eight-lane, 60-meter-wide boulevard, which is one of the largest privately owned roads in Africa), 24-hour electricity via a privately owned Independent Power Plant (IPP), water, drains, sewage systems, and access to ICT infrastructure.
Rendeavour is Africa's biggest new city builder, endorsed by The Economist magazine. By providing secure land title, world-class master planning, high-quality infrastructure, and utilities, Rendeavour de-risks large land holdings for city-scale developments. Its mixed-income cities provide homes, offices, industrial areas, schools, and hospitals, allowing residents to live, work, and play without the daily burden of commuting into and across congested regions.
