•As buyers scramble to take possession
By Maduka Nweke
Alaro City, an integrated, mixed-use city planned on over 2,000 hectares in the Lekki Free Zone. Located in the North West Quadrant of the Lekki Free Zone, which is the logistics and commercial hub of the zone, is situated on the Lekki-Epe Expressway and is in close proximity to the Lekki Deep Sea Port and the proposed International Airport.
Speaking earlier with the press on site-seeing tour of the city, Managing Director of Alaro City, Yomi Adeola, commended Lagos State Government for securing approval of the construction of the Lekki International Airport.
He assured existing and potential investors that developers are unwavering in their mission to create a modern city that will benefit from critical infrastructures, such as the air and seaports, and these will contribute to the economic growth in the State and Nigeria. “Air transport is vital to social progress and economic prosperity, and the Lekki International Airport, once completed, will significantly contribute to the life and business of Alaro City, and the wider catchment area,” he said.
Investors have already began voting with their cheques as a result of the development of the Lekki Free Zone axis. Anthony Asuzu, a real estate lawyer said, “International airports are powerful stimulators for property appreciation within their periphery; it is estimated that, within the first two years, after the opening of the airport, the appreciation could be as high as 40 per cent.
Since the sale of plots in the developing city, the area has opened a lot of vistas such that those who are low income earners and high fliers will be accommodated. The important aspect of the city is that aside being close to a lot of international conglomerates, the roads leading to the city will make inroad to and out of the city very accessible to both residents and visitors.
Alaro City has areas for offices, logistics and warehousing, homes, schools, healthcare facilities, hotels, entertainment, and 150 hectares of parks and open space. The first residential phase is being developed by Universal Homes (who are also building thousands of units in Rendeavour’s other project, Tatu City, in Nairobi, Kenya).
The apartment consists of 576 contemporary two-bedroom (expandable to 3 and 4 bedrooms) powered by world-class amenities and a modern living experience. The recent approval by the Federal Government of the construction of the Lekki International Airport has heightened investors’ interest in the commercial and residential areas of the Lekki Free Zone and Alaro City in particular.
To make the area more lucrative to investors, the Lagos State Government will begin construction of the airport next year. The airport was designed as a Code F and will have the capacity to accommodate the world’s largest passenger airliner, the Airbus A380.
With the opening of the international airport near Alaro City, the region will experience significant economic growth and infrastructure development. The new Lekki International Airport will also reduce the congestion at the Murtala Muhammed International Airport, Nigeria’s busiest airport.
Due to the unique nature of the axis and the impressive array of infrastructure, including the Dangote Refinery, Alaro City, and the air and sea ports, a much higher increase in appreciation rate is expected.” Alaro City, located in the North-West quadrant of the Lekki Free Zone in proximity to the airport, is covered by a certificate of occupancy guaranteeing clientele secured land ownership.
With a world-class infrastructure that consists of an eight-lane main boulevard road, road networks with storm drainages, a hybrid independent power plant (scalable to 120 MVA), internet connection, water and retail gas supply, centralised sewage and waste-water treatment plant, Alaro City’s value proposition has already attracted over 60 commercial companies, including industry giants such as BUA Group’s Starium, Mantrac Caterpillar, and Ariel Foods, as well as 400 residential clients.