Afriland Properties has signed a joint redevelopment partnership with the Lagos State Development and Property Corporation (LSDPC) to turn the former Falomo Shopping Complex to a premium sky-high real estate.
This was disclosed by Afriland Properties via a video at the sod-turning ceremony and shared with journalists on Friday.
The project is expected to enhance the socio-economic outlook of the neighbourhood, as it is a major urban renewal project that will restore the aesthetic landscape of Falomo, the commercial suburb of Ikoyi in the state.
What Afriland is saying about Falomo Towers
Elumelu said, “I commend Gov. Babajide Sanwo-Olu and the political leaders of the State for believing in the private sector. What we are witnessing today attests to their beliefs in the private sector as a driver of development in the State
“For the private sector to do well, the political leadership must create the right environment. Lagos has set the pace in this direction. This partnership is a celebration of dialogue and this makes Lagos remain the most hospitable environment for investors.”
What Gov. Sanwo-Olu said at the ceremony :
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His words: “This is a phenomenal project that will bring back the lost ambience of Ikoyi. When this partnership was initiated 10 years ago, I was the Managing Director of LSDPC. It is interesting to note that we’ve all gone through arbitration but we didn’t throw a wrong punch. We agreed this project must not be thrown away. Today we are making a transaction that is bigger and better than what was initially proposed 10 years ago.
What you need to know:
In March 2021, Chairman of Heirs Holding, Elumelu, unveiled plans to further transform the Central Business District of Lagos with the construction of “Falomo Mall”.
Taking to Twitter, the Nigerian businessman shared design images of the proposed edifice, which is also intended to house the Transcorp Hotel, Lagos, with 600 rooms.
