In a strong affirmation of its business philosophy, Lagos-based property development company, Prindex Properties, has reiterated that consistent quality delivery is non-negotiable for sustaining growth and trust in Nigeria's real estate sector. The firm's Managing Director, Architect Tolu Bawa-Allah, made this declaration during the recent showcase of the Apple Place Apartments in the Agungi area of Osapa–Lekki, Lagos.
Strategic Partnerships to Counter Economic Headwinds
Bawa-Allah highlighted the critical role of strategic alliances in navigating the country's persistent macroeconomic challenges. He specifically pointed to inflationary pressures, which severely impact construction costs, housing supply, and ultimately, affordability for subscribers.
"We do not believe in compromising quality because it is a constant across all our projects," Bawa-Allah stated emphatically. He revealed a key strategy the firm employs: partnering with financial institutions to front-load building materials. This proactive measure is designed to shield projects from sudden price hikes mid-construction, preventing inevitable additional costs that could compromise standards or budgets.
Inside the Apple Place Apartments Development
The showcased development, Apple Place Apartments, presents a clear picture of the firm's commitment. Bawa-Allah disclosed that the project features a completed block of 16 apartment units, with two additional blocks of 16 apartments each and another block of six units currently under construction.
The development offers a mix of two- and three-bedroom apartments finished to mid- and high-level specifications. Amenities highlighted include:
- 24-hour facility management
- Fitted open-plan kitchens
- Ample car parking space
- Comprehensive security systems
- Alternative power supply
Architect Bawa-Allah provided a detailed layout: Each block has a ground floor plus three upper floors. The three-bedroom units are situated on the top floor, with one bedroom innovatively accommodated within a well-ventilated roof space. The other floors primarily house two-bedroom apartments.
Targeting Investors and the Diaspora Market
A significant part of the strategy involves catering to the short-let and Airbnb market, particularly with the two-bedroom units. Bawa-Allah directly appealed to investors within Nigeria and in the diaspora to seize the opportunity.
He noted the project's appealing location, describing it as serene and approximately 10 to 15 minutes from Circle Mall and the Lekki Expressway. The timing of the showcase was also strategic, aimed at catching the annual "Detty December" influx of diaspora Nigerians and other visitors, offering them a tangible real estate investment option in Lagos.
Looking ahead, Bawa-Allah said the two remaining blocks, under construction for about two years, are slated for completion next year. "We look forward to completing the other blocks, which will add about 38 apartments to our portfolio of properties under management," he said. This aligns with the firm's business model, where it not only develops but also manages properties on behalf of the owners, ensuring long-term value and service delivery.
