Firm to tackle housing gap with high-end luxury apartment in Lagos

HFP Engineering Ltd has reiterated its commitment to address Nigeria’s persistent housing deficit through its residential development designed to boost housing supply in Lagos.

Dele Ezeoba, chairman, Harolds Group of Companies, the promoters of HFP Viccidini Villa in Lagos, stated that the country’s housing shortfall remains a major challenge that is consistently driven by rapid population growth and increasing urbanisation.

He affirmed that the widening gap between demand and supply has made it necessary for private sector players to step in with projects that offer both scale and quality.

While noting that the consortium deliberately positioned the estate to deliver a luxury, dignified living experience, while adhering strictly to health, safety and environmental standards, as well as approved building codes and project timelines.

According to statistics, the housing deficit in Lagos has increased by 15 percent rising from about 2.95 million in 2016 to 3.4 million units within the last decade, with demand far outpacing supply.

Ezeoba stated that the project was structured to ensure affordability relative to market benchmarks, stressing that the pricing of the units remain significantly below comparable luxury developments in similar locations.

Ayodele Martins, GMD, HFP Engineering Ltd and managing director, HFP Viccidini Villas, stated that the estate spans about 20,000 square metres of land and comprises 18 blocks of four-bedroom terrace houses, each offering approximately 400 square metres of living space.

According to Martins, each unit is built across three floors with a dedicated boys’ quarters, while the penthouse level functions as a self-contained apartment with a study, bedroom, balcony and mini kitchen, targeted at high-end buyers seeking premium lifestyle features with the development timeline projected at between 18 and 24 months.

He, however, expressed confidence that the schedule is achievable given the technical expertise of the developers and the structured financing arrangement supporting the project just as subscribers are required to make an initial 25 per cent deposit and spread the balance over 12 months.

Meanwhile, the project is also expected to stimulate economic activities through job creation and wealth generation, as it contributes to improved living standards within the Lekki axis.

Osas Ogbeide, project director, HFP Viccidini Villas, added that the estate will feature modern amenities such as swimming pools, sports facilities, lounges, mini-mart, constant power supply and advanced security systems.

According to him, investors are projected to earn between 30 and 40 percent return on investment within the first year of completion.

Diginitaries at the official ground breaking ceremony of the estate.