Alaro City Marks $90m Universal Homes Handover

Universal Homes, in collaboration with Alaro City, has handed over the first 48 units of Universal One apartment.

The company, which disclosed this in a statement, said that 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 rapid completion of the Universal One apartment, 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, a 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,” the company said in a statement.

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Managing and director, chief executive of Lekki Worldwide Investments Limited, 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.”

Chairman of West Africa for Rendeavour and managing director at Alaro City, Yomi Ademola, said, “Universal Homes’s 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, access to the growing business hub, and a great rental demand make 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.”