Housing Deficit: Firm Targets Supply Gap with Premium Lagos Estate

Nigeria’s persistent housing deficit has continued to shape investment decisions in the real estate sector, as Harolds Group and HFP Engineering Ltd have reiterated their commitment to addressing the challenge through their residential development designed to boost housing supply in Lagos.

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

Speaking at the groundbreaking of HFP Viccidini Villa in Lagos, the Chairman of Harolds Group of Companies, Dele Joseph Ezeoba, said, the country’s housing shortfall remained 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.

Ezeoba stated that although the developers are not solely profit-driven, the project was structured to ensure affordability relative to market benchmarks, stressing that the pricing of the units remains significantly below comparable luxury developments in similar locations.

Commenting, the Group Managing Director of HFP Engineering Ltd and Managing Director of HFP Viccidini Villas, Ayodele Martins, remarked 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.

The Project Director of HFP Viccidini Villas, Osas Ogbeide added that the estate will feature modern amenities such as swimming pools, sports facilities, lounges, mini-mart, constant power supply and advanced security systems, with investors projected to enjoy a return on investment of between 30 and 40 per cent within the first year of completion.