The Ilubirin Foreshore development, a sprawling 29-hectare project on Lagos Island, has resurfaced after years of delays and setbacks, with developers attributing the stagnation primarily to funding challenges. Originally envisioned as a transformative urban project, Ilubirin faced an extended period of inactivity before being revived under the administration of former Governor Akinwunmi Ambode through a public-private partnership. First Investment Property Company, the awarded contractor, has partnered with Arbico PLC for construction, while SAOTA International Architects and ECAD Design Architects Ltd have crafted the project’s design. Despite the initial hurdles, the project is now progressing, with the first phase nearing completion and efforts underway to regain public trust and attract investors.
The project’s Sales Manager, Lerato Lekema-Okoro, candidly addressed the past challenges, which included not only funding limitations but also significant design modifications and the complex task of redirecting a canal within the property. Extensive landfilling was also required, adding to the project’s cost and timeline. These adjustments, while demanding, were deemed essential to ensuring the long-term viability and sustainability of the estate. Addressing investor concerns stemming from previous delays and refunds, Lekema-Okoro emphasized the project’s renewed commitment to transparency and delivering on its promises.
The first phase of Ilubirin comprises 190 residential units spread across nine blocks, offering a mix of one-, two-, and three-bedroom apartments. Beyond providing modern living spaces, the developers have prioritized creating a comprehensive lifestyle experience within the estate. Planned amenities include an event center, restaurants with picturesque lagoon views, a conference center, medical facilities, and expansive landscaped green areas. Recognizing the bustling nature of Lagos, the design incorporates features like double-glazed windows to mitigate noise pollution and enhance residents’ comfort. The inclusion of commercial facilities, shopping centers, offices, and a hotel further contributes to the self-contained nature of the development.
Future phases of Ilubirin envision the construction of mixed-use high-rise buildings, catering to a diverse range of residential and commercial needs. This strategic approach aims to create a vibrant and dynamic urban hub that attracts both residents and businesses. The developers have also taken steps to enhance accessibility and affordability, partnering with Prudential Mortgage Bank to offer flexible payment options. Buyers can choose to spread their payments over two years or opt for mortgages extending up to 10 years at competitive interest rates. Recognizing the current economic climate and the impact on borrowing costs, the developers have negotiated single-digit interest rates for the initial two years of the mortgage, easing the financial burden on buyers.
Connectivity is another key aspect of the Ilubirin Foreshore project. Its strategic location provides residents with seamless access to both mainland Lagos and the island, facilitating ease of movement and connection to various parts of the city. Sustainability is also a core principle of the development, with significant emphasis placed on incorporating green spaces and landscaping. These green areas not only enhance the aesthetic appeal of the estate but also contribute to a healthier environment by promoting cleaner air and fostering a sense of community among residents.
With the completion of the first residential block, Ilubirin is poised for a relaunch into the market. Lekema-Okoro expressed confidence in the project’s renewed momentum and its potential to attract subscribers and investors. The developers are committed to delivering a world-class residential experience that aligns with the current realities of the market and surpasses expectations. The project’s resurrection signals a renewed focus on completing this ambitious undertaking and contributing to the ongoing transformation of Lagos Island’s waterfront. The developers believe that Ilubirin Foreshore will not only provide much-needed housing and commercial space but also become a landmark development that enhances the city’s skyline and contributes to its economic growth.
