EKO ATLANTIC CITY - The Place for Grade ‘A’ Real Estate Investors.

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Eko Atlantic City (EAC), also known as Nigeria International Commerce City is a coastal city project that was undertaken to reclaim land from the Atlantic Ocean, adjacent the Bar Beach at Victoria Island, Lagos. The new city idea was birthed from the initial thrust of protecting Victoria Island and parts of Lekki from sea erosion and land depletion.

 

The project, dubbed “The Eko Atlantic Shoreline Protection and Reclamation Project” will provide about 1,000ha of high-quality land in addition to offering a long-term solution to the problems caused by eroding shoreline and ocean surge at Victoria Island, Lagos.

 

History of Eko Atlantic City

 

In the early 2000s, Lagos was under constant threat of being overwhelmed by ocean surge from the Atlantic Ocean. It got so bad that the popular Ahmadu Bello Way collapsed into the ocean due to the erosion of the Bar Beach at some point in 2005.

 

Not only did this put the lives and livelihoods of individuals at risk, but also, the continued depletion and erosion of the shorelines meant that Lagos losing revenue generated from the CBD.

 

It was at this point that the state government partnered with South Energyx Nigeria Limited a subsidiary of Chagoury group, the city planners and designers of Eko Atlantic who working alongside Royal Haskoning, a marine engineering outfit, came up with the blueprint of Eko Atlantic City as a solution to the problem.

 

The blueprint called for the reclamation of land that had been lost to coastal erosion over the past 100 years and the construction of a sea revetment to permanently protect Victoria Island from the ocean surge threatening to submerge it.

 

A concession Agreement was reached between South Energyx Nigera Limited and the Lagos State Government and concluded in July 2006 marking the commencement of the Eko Atlantic Shoreline Protection and Reclamation Project.

 

Progress so far

 

An important accomplishment on the Eko Atlantic City is the construction of “The Great Wall of Lagos” which has already achieved its primary goal of protecting Victoria Island from coastal erosion, its worthy to note that the wall, which has reached a total length of over 6.5km out of the projected 8.5km has been thoroughly testedby the Danish Hydraulic Research Centre and guaranteed to provide close to 1000 years of protection against ocean surge. Thus, businesses and residents are no longer threatened as they used to be and this has paved way for a host of other developments and projects.

 

Also, no less than 6.5million square meters of land have so far been reclaimed. Independent utilities such as underground storm water drainage system, road and canal networks, water and sewage treatment, fibre optic and telecom networks, and power are already in place. The city is ripe for real estate developments.

 

The city is planned to comprise of ocean front apartments, a business district, marina, downtown area with avenues, malls and schools.

 

Notable Buildings Already Developed

 

Eko Atlantic already houses may real estate development with so many other ongoing projects dotting the landscape. Some of this include:

 

1. A & A Towers: Developed by renowned property development company Arkland Properties & Investment Company Ltd in conjunction with Amlad Group, A & A Towers is a 19 Floor luxury apartment building cited in the Ocean Front District of Eko Atlantic City. It comprises of dual-level pent houses, 2- and 3-Bedroom apartments, high quality office spaces as well as retail spaces. The development is the first fully-owned Nigerian structure in the New city.

 

2. Eko Pearl Towers: comprising of 5 residential skyscrapers of between 24 and 33 floors sitting on a total area of 22,737sqm, Eko Pearl Towers guarantees residents first class infrastructure and facilities such as uninterrupted power, water, and securities amongst a host of leisure and sports facilities.

 

3. Azuri Peninsula: The Azuri Peninsula is a mixed development comprising of luxury residences, offices and retail situated in the Marina District of Eko Atlantic City. The project, which began in 2015 consists of 3 sets of 30 or more storey towers offering a unique collection of luxury and super luxury apartments, 2- and 4-Bedrooms exotic townhouses as well as pent houses.

 

Others include Eko Energy Estates, Lagos Sky Tower, Eko Village and the Alpha 1 Tower.

 

Why Invest in Eko Atlantic City?

 

When completed, Eko Atlantic City is expected to be home to over Two Hundred and Fifty Thousand residents, and will service no less than Two hundred thousand commuters within the new city.

 

The city is already shaping up to become a world class neighborhood capable of sustaining high-density developments and becoming West Africa and Sub-Saharan Africa’s new financial hub. Savvy developers and real estate investors are already taking “early-bird” advantage of the top-notch facilities and infrastructure available in Eko Atlantic.

 

Lagos is projected to become the third largest city in the world, partly as a result for the unending demand for real estate. Taking position early in what is arguably the best and most expensive address in Lagos could turn out very lucrative.