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Alaro City, in collaboration with Universal Homes, has handed over the first 48 units of the Universal One apartment complex.
According to a statement from the firm on Sunday, the $90m project, set within Alaro City, marks an important milestone as it addresses the country’s housing shortage, which currently stands at an estimated deficit of over 20 million units.
The Universal One apartments, located off the Main Boulevard in Alaro City, are part of a larger 576-unit development.
The firm stated that the apartments featured modern construction techniques, including advanced formwork, aimed at speeding up the building process and ensuring high-quality, affordable housing.
It added that the development also offered a range of amenities, such as a three-acre park, a recreational complex, a swimming pool, a football pitch, and a gym, making it a prime residential community for its new occupants.
Speaking at the key handover ceremony, the Managing Director/Chief Executive of Lekki Worldwide Investments Limited, Mr Adeniyi Akinlusi, lauded the project’s progress.
“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,” he added.
The handover event was attended by new homeowners, executives from Universal Homes, Alaro City board members, and other key stakeholders.
The project, which offers two-bedroom apartments, starting at $79,950, is expected to further alleviate the housing crisis while also presenting a unique investment opportunity.
The Managing Director of Alaro City, Mr Yomi Ademola, emphasised the strategic value of the development.
“Universal Homes’ 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, along with access to the growing business hub and great rental demand, makes it a unique investment opportunity,” he stated.
The Universal One project, which began in early 2023, will be completed in phases, with the next 48 units expected to be handed over by December 2024.
The entire first phase of 576 apartments is slated for completion by the end of 2026.
The Executive Director of Universal Homes FZE, John Latham, also expressed optimism about the project’s future.
“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,” he remarked.
Alaro City is part of a larger 2,000-hectare development located within the Northwest Quadrant of the Lekki Free Zone.
According to the firm, the city is designed to offer a live-work-play environment with industrial-grade roads, 24-hour electricity through a private Independent Power Plant, and modern infrastructure including water, sewage, and ICT access.
It stated that Alaro City had a registered and unencumbered Certificate of Occupancy, ensuring long-term security for property investors.
