There’s no doubt that retail business is a very promising sector in the real estate industry in Sub-Saharan Africa, especially Nigeria, and mixed-use developments will be at the center of it all.
Blending a combination of commercial, social, institutional, or industrial uses, where those functions are physically and functionally integrated, while providing connections is becoming more and more vital by the day. This is believed to be the future of real estate industry.
According to the National Bureau of Statistics (NBS), Nigeria’s Gross Domestic Product (GDP) was recently rebased to $510 billion for 2013, thereby becoming the largest economy in Africa. The real estate sector contributed 8.01 percent to the economy equivalent to N6.43 trillion ($40.9 billion). As growth increases, the middle class surges and their purchasing power also increases, creating more demand; hence a huge supply gap in that segment.
With all these in mind and based on the belief that development has to be the centerpoint of the real estate cycle , Afriland Properties Plc. together with Lagos State Development Property Corporation (LSDPC) in 2013 entered into a joint venture arrangement to redevelop the iconic Falomo Shopping Complex in Ikoyi, Lagos.
Sited in the historical Falomo environs, a former fishing village built on Swampy land as far back as the 1940s, the new Falomo Mall is being redeveloped into a world class shopping mall and office complex that will serve the needs of the growing demand in Lagos State and beyond.
Piling work is almost at the completion stage and the new Falomo mall is expected to open its doors in 2017.
Afriland Properties Plc. is a foremost Property Development and Management Company with diverse experience, dedication and excellence in construction. The Company aims at creating long term value for all stakeholders and also deliver world-class developments by leveraging global best practices, strategic partnerships, excellence, and innovation.
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