Nigerian tycoon Tony Elumelu’s Afriland unveils luxury apartments in Lagos

Omokolade Ajayi -

Key Point

  • Afriland Properties unveils 13 luxury apartments in Ikoyi, Lagos, aiming to address housing needs across income levels.
  • Afriland commits to raising housing quality in Nigeria, planning affordable housing for lower-income individuals to bridge the housing gap.
  • Backed by Heirs Holdings, Afriland pioneers institutional real estate in Africa, holding a portfolio exceeding N10 billion ($6.5 million).

Afriland Properties Plc, an investee company of Heirs Holdings, a leading African investment firm led by Nigerian businessman Tony Elumelu, has unveiled 13 luxury apartments in Lagos’ most affluent neighborhood, Ikoyi. The development, named “The Residences,” comprises two-bedroom, three-bedroom units, and a four-bedroom penthouse.

Addressing housing needs across income levels

Leveraging growth potential in the Nigerian real estate market, Afriland is committed to raising the quality of housing in the country. The company acknowledges the significant housing gap, particularly for affordable housing options.

“Our research has identified a need for comfortable and secure living spaces,” said Emmanuel Nnorom, Chairman of Afriland Properties’ board of directors. “Despite economic challenges, we recognize shelter as a fundamental human need alongside food and clothing.”

To address this need, Afriland plans to introduce affordable housing options in future projects, catering to lower-income individuals. “Our goal is to ensure everyone has access to decent shelter, regardless of their economic status,” explained Nnorom. “By doing so, we aim to contribute to bridging the housing gap and providing a fundamental human necessity.”

Afriland: Quality homes for diverse needs

Afriland emphasizes its commitment to delivering high-quality projects across income segments. “At Afriland, we believe quality should not be exclusive to a select few,” said Nnorom. “Whether it’s a luxury residence or an affordable housing unit, we ensure every project meets our high standards.”

The company aims to provide exceptional value without compromising affordability. “Our recent project in Ikeja and upcoming initiatives demonstrate our commitment to accessible housing,” Nnorom added.

Afriland: Pioneering institutional real estate in Africa

Afriland Properties Plc, backed by Heirs Holdings’ focus on improving lives and transforming Africa, stands at the forefront of real estate innovation. The company aligns with Tony Elumelu’s Africapitalism philosophy, which seeks to create and democratize employment, prosperity, and social wealth across the continent.

As a property management, investment, and development company, Afriland pioneers an institutional approach to real estate, enhancing Africa’s economic landscape. With a portfolio exceeding N10 billion ($6.5 million) and one of the largest land banks in Nigeria, Afriland is well-positioned to leverage opportunities in Africa’s real estate market.