Table of Contents
Key Points
- Haldane McCall raises $1.6 million by selling 34 housing units in Ketu, Lagos, addressing Nigeria’s housing deficit.
- Expansion includes a 1,200-unit affordable housing project set to launch in Majidun, Lagos, in early 2025.
- Company expands into Benin Republic with 48 housing units in Porto Novo, marking regional growth across West Africa.
Haldane McCall, a Lagos-based real estate and hospitality provider led by real estate tycoon Edward Akinlade, has secured N2.5 billion ($1.6 million) through the sale of 34 newly completed housing units in Ketu, Lagos.
This milestone underlines the company’s commitment to alleviating Nigeria’s housing deficit while balancing affordability and quality.
In a statement released Monday, the company said the sales represent a pivotal step in its strategy to address Nigeria’s surging housing needs. Edward Akinlade, Group Managing Director of Haldane McCall, highlighted the initiative’s dual focus on creating societal value and enhancing shareholder returns.
“This project is a testament to our dedication to delivering sustainable housing solutions that empower communities and improve the standard of living,” Akinlade stated. “At Haldane McCall, we believe housing is a fundamental driver of social and economic growth.”
Expansion plans underway
Akinlade also announced that the company is preparing to launch the first phase of its ambitious 1,200-unit affordable housing project in Majidun, Ikorodu, Lagos, in early 2025. The development will further cement Haldane McCall’s position as a leader in Nigeria’s affordable housing segment.
“These housing projects reflect our long-term strategy of balancing shareholder value with societal impact,” he said. “Shareholders and investors can view this milestone as proof of our operational efficiency and financial prudence in executing large-scale projects.”
Haldane McCall has broadened its regional footprint, recently completing 48 affordable housing units in Porto Novo, Benin Republic, valued at N2.4 billion ($1.5 billion). This expansion aligns with the company’s strategy to replicate its successful model across West Africa.
Legacy of growth and innovation
Since its establishment in 2012, Haldane McCall has emerged as a major player in Africa’s real estate and hospitality sectors. The company is widely recognized for its Suru Express Hotels and Suru Homes brands, with developments spanning luxury residential properties in Lagos's prime locations, including Ikeja GRA.
The company transitioned from private to public ownership within a year of incorporation, achieving notable milestones, including its listing on the Nigerian Exchange (NGX).
This move has unlocked significant opportunities for capital inflow, which Haldane McCall plans to leverage through an upcoming N250 billion ($161.6 million) bond offering. The funds will be deployed to accelerate the development of affordable housing projects across Nigeria, addressing the country’s significant housing gap.
