The Chairman Wemabod Limited, Architect Dunni Opayemi turned the first turf at the Groundbreaking event of the Iconic “The Address Homes, Wemabod Estates”, Project, located at 37A & C Ikoyi Crescent. He was joined in doing it by the Group Managing Director Odua Investment company Limited, Wemabod Limited Board Members, and Chief Operation Officer, of The Address Homes Limited. The property is located at the roundabout which serves as the meeting point of Gerrard Road and Ikoyi Crescent, off Alfred Rewane (formerly Kingsway) Road, Ikoyi, Lagos. The site, being very serene, is directly opposite the official residence of the Lagos State Deputy Governor. The location affords good access to Lagos Island, the Third Mainland Bridge, Victoria Island, and the Lekki-Ajah axis through the Lekki Link Bridge.
The 3B Naira Development would be built on two non-contiguous plots of land with a total size of 4,430 square meters designated 37A and C Ikoyi Crescent. The entirety of 37, Ikoyi Crescent initially belonged to Lapal Properties, a Subsidiary of Wemabod Limited until it was revoked in the 1990s by the Federal Government upon expiration of the lease granted. During the property being with the federal government, it was split into three plots namely, 37A, 37B, and 37C, Ikoyi Crescent.
In giving their consent for the project, The Board and Management of Wemabod Limited recognized the latent value and strategic importance of the location of the property to the Wemabod brand and the need to draw value from the strategic location with world-class luxury residential apartments
The development consists of
- 10 units of four-bedroom terrace houses (each with one maid’s apartment);
- Four units of five-bedroom (each with an additional two maid’s apartments) semi-detached buildings.
- Four units of five-bedroom (each also with an additional two maid’s apartments) fully detached.
The Group Managing Director Mr. Adewale Abiodun Raji was elated at the progress made by the Wemabod Brand with the sod turning and encouraged the Board and Leadership Team to do more to leave a legacy in addition to the ones inherited from the forbears. He alluded to the long-drawn legal battle to take possession of the property which cumulated in the sod-turning event.
The Managing Director, Wemabod Limited, Mr. Oluyemi Ejidiran gave a brief prelude to the event and said that the Real Estate business was an investment that would always appreciate over time, particularly in prime locations in major cities in Nigeria. He added that the risks taken to get to the point of sod-turning were worth the efforts put into it.
Present at the sod-turning was the entire retinue of Wemabod Limited Board members, Wemabod Leadership Team, Company Secretary Odua Investment Company Limited, Mrs. Abiola Ajayi, Otunba Peter Obafemi, Chairman Eagle Lines, and several invited guests and men of the press and print media
The project is expected to be fully completed by the end of 2022. In the meantime, the various apartments are open to interested subscribers and off-takers. It is a joint venture partnership between The Address Homes and Wemabod Limited