Published Nov 21, 2024 by Uche Emordi
Eko Atlantic: All You Need To Know - Price, Location, Owner, Delivery
Location
17 mins read
Eko Atlantic City Lagos: All You Need to Know About Largest Reclaimed Island in Lagos
Eko Atlantic City is a visionary project in Lagos Nigeria located adjacent to Victoria Island and Lekki - that will measure a total of 10 million square metres of reclaimed land when fully completed and currently at 6,520,000 m² of land; and has rapidly transformed the coastline into a world-class destination that showcases the true potential of urban development.
Privately funded by South Energyx Nigeria Limited and designed as a sustainable and futuristic city, Eko Atlantic boasts a remarkable array of amenities and infrastructures, offering an unparalleled living experience.
Key Points About Eko Atlantic City
• Size: Total 10 million square metres.
• Residents: 300,000 Projected.
• Commuters: 200,000 daily Projected.
• Location: Adjacent to Victoria Island and Lekki.
• 100% Privately funded by South Energyx Nigeria Limited.
• Eko Atlantic is a Free Zone area.
In this article, we will explore the remarkable features of Eko Atlantic, the real estate opportunities it presents, the cost of land and houses here, the diverse range of companies and businesses it houses, and the exciting ongoing projects that continue to shape its future.
To buy land or a house in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
History Of Eko Atlantic City
Eko Atlantic City was birthed in 2003 as a solution to environmental hazards arising from the perenial flooding of the Lagos bar beach.
For many years, The Lagos Bar Beach had developed a reputation for overflowing its banks and claiming lives and property. Many times, the Ahmadu Bello Way, the road closest to its banks, was closed for safety reasons. Studies showed that between eight and 14 metres of the beach-front were eroded annually along Bar Beach.
In 2003, the idea of a modern city on the Atlantic coast was publicly discussed. It would be sited on what used to be Bar Beach, out of the reclaimed land. It would be called Eko Atlantic City, a residential and business district “standing on 10 million square metres of land reclaimed from the ocean and protected by an 8.5-kilometre-long sea wall.”
In 2005, the then Lagos State Governor, Bola Ahmed Tinubu, in a letter addressed to President Olusegun Obasanjo and titled ‘Permanent Solution to the Bar Beach’ sought the latter’s approval for the reclamation of the coastal land on behalf of a private investor that would convert the liability to an asset that would benefit Lagos State and the Nigerian people at large.
That same year, President Olusegun Obasanjo gave an approval for the commencement of the project. The approval was on the condition that the development project be strictly supervised to ensure that it did not stray beyond the confines of the law, as well as the gambit of the approval given to the company. In 2008, the construction of the new city began.
As of May 2009, while the site was being dredged, about 3,000,000 cubic metres (equivelent to 3,900,000 cu yd) of space were sand-filled and placed in the reclamation area, while about 35,000 tonnes of rock were delivered to the site.
The project is privately funded by South Energyx Nigeria Limited – the developers and city planners, a subsidiary of the Nigeria-based Chagoury Group of companies – working in strategic partnership with the Lagos State Government and supported by the Federal Government of Nigeria.
Notable national and international banks have been quick to capitalise on the opportunities with some of Nigeria’s biggest – FCMB, First Bank, Access Bank and Guaranty Trust Bank – partnering with Eko Atlantic, with support from BNP Paribas Fortis and KBC.
To date, 6,520,000 m² of land (out of the estimated 10,000,000 m²) has been reclaimed, with the Great Wall of Lagos having reached 6.8 km in length (total length of the Wall will be 8.6 km).
To buy land or a house in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
Development in Eko Atlantic City
Infrastructural development has achieved substantial completion in Phases 1 and 2 (both phases total a combined area of 5,000,000 m²), with a high portion of the road network already defined with kerb lines and block paving together with sidewalks, street lighting and planted trees.
Infrastructural development in phase 3 is also underway. Furthermore, 14 major bridges are fully complete. Utility services comprising storm water drainage, sewer drainage, water supply, electrical power distribution and fibre-optic cable network for IT services are in full progress alongside roadworks.
To buy land or a house in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
The Great Wall Of Lagos
Eko Atlantic, along with Victoria Island, is shielded from the potential perils of flooding caused by ocean surges by an imposing structure known as the Great Wall of Lagos. The design of this remarkable sea revetment was entrusted to Royal Haskoning Marine Engineers.
During the design process, Royal Haskoning collaborated with the Danish Hydraulic Institute to construct a full-scale model of the sea wall, which would be erected in Eko Atlantic City. This model underwent rigorous testing, subjecting it to the most extreme waves anticipated within a 1,000-year cycle.
Remarkably, the completed sea wall model successfully withstood these demanding trials without exhibiting any signs of distress or compromise. This resounding success further validated the effectiveness of the design and provided reassurance regarding the wall's ability to protect the city in the face of potential coastal challenges.
Eko Atlantic City Masterplan
Eko Atlantic City is divided into ten districts, each with its own unique features and offerings.
The Districts of Eko Atlantic include:
Business District
The boulevard will be home to inspirational development and a powerhouse for corporate, financial and retail activities. The scale of this Boulevard is an indication of the opportunity available for business growth.
To buy land in Business District in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
Marina District
The Marina District is a delightful blend of residential living, socializing, and leisure. It offers a serene environment where residents can enjoy a waterfront lifestyle.
The Marina district is one of the most stunning residential and commercial hubs in Eko Atlantic. Designed for mixed use development. Its sweeping pedestrian promenade encircles the marina offering views from the sleek yachts to the dazzling architecture. Its will become a center for leisure and social activities.
To buy land in Marina District in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
Downtown
In the Downtown area, residents experience the epitome of urban living. With a bustling atmosphere, it provides easy access to a wide range of amenities, services, and entertainment options.
Downtown is the epicenter of Eko Atlantic with highly desirable space for development. This district provides opportunities to develop land for residential use, offering a sought-after style of city life. Surrounded by the canal and providing alternative water transport.
To buy land in Downtown district in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
Eko Drive
Eko Drive serves as a vital point of access between Lagos and Eko Atlantic. It is a well-connected district that strikes a perfect balance between residential and commercial spaces.
It offers residents a luxurious living experience in a prestigious setting. A well-designed mix of commercial and residential developments.
To buy land in Eko Drive in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
Avenues
True to its name, the Avenues district of Eko Atlantic is characterized by its green avenues. It showcases beautifully landscaped streets and serves as a refreshing and tranquil area within the city. Avenues district connects Eko Drive from the North, Ocean Front to the South, and Downtown to the West. Thereby encompassing both residential and commercial properties.
To buy land in Avenues in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
Habour Lights
To buy land in Habour Lights in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
Ocean Front
The Ocean Front district primarily focuses on residential living, offering a variety of housing options. It also features facilities and attractions that cater to the needs of tourists, enhancing their experience within Eko Atlantic City.
To buy land in Ocean front in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
Cost of Land in Eko Atlantic City
The cost of a plot of land is dependent on its size and location. Land is sold per m². Plot sizes in Phases 1 and 2 starts from approximately 2,200 m² and prices per square metre within this phase starts from $1,150.
In Phase 3, land within this phase starts from approximately 1,200 m² mainly for low-rise residential houses where the land prices are at $1,050.
There is no maximum capping on the amount of land that can be purchased. Each plot of land can be used for a residential or commercial development or a mix of both as Eko Atlantic is designed to be a mixed-use city.
Please note that the plots in Phases 1 and 2 have been created to accommodate mid to high rise buildings and in Phase 3, some plots have been created to accommodate single residential dwellings and low-rise developments.
There are developments, by developers who have bought land from South Energyx Nigeria Limited, that are currently ongoing or completed within the City, which have residential apartments or commercial spaces either for sale or rent.
Infrastructure in Eko Atlantic
Eko Atlantic City offers an impressive range of amenities and infrastructures that cater to the needs and desires of its residents.
The city boasts well-designed and landscaped roads, ensuring smooth traffic flow and ease of navigation. Modern bridges connect Eko Atlantic to mainland Lagos, facilitating effortless access to the city.
Other infrastructures that Eko Atlantic offers are:
- Independent 24/7 power supply.
- Water and wastewater treatment.
- Fibre optic communication connections to every plot of land.
- Plots of land are delivered with connection to utility services.
- Elevated street levels to accommodate basement parking above groundwater.
- Seamless deed of assignment and construction approval process.
- Building in a city specifically planned for medium to high-density development.
- 10.2km long waterfront promenade.
- 2 large marinas connected by an internal waterway.
To buy land or a house in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
Functional Structures in Eko Atlantic
Eko Atlantic City is a constantly evolving urban masterpiece, with several ongoing projects that further enhance its allure. These projects include the construction of iconic residential towers, commercial buildings, and cultural centers, all contributing to the city's unique architectural landscape.
Some of these projects include:
Eko Pearl Towers
Eko Pearl Towers is a set of elegant high-rise residential buildings that combine modern design with luxurious living. The towers offer a range of spacious apartments, state-of-the-art amenities, and panoramic views of the city and the Atlantic Ocean.
People currently live here withe units also used for shortlet.
To buy a unit in Eko Pearl Towers in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
Alpha 1 Tower
The Alpha 1 or Alfren tower is a 14-floor 5000 sqm project that is situated on the Marina district of the Eko Atlantic. It was designed by James, is being constructed by ITB Nigeria Limited, and will have a view of Atlas Cove, Marina and the Atlantic.
To buy a units in Alpha 1 Tower in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
Other ongoing projects are:
Eko Energy Estate
Another notable project is the ongoing development of the Eko Energy Estate, which focuses on renewable energy and sustainability. This eco-friendly initiative aims to create a greener and more energy-efficient city, setting a precedent for future urban developments.
To buy a units in Eko Energy Estate in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
Azuri Peninsula
The Azuri Peninsula is a new luxury residential development situated in the Marina District of the Eko Atlantic. It will include three 30+ floor towers as well as multiple townhouses with some retail elements at the ground floor level.
To buy a unit Azuri Peninsula in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
Arkland A&A Towers
The Arkland A&A Towers offer a mix of residential and office spaces for individuals and businesses interested in moving into Eko Atlantic. The Towers of this development have been constructed to the highest specifications.
To buy a unit in A&A Towers in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
The Audacity
To buy a unit in Audacity in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
Tetra Manor Ltd’s High Gardens
Other features include a gym, swimming pool, lobby and bar, domestic staff lounge, 4 parking levels, emergency backup power, IT-enabled security & access control, and smart homes.
To buy a units in High Gardens in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
The U.S Consulate
On March 31, the US consulate in Nigeria officially broke grounds on its new consulate building. Located on a 12.2-acre site in the rapidly developing Eko Atlantic City.
The new US consulate general in Lagos will support diplomatic and commercial relations between the United States and Nigeria and will provide American and Nigerian Consulate employees with a safe, secure, sustainable, and modern workplace, a statement by the American Embassy said.
The Hive
The project is built in Eko Atlantic, a city that offers an excellent road network and other impressive infrastructure. Eko Atlantic is a marvel of modern engineering and technology, and a testament to the rise of Nigeria on the world stage.
This new city has evolved rapidly from a visionary design concept into a technological reality.
The Phoenix
Phoenix Tower is a 27 level tower designed on 3442sqm space in Eko Atlantic City, Victoria Island.
This elegant tower provides a choice of brilliantly designed and well proportioned 3 bedroom apartments arranged from level 6 to 25 with 6 apartments on each floor and 2 levels of penthouse villas.
It boasts of having the largest 3 bedroom apartment on offer at Eko Atlantic, which comes with modern home facilities and top class finishings.
Prices start from $475,000.
Delivery timeline: 42months
To buy a unit in The Phoenix in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
Partners include:
ARKLAND STRUCTURES
A Construction company specifically created to cater for high end development. ASL experienced combined team of with more than 10 decades of rich experience spanning building across Africa, Middle East and Europe. With over 115 developed projects of a combined value of $10 Billion.
PROVIDUS BANK
Providus Bank Limited (PBL), is a Nigerian financial services
provider, licensed as a commercial bank, by the Central Bank of
Nigeria, the central bank and national banking regulator.
Frequently Asked Questions on Eko Atlantic City
What is Corporate Life in Eko Atlantic Like?
The Business District of Eko Atlantic is characterized by its prominent feature, the Eko Boulevard, a grand avenue that spans two kilometers in length and 60 meters in width.
This expansive district covers a total area of 700,000 square meters, offering ample space for a variety of activities.
The Business District is set to become a thriving hub for corporate, financial, and retail endeavors, with mixed-use towers lining the impressive Eko Boulevard.
Whether you seek global trading floors, prestigious office spaces, corporate headquarters, or major retail outlets, the Central Boulevard within the Business District is the ideal location to establish and grow your business.
Are People Living in Eko Atlantic?
Yes, they are! The Eko Pearl Towers was the first residential building to be completed in Eko Atlantic, and residents immediately moved in.
- World Beach Soccer Finals
- Lagos Seafood Festival 2012
- Eko Atlantic Beach Polo Tournament
- Copa Lagos.
To buy land or a house in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
Where is Eko Atlantic located?
Finding Eko Atlantic City from mainland Lagos is a seamless journey. Located along the coastline of Victoria Island, the city is easily accessible via the newly constructed Eko Bridge, which connects the mainland to Victoria Island. From Victoria Island, a short drive along Ahmadu Bello Way leads directly to the entrance of Eko Atlantic City.
Who Owns Eko Atlantic?
South Energyx Nigeria, a subsidiary of Chagoury Group of companies, is funding the Eko Atlantic project privately. However, they are supported by both the Federal Government of Nigeria and the Lagos state government.
How much will Eko Atlantic cost?
The cost of a plot of land is dependent on its size and location. Land is sold per m². Plot sizes in Phases 1 and 2 starts from approximately 2,200 m² and prices per square metre within this phase starts from $1,150.
In Phase 3, land within this phase starts from approximately 1,200 m² mainly for low-rise residential houses where the land prices are at $1,050.
To buy land or a house in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
Why is Eko Atlantic still empty?
Eco Atlantic is no empty but it is yet to max its capacity, some of which reasons include:
- Expensive land over $1000 per sqm.
- No payment plan for land hoever the houses have up to 18 months oayment plan.
- Harsh economic and forex policies affectedting purchase as land is in dollars.
Is Eko Atlantic a good idea?
Yes Eco Atlantic is the city for the future, perfectly positioned between Victoria island and Lekki. Prime real estate locations in Lagos.
It also directly faces the atlantic ocean which opens up oppotunities in commerce, transport and tourism
Also most importantly - most people do not know that Eko Atlantic is a free zone and buying land here opens you up to numerous free zone benefits like:
- Zero withholding tax on dividends.
- Zero corporate income tax on free zone income.
- Zero VATs on purchases made within the free zone.
- Zero custom duities on imports
- Exemption from Fx controls and de-dollarization policies.
To buy land or a house in Eko Atlantic City, Click to Call us, or Send a Whatsapp message, or Email us.
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