Lagos, Nigeria, one of
the world's fastest growing cities, is expected to rank among the ten largest
by 2010. Its prosperity is propelled by Nigeria's vast oil reserves, and Lagos'
future is bright as a global petroleum center.
The inland city of Abuja is now the political
capital of Nigeria but Lagos, the historic capital, remains home to many
foreign delegations. Those who have moved their embassies to Abuja, as have the
United States and Great Britain, maintain consulates or deputy high commissions
in Lagos, Nigeria's most important center of international commerce.
Foreign missions in Lagos are clustered in the
Diplomatic Layout along Walter Carrington Crescent (formerly Eleke Crescent) on
Victoria Island, Lagos' most prestigious residential and upscale commercial
area. Recently opened to private development, the first residential project
serving the diplomatic community was completed by IBTC Chartered Bank. The
condominium tower's 24 apartments were sold for $800,000 to $1 million per unit
to investors who rent the units for $75,000 per annum with three years' rent
paid in advance.
A second residential project designed for the
diplomatic community and multi-national corporations is being planned at 7
Walter Carrington Crescent by C.E.O Group, L.L.C., a real estate development
corporation based in Houston, Texas, U.S.A. The working name for the six-story,
20-unit luxury condominium project is St. George's Court. The residences will
offer the finest amenities including state-of-the-art electronics and
appliances. Nine units will feature two bedrooms and two full baths and one
half-bath. An additional nine units will feature three bedrooms and three full
baths and one half-bath. Two penthouses will have four bedrooms and four full
baths and one half-bath. All residences will offer servants' quarters with one
bedroom and a full bath. Every unit will have assigned parking. Also planned is
a lavish swimming pool and patio area. Rents will be commensurate with those
established by the IBTC project.
Associated Real Estate Development Consultants
(ARDC) have been selected as architects. Construction firms short-listed for
the project are ARDC, Julius Berger Nigeria, Ltd., and CCECC Nigeria, Ltd.
Although apartments in St. George's Court are not for sale individually, the entire project may be purchased for $24,500,000.
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