Alpha Mead Development Company (AMDC), a subsidiary of Alpha Mead Group (AMG), is looking for joint venture (JV) partners that will pool resources with it to develop a 1,200-unit residential estate.N
The estate, known as Green Haven Apartments, is a sprawling real estate comprising residential, commercial, and recreational areas. These include a shopping complex and an educational institution. It is located at the company’s Green Park Estate in Abijo, Lekki.
“The Green Haven Apartments is a proposed 1,200-unit residential development located within Green Park Estate, and is designed to offer a premium family living experience, Femi Akintunde, the group managing director of AMG, explained.
Akintunde, who spoke at the presentation of the estate to realtors, estate agents, sundry real estate professionals, and mortgage financiers, explained further that the project will span approximately 12 hectares.
Read also: Investment opportunity opens as developer unveils Green Park Estate
The joint venture partnership, he said, comes with benefits. According to him, Alpha Mead provides land and the project design with all government approvals in place, while the development partner provides funding for construction and builds to the agreed specification and cost.
He estimated the current project cost per block at N1 billion, adding that the required capital outlay is N600 million, representing 60 percent of the cost, while the balance is to be financed through sales.
“The projected sales revenue is N1.88 billion (discounted); the proposed sharing of completed properties is 50:50. Revenue to the development partner is N940 million, while the expected return on investment (ROI) is 57 percent,” Akintunde said.
There are other benefits for the JV partners, which include AMDC contribution of land and full architectural/project design as equity, and shared returns in either developed properties or financial profits, as mutually agreed.
Others are an opportunity to partner in a major sustainable real estate development in Lagos, strategic positioning, and brand recognition through co-development of the Green Haven Apartments, and access to AMDC’s professional team, permits, and local regulatory support for seamless execution.
“This estate forms a key part of the vision for a well-planned, vibrant, and sustainable community under the Green Park Estate masterplan,” Akintunde said, pointing out that the project is planned to be implemented in five phases.
Read also: Dewale Consulting opens East African real estate channel for Nigerian investors
The apartments will offer premium finishes, spacious interiors, and carefully integrated details for a comfortable lifestyle for each resident. Each apartment type willhave modern designs and will be developed with high-quality materials over a period of five years.
“The 1200 Units Green Haven Apartment will be carefully designed and conceptualised for a great family living experience,” the GMD said, adding that the apartments will be IFC EDGE certified and developed to be sustainable and eco-friendly.
The project will boast amenities such as recreational areas, a football pitch, a shopping centre, a gym and a children’s playground. These amenities are designed to improve residents’ well-being and provide opportunities for relaxation and recreation.
“Green Haven Apartments is AMDC’s commitment to sustainable urban growth. The project aligns with global best practices in energy efficiency, social inclusion, and environmental stewardship, certified under IFC EDGE Green Building Standards,” Akintunde assured the gathering.
