Gapstone Developers, a subsidiary of Cruxstone Development & Investment Limited, and Netconstruct Nigeria Limited, at the weekend, signed a joint venture agreement to develop Palmvale Homes that will deliver 400 housing units to the property market.
The joint venture is a meeting of like-minded investors defined by resilience, commitment, and passion for what they know how to do best. It promises to deliver a masterfully planned residential community that will redefine modern living.
Located strategically along Lekki-Epe Expressway on 77,000 square metres of land, Palmvale Homes is designed to blend lifestyle amenities with strong investment potential, offering a quiet, nature-filled sanctuary within a bustling city.
The community offers three-bedroom flats, three-bedroom terraces, four-bedroom detached houses, and maisonettes. Each of these homes fuses comfort and functionality, delivering a unique 21st-century lifestyle for local families, diaspora buyers, and savvy investors.
Though a little bit of the high-end by reason of its large-sized units, Palmvale was designed for the affordable segment of the market with the intention to contribute to bridging the housing gap, variously estimated at 20 million, 22 million, and 28 million units.
“We have come up with something that could help take care of the housing gap to a large extent. But it’s important to say that playing in that space does not mean we are scaling down our quality. So, for us, it’s still being able to play in that space, yet being mindful of quality which is always key,” Adetoro Bank-Omotoye, Cruxstone’s Group Managing Director, explained.
Bank-Omotoye, who spoke in an interview with BusinessDay on the sidelines of the JV signing event, emphasized that quality remains their watch-word in delivering the units with their partners, saying, “yes, we are bringing affordable, yet quality houses, and this takes a lot of value engineering, thinking through, and working with people that can deliver effectively in that space. So, we’re very hopeful.”
He disclosed that Netconstruct has many years of experience in the industry, adding that they have a huge database of clientele, meaning that each party is bringing to the table years of experience, data, resources, expertise, and more to make sure that they come out with a project and a product that is will be number one in that particular space.
Afolabi Oseni, the chief executive of Netconstruct, disclosed that even though they play in Abuja property market where they’ve delivered about 4000 different houses, they are new to Lagos market because they have strong presence there too.
He explained that they were attracted to Gapstone by the commitment that they have demonstrate towards the delivery of their units. “I see a lot of passion in it. And of course, when I eventually met Bank-Omotoye, I clearly understood where all this was coming from,” he recalled.
Continuing, he assured that the units, some of which will be completed before the end of 2025, will be affordable. “I think as we move along, time will also tell, but it will be more affordable than what they have been delivering.
We have a relationship with Federal Mortgage Bank of Nigeria (FMBN); they have increased their National Housing Fund (NHF)loan to N50 million. So, we will be working with them for a flexible payment plan,” he assured further.
