High-level expectations have been raised in Nigeria’s real estate development circles as a young and ambitious developer has unveiled a new estate development scheme where he aims to replicate or, possibly, surpass Banana Island standard. The developer, Kayode Aloyinlapa, is the CEO of Askariot Homes Limited, a real estate company that is proving the uniqueness of its vision since its entry into the real estate market where it has started a new development called Askariot City. Though location is a strong factor for this new city, the developer is, apparently, more particular about the power of infrastructure and architecture which, according to him, are the things that make neighbourhoods like Banana Island great and attractive destinations.
Banana Island is, unarguably, the most exclusive and expensive real estate address in Nigeria today with its rich and complex architecture of luxury homes. The curved island, which has the shape of a natural banana, is presently the most expensive location in Lagos where land value is not only high, but also dollar-denominated. The exclusive Island is a brand of sorts, harbouring anybody who is somebody in society, especially high net-worth and corporate individuals and institutions in Nigeria.
“The island has the best security, best facilities and best services, and has become a brand on its own. Anybody who can afford it wants to live in the island. People are ready to pay extra to live in this island,” Chudi Ubosi, a resident, e.
