Nigeria’s housing deficit continues to influence investment decisions in the real estate sector, with HFP Engineering Ltd reiterating its commitment to addressing the challenge through a new residential development aimed at boosting housing supply in Lagos.
According to statistics, the housing deficit in Lagos has increased by 15 per cent, rising from about 2.95 million units in 2016 to 3.4 million units within the last decade, as demand continues to far outpace supply.
Speaking at the groundbreaking ceremony of HFP Viccidini Villa in Lagos, according to a statement from the firm, the Chairman of Harolds Group of Companies, Dele Ezeoba, said the country’s housing shortfall remains a major challenge, driven largely by rapid population growth and increasing urbanisation.
He noted that the widening gap between demand and supply has made it imperative for private sector players to intervene with projects capable of delivering both scale and quality.
While explaining the concept behind the development, Ezeoba said the consortium deliberately positioned the estate to deliver a luxury and dignified living experience, while adhering strictly to health, safety, and environmental standards, approved building codes, and project timelines.
He stated that although the developers were not solely profit-driven, the project was structured to ensure affordability relative to prevailing market benchmarks, stressing that the pricing of the units remains significantly below that of comparable luxury developments in similar locations.
Commenting on the project, the Group Managing Director of HFP Engineering Ltd and Managing Director of HFP Viccidini Villas, Ayodele Martins, said the estate spans about 20,000 square metres of land and comprises 18 blocks of four-bedroom terrace houses, each offering approximately 400 square metres of living space.
According to Martins, each unit is built across three floors with a dedicated boys’ quarters, while the penthouse level functions as a self-contained apartment featuring a study, bedroom, balcony, and mini kitchen, targeted at high-end buyers seeking premium lifestyle features.
He added that the development timeline is projected at between 18 and 24 months, expressing confidence that the schedule is achievable given the technical expertise of the developers and the structured financing arrangement supporting the project.
Martins explained that subscribers are required to make an initial deposit of 25 per cent, with the balance spread over 12 months.
Meanwhile, the project is expected to stimulate economic activity through job creation and wealth generation, while contributing to improved living standards within the Lekki axis.
The Project Director of HFP Viccidini Villas, Osas Ogbeide, added that the estate will feature modern amenities such as swimming pools, sports facilities, lounges, a mini-mart, constant power supply, and advanced security systems.
He said investors are projected to enjoy a return on investment of between 30 and 40 per cent within the first year of completion.
