Report on Interest
under logo

Directors’ body to build N10bn multipurpose edifice in Lagos

The Institute of Directors (IoD), Nigeria is set to build a 15-floor commercial edifice in Ikoyi, Lagos at an estimated cost of N10 billion.

The institute recently held  the ground breaking ceremony for the edifice to be call IoD House, and it will be built at No.8 Temple Road, Ikoyi Lagos. The edifice is expected to be completed within 36 months.

The President and Chairman of Governing Council, IoD, Chris Okunowo, said  the edifice which will be built on a land area 3,237.716sqm and with a net floor area of 3340.40sqm, will be a standout building in the heart of Ikoyi and will become the corporate headquarters of the IoD Nigeria.

“It is an unparalleled residential and office project that will become the corporate headquarters of the Institute of Directors Nigeria (IoD Nigeria), by the grace of God, within the next 36 months,” he said.

“Our Governing Council, in November 2018, approved the new design of the IoD House as a 15-floor edifice and a fully commercial property, which was expected to host only offices and business concerns. However, we had to rethink our strategy in the year 2020, when the advent of the dreaded COVID-19 pandemic taught us all new lessons in our business and private lives,” he said.

He said, as a dynamic organisation, the Institute resolved to review the design of the IoD House and decided to have a mix-use property, which would accommodate both residential and commercial usage.

“Seven (7) out of the 15-floors of the edifice offer several luxurious residential apartments of choice. The building offers investors and/or buyers; 3-bedroom apartments of minimum 242sqm; 4-bedroom apartments of minimum 280sqm, studio apartments of 72sqm each, and two penthouses, all designed to create an immeasurable luxurious and comfortable experience,” he said.

“This project is estimated to cost the Institute the sum of N10 billion. Our team of experienced members, in the IoD House Committee, came up with plans for the financing of the project. A levy of the sum of N150,000 for all members of the Institute, others include donations, equity and loan; with loan being a last resort,” he said.

He stated that the Committee would be offering the various residential flats available in the edifice for sale, off-plan, at highly subsidised rates, when compared with similar developments in Ikoyi.

He stated that the edifice which has “Green credentials” also boast of 151 space ample car park integrated into the building, a recreational floor comprising amenities like meeting rooms, swimming pool, gymnasium, sauna, library, business centres and seminar rooms. It also has a spacious ground floor, which has a restaurant and banqueting area.

“The IoD House, a corporate and residential edifice will be a landmark development, not only in Ikoyi and Lagos but also in the national and international real estate space. The structure would meet all sustainable and environmental certifications in its design strategies,” he said.



Leave A Reply

%d bloggers like this: