HFP Engineering Limited has reiterated its commitment to addressing Nigeria's persistent housing deficit through its residential developments designed to boost housing supply in Lagos.
Chairman of Harolds Group of Companies, promoters of HFP Vicidini Villas in Lagos, Dele Ezeoba, said housing shortage in the country remains a major challenge driven by the continued rapid population growth and increasing urbanisation.
He affirmed that the growing gap between demand and supply has made it necessary for private sector players to step into projects that offer both scale and quality.
Given that the consortium has deliberately positioned the property to provide a luxury, dignified living experience while strictly adhering to health, safety and environmental standards as well as approved building codes and project timelines.
According to the data, the housing deficit in Lagos has increased by 15 percent, from about 2.95 million in 2016 to 3.4 million units within the last decade, with demand far exceeding supply.
Ezeoba said the project was structured to ensure affordability relative to the market benchmark, emphasizing that the units are priced significantly lower than comparable luxury developments in similar locations.
Ayodele Martins, GMD, HFP Engineering Limited and Managing Director, HFP Wikidini Villas, said the property is spread over approximately 20,000 square meters of land and comprises 18 blocks of four-bedroom terrace houses, each with about 400 square meters of living space.
According to Martins, each unit is built across three floors with a dedicated boys' quarter, while the penthouse level serves as a self-contained apartment with a study, bedroom, balcony and mini kitchen, targeted at high-end buyers looking for premium lifestyle amenities with an estimated development timeline between 18 to 24 months.
However, he expressed confidence that the program is achievable given the technical expertise of the developers and the structured financing arrangements supporting the project, as customers are required to make an initial 25 percent deposit and spread the balance over 12 months.
Meanwhile, the project is also expected to stimulate economic activities through employment generation and wealth creation, as it contributes to better living standards within the Lekki axis.
Osas Ogbeide, Project Director of HFP Wikidini Villas, said the property will have modern amenities such as swimming pools, sports facilities, lounges, mini-marts, uninterrupted power supply and advanced security systems.
According to him, investors are estimated to earn between 30 to 40 percent returns on investment within the first year of completion.
Dignitaries at the official bhoomi pujan ceremony of the estate.
