65% sold out, up to $5m per apartment… what to know about collapsed Lagos building

On Monday, an uncompleted 21-storey building located at Gerard Road, Ikoyi, Lagos state, collapsed with a yet-to-be-ascertained number of persons still trapped beneath the rubble.

Emergency responders were deployed to the scene and as of press time, three persons have been rescued while five others lost their lives.

Here is what we know about the luxury structure

• The structure was designed as a three-tower estate (360° Degree Towers). The collapsed section is one of the three towers.
• The main contractor for the project, FourScore Homes, is owned by Femi Osibona, a UK-trained estate developer.
• According to Highbrow Living Magazine, the property, consisting of four-bedroom maisonettes, flats, duplex and penthouses, was 65 percent sold out. “The 20-floor strictly residential facility is the brain works of Fourscore Homes, evolving from a desire to build an original masterpiece. The concept is to have service flats in the three towers for residents to experience a stress-free lifestyle, complete with a hotel flair with a 360-degree view of Lagos state,” the magazine reads.
• Other planned features of the “luxury in the sky” building include open recreation area with outdoor television, gym, and swimming pool.
• The structure was said to be 80 percent completed and was billed to be concluded in 2022.
• The price range for the apartment is said to be between $1.2 million and $5 million.

In an interview with THISDAY, Osibona said the project was supposed to be the first of its kind in Nigeria.

“This development will give peace of mind and comfort to the residents, because everything works,” he said.

“We have exhibited our expertise in property development in the United Kingdom, South Africa, the United States of America and Nigeria. Fourscore Homes possesses uncommon capabilities in redefining property development in any market we choose to play in.

“I was one of the people whose real estate developments led to the growth of East London. I bought a house on New Cross Road and renovated it. I also bought a piece of land behind it and built two flats there, and that is what I will call my first real estate project. That was how I started building houses for sale.”

Meanwhile, according to an Instagram post by Dele Momodu, publisher of Ovation Magazine, Abdulrosheed Akanbi, the Oluwo of Iwo, visited the building on October 9, 2021.