Sanwo-Olu Flags Off 22 Floor Oyster Towers Project in Eko Atlantic City
Veritasi Homes, COOPLAG Begin Construction of Oyster Towers in Lagos
Lagos State Governor Babajide Sanwo-Olu has performed the groundbreaking ceremony for the 22-storey Oyster Towers project in Eko Atlantic City, a high-end residential development led by Veritasi Homes and Properties Plc in partnership with COOPLAG, signalling continued investor confidence in Lagos’ premium real estate market.
A Landmark Luxury Development in Eko Atlantic
The Oyster Towers project is positioned as a flagship luxury development within Eko Atlantic City, one of Nigeria’s most ambitious urban expansion zones.
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The 22-storey building will sit on a 2,091 square metre site and is designed to deliver 82 high-end residential units, including apartments and penthouses.
Planned amenities include a swimming pool, spa, gym, squash court, landscaped areas, and secure parking features that align with rising demand for integrated, lifestyle-focused residential developments in Lagos’ premium property segment.
Public-Private Collaboration Driving Urban Growth
The project reflects a strategic collaboration between private developers and cooperative investment groups, with COOPLAG representing pooled investor capital.
Speaking at the event, Governor Sanwo-Olu emphasised that developments of this scale demonstrate sustained confidence in Lagos as a destination for real estate investment. He noted that Eko Atlantic continues to attract capital due to its strategic positioning and long-term urban planning framework.
The governor also highlighted the role of credible developers in delivering large-scale projects, underscoring the importance of execution capacity and institutional trust in driving sector growth.
Developer Track Record and Market Positioning
According to the developer, Oyster Towers represents a continuation of Veritasi Homes’ expansion strategy within Nigeria’s high-value property market.
The company disclosed that it has delivered over 1,000 housing units, generated more than ₦200 billion in capital gains for investors, and created assets exceeding ₦500 billion.
Veritasi Homes’ portfolio includes multiple developments across Lagos and Abuja, targeting both local and diaspora investors. Its positioning focuses on creating integrated residential ecosystems rather than standalone housing units.
The Oyster Towers project is expected to further strengthen its presence in the luxury real estate segment, particularly within master-planned urban zones like Eko Atlantic.
Implications for Lagos Real Estate Market
The groundbreaking underscores a broader trend of increasing private-sector participation in large-scale urban developments in Lagos.
Premium projects in locations such as Eko Atlantic are attracting high-net-worth individuals and institutional investors, driven by demand for secure, well-planned environments with modern infrastructure.
The project also highlights the growing role of cooperative investment structures in financing real estate developments, offering an alternative to traditional funding models.
Additionally, its proximity to key infrastructure, including the Lagos-Calabar Coastal Highway, enhances its long-term value proposition and connectivity.
The launch of Oyster Towers marks another milestone in Lagos’ evolving real estate landscape, reinforcing the city’s position as a hub for premium urban development.
As investor confidence remains strong in high-end residential assets, projects like Oyster Towers are expected to shape the next phase of Lagos’ skyline while contributing to capital formation and urban modernisation.
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