Nigeria’s widening housing deficit, estimated by experts to run into millions of units, has continued to put pressure on urban centres such as Lagos, where rapid population growth, migration and rising construction costs have pushed demand for quality housing far ahead of supply.
In line with this, a new residential development, Fab Luxury Court, has formally commenced construction following a groundbreaking ceremony, marking the entry of another apartment-focused development on the Lagos mainland.
According to the developers, Fab Luxury Court will comprise a mix of one-bedroom, two-bedroom and three-bedroom apartments designed to meet modern residential standards.
Speaking at the launch, Chief Executive Officer of FAB Realty, Ayomikun Adebayo, said the decision to site the project in Maryland was informed by sustained feedback from clients seeking quality residential apartments on the mainland. She explained that while Lagos Island has continued to attract a concentration of high-end developments, many mainland locations remain underserved despite growing demand.
Adebayo noted that the disparity in quality between island and mainland developments had limited options for many prospective homeowners. She said the project was conceived to bridge that gap by delivering well-finished apartments that meet contemporary standards without requiring buyers to relocate to the Island.
“We realised that a lot of our clients are constantly asking for standard quality apartments on the mainland. Most times, when they find apartments on the mainland, the quality is not the same as what they see on the Island. That gap is what informed this project,” she said.
She added that the aim was not to abandon the mainland but to respond directly to market demand by expanding quality housing stock in accessible locations. According to her, Maryland’s strategic positioning was a major factor in the choice of site, citing its proximity to the airport, Ikoyi and key exit routes out of Lagos, including Ibadan.
The launch attracted several stakeholders in the real estate industry, including developers, investors and representatives of partner organisations. Among those present were Kabiyesi Asoya, representing the Ooni of Ife, Oba Adeyeye Ogunwusi; Chairman of REDAN Lagos, Tony Aspire; Chairman of REDAN Ogun State, Adeyemi Adeniyi; President of NLNG Staff Cooperative, Engineer Kunle Taiwo; Air Vice Marshal Ademola Durotoye (rtd); and CEO of Beta Properties, John Casmir. Others included executives from Abode, Reftop Homes, Assuredway Investment Ltd, Trustworth Homes and Properties Ltd, Deo Equitable Homes, and other industry leaders.
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