…Palton Morgan leads investment interests with twin-tower project

On an incremental basis, a new real estate investment and growth frontier is evolving within the Lagos coastal corridor, signaling the growth of an enclave that promises to be the next Grade A address for residential, commercial and mixed-use developments.

What is developing in that corridor is a new Victoria Island that does not, however, diminish or rebrand the old business district defined by high-rise residential and commercial developments that provide homes and offices for individuals, families and businesses.

The new corridor is a coastal stretch, spanning Ahmadu Bello Way through Eko Atlantic City, Oniru and the emerging Bluewater Okunde area, which yields itself easily as the next destination for real estate investment in Lagos, Nigeria’s commercial hub.

Activities within this corridor are an affirmation and a testimonial to the belief among investment analysts that infrastructure and new developments are key drivers of increased property values, which are significantly reshaping the way investors deploy their capital.

With the land reclamation for the ambitious Eko Atlantic City development complemented by the 750-kilometre Lagos-Calabar highway, the entire beachfront stretch running from Victoria Island through Oniru and Eko Atlantic toward Bluewater Okunde has become Lagos’s most active development corridor.

The Lagos–Calabar Coastal Highway is one piece of infrastructure that has changed investment narrative in that corridor. Early this year, the first phase of the highway, measuring 47.47km was formally opened to traffic.

This first phase, a dual carriageway with a central rail track, begins at Ahmadu Bello Way, Victoria Island, and runs through Eko Atlantic toward Lekki, leading to a sharp drop in travel time along the corridor and also reshaping how investors view waterfront property.

A drive through this corridor shows a beehive of development activities with a cluster of premium towers at various stages of completion—some newly delivered, several nearing completion, and others breaking ground. The developments are turning a once largely commercial district into a live-work-play waterfront destination.

An earlier report by BusinesDay on how the coastal road is reshaping property investment also highlights the jump in land prices, citing the Bluewater Okunde area where land prices have moved up dramatically. This area is now regarded as an extension of Eko Atlantic’s residential zone.

According to the report, a parcel of land measuring about 2,400 square metre that was sold for about ₦800 million a couple of years ago, is now valued above ₦5 billion—a major price shift that analysts tie directly to road access, zoning clarity and ocean front advantage.

It is to be expected, as revealed by a recent tour of this corridor by select journalists, that many investors have flocked, while many more are flocking to the area with investments that are giving rise to iconic developments, comprising residential towers and mixed-use developments.

Among the investors that hace taken position in this corridor are Palton Morgan Holdings, which is  building an iconic its Paramount Twin Towers located at Oniru Waterfront, VI Extension; Eko Development Company/Periwinkle Residences whose Azuri Towers, Eko Pearl Towers, and Pan Atlantis are located in Eko Atlantic City, and Cruxstone Development & Investment which is developing  the Nautica Rise—a 20-floor, 3-tower mixed development, also in Oniru, and others.

Nautica Rise is referenced alongside Paramount Twin Towers (PTT) as evidence of Oniru’s density growth. PTT is a 13-floor luxury residential twin tower, positioned as a new benchmark for 5-star waterfront living. It parades formidable project partners, including ACAD for architectural designs,  Trevi Foundations for piling, and Business Contracting Limited (BCL), a leading construction and civil engineering firm in Nigeria, as the main contractor.

As the name implies, Paramount Twin Towers is an iconic building with two towers A and B. It is a 160-apartment building. One tower has 79 apartments, while the other has 81.

Mumtaz Zaidi, Group Commercial Director, Palton Morgan Holdings, told the journalists after a tour of the project last Friday that most apartments are two- or three-bedroom, adding that the two-bedroom category includes regular and premium units.

“Four penthouses are sitting on top of the building, which is on the 13th floor. There are lots of amenities that we have integrated into this project, including a gym, children’s play area, retail area, which has supermarkets, a pharmacy, and a bank ATM,” Zaidi said.

He added that each apartment has a price tag, explaining that the regular two-bedroom is available for N736 million, while the premium is available for N858 million. The maisonette, which is just one, is up for N1.2 billion, and each penthouses goes for N4 billion.

Ikechukwu Ugwu, the company’s Chief Marketing Officer, explained that at the core of their reason for embarking on that project is to build something larger than life; something iconic that is befitting to the Ultra High Net Worth Individuals (HNIs) who want things that will outlive them.

He added that the apartments are for people who want luxury at the very core of the definition of luxury, stressing that, “for these people, buying a property is not just about investment anymore; It’s about owning legacies that will outlive them. They need things that can align with their social status in the community.”

Continuing, Ugwu explained, “Paramount Twin Towers is where you experience 5-star living. You know the concept of a 5-star hotel. That’s the concept around Paramount Twin Towers. So it’s the highest definition of luxury at the very core of what luxury means for these discerning customers.

That’s the reason behind the project. So, the detailing that we have put into the construction is totally in sync with what we expect should be the value proposition of Paramount Twin Towers to those customers.”

The tower is a huge construction site, with most of its complex designs already crystalising into breath-taking features that define it as a product of elevated architecture and civil engineering. Its first residents, according to Zaidi, will be welcomed by the first quarter of 2027.