Approximately 16 families have been effectively removed from Nigeria’s crowded housing market following the completion and commissioning of The Dream Place by Prindex Properties.
Located off Admiralty Way in the upscale Lekki Phase 1, Lagos, The Dream Place sits on just 1,000 square metres, with 16 family home units standing on four floors, including the ground floor. It comprises mainly 3-bedroom apartments with one-room boys’ quarters each.
The facility is a testament to how creativity, innovation, and professionalism could be deployed to achieve space optimisation in a prime residential development, targeting both home buyers and investors with an appetite for rental yield.
“The promoters of The Dream Place set out with a clear vision: to deliver something innovative and different, demonstrating how space optimisation can be achieved in residential development.
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And, indeed, they have done so. On just 1,000 square meters of land, they successfully delivered 16 modern housing units — a feat of efficiency and creativity rarely matched in the Lekki corridor,” Oluyemi Ejidiran said in his keynote speech at the project unveiling.
Ejidiran, who spoke on ‘Real Estate Development: Emerging Trends Considering the Macroeconomic Factors in Nigeria,’ noted that the event was not merely about unveiling a beautiful new estate, but also about recognising resilience, innovation, and the spirit of Nigerian entrepreneurship in the face of daunting macroeconomic challenges.
According to Ejidiran, who is the immediate past managing director of Wemabod Limited, The Dream Place speaks directly to its target market, which includes upper- and middle-income professionals, discerning local investors, and an increasing number of diaspora buyers, who are using stronger foreign currencies to invest back home.
“What differentiates The Dream Place from others in Lekki is not size, but ingenuity — maximising limited land while ensuring quality, livability, and sustainability. This ability to innovate has been honed through years of experience,” he pointed out.
“Collectively, the promoters bring over 35 years of professional practice, with more than 75,000 square metres of delivered built space across residential, commercial, and institutional projects. That depth of experience explains why today’s milestone is not a lucky outcome, but the continuation of a track record of competence and delivery,” he noted.
Like any other economic activity in Nigeria, the development of The Dream Place was not without challenges, which Ejidiran captured as “Macroeconomic Realities and Financing.”
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These realities were embedded in inflation, currency volatility, and financing constraints. Post-COVID, costs of key building materials like cement, steel, and tiles rose by 50–70 percent on average, and in some cases, by as much as 90 percent .
“With 70 percent of inputs imported, and even local ones dependent on imported components, the naira’s sharp devaluation directly inflated costs. CBN’s high interest rates made project loans extremely expensive. Funding became a dual battle — rising material costs on one hand, and rising cost of funds on the other,” Ejidiran explained.
In his remarks, Tolu Bawa-Allah, Prindex managing director, highlighted their challenges in developing The Dream Place, saying that apart from the COVID pandemic which impacted negatively on the project, “there is also the challenge of an economy that is largely unsupportive of investments.”
In spite of these, however, Bawa-Allah said the project enjoys strong investor and buyer interest. “The interest is very strong. Again, we are industry professionals. So, when you come into our development, you see very clearly that there’s a lot of thought process that has gone into what we’re doing,” he explained.
