Collapsed Ikoyi Building Was Going For N2.85 Billion Per Apartment

Luxury apartments in the 21-story building that collapsed on Gerrard Road, Ikoyi, Lagos, were being sold for $5 million (N2.85 billion at the prevailing exchange rate of N570/$) per apartment, according to online listings.

A flyer designed for the residential facility indicated that 65 per cent of the penthouses valued at $5 million each had been sold before its collapse.

However, other listings indicated that there were other low-ranged apartments listed for $1.2 million (N684 million).

An online flyer pitched the building as “Luxury in the Sky.” It was 80 per cent completed prior to the collapse and was expected to start running in 2022.

It was unclear when construction began at the site. Some parts of the 21 floors were said to be reserved for office spaces, but it was unclear how many. A spokesman for Fourscore Heights Limited that owned the building could not be reached for comments on Monday evening.

The collapsed building was one of the high-rise structures that had sprung up to bedeck the skyline of Lagos’ exquisite Ikoyi neighbourhood in recent years. Scores were feared trapped on the construction site on Monday afternoon, after the building which has been under construction for two years collapsed.

Although it is unclear how many people were trapped in the building, social media accounts said its owner and some other workers were inside when it collapsed.

Lagos emergency service said at least three bodies were pulled from the rubble as of Monday night, and search and rescue have intensified for the remaining victims.

Its component was “open outdoor recreation with outdoor Television Gym Etc, Swimming Pool, four Bedroom maisonettes, flats, duplex, and penthouses,” according to its promoters.

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