Periwinkle Empire has expanded its luxury real estate operations to Abuja with plans to develop a $150m 20-storey residential tower in the Central Business District of the Federal Capital Territory.
The project, known as Royalties Abuja, is being developed in partnership with Prime Luxury Address Limited and is located opposite the United States Consulate in one of the capital’s prime areas.
The developers formalised the partnership on Tuesday during a consortium agreement signing and the official handover of the project site.
Speaking at the ceremony, the Chairman of Prime Luxury Address Limited, Dr Peter Adejoh, said the partnership was aimed at introducing a new standard of premium residential development to Abuja.
Adejoh said the project would not only add to the city’s skyline but also stimulate economic activities through job creation and opportunities for professionals, artisans and young Nigerians.
He said, “Royalties Abuja represents more than another addition to the capital’s skyline. It is a deliberate investment in quality, employment and the future of Abuja’s real estate market.”
The Chairman of Periwinkle Empire, Dr Chiedu A. Nweke, said the project marked the company’s first major development in Abuja and represented a significant step in its expansion beyond Lagos.
Nweke, popularly known as the “King of High Rise,” said Abuja was chosen because of its strategic importance, prime locations and long-term investment potential, adding that the company’s experience in high-rise and luxury developments in Lagos had positioned it for the project.
Following the signing ceremony, the development partners proceeded to the project site for the formal handover of the land to Periwinkle Empire and its main contractor, Al Mansour Contracting Limited.
The contractor’s representative, Engr Wael Mansour, assured that international engineering and construction standards would be applied throughout the project.
Mansour said the development would feature modern architectural designs, engineering and finishing, while also targeting LEED certification in line with sustainability, energy efficiency and environmental standards.
The Managing Director of Periwinkle Condos, Tunde Olatunji, described Royalties Abuja as a high-value development expected to become one of the capital’s most prominent residential projects.
Olatunji put the development value at more than $150m, saying it was designed to raise the standard of luxury, comfort and investment opportunities in Abuja’s property market.
Nollywood actor, Ikechukwu “IK” Ogbonna, who attended the ceremony, also welcomed the project, describing his increasing involvement in real estate as an avenue to contribute to Nigeria’s economic growth.
Detail Commercial Solicitors is serving as lead counsel on the project, while Deloitte is the financial and transaction adviser.
The developers said construction would now progress into its next phase, with the aim of delivering an iconic residential tower capable of meeting the growing demand for premium housing in Abuja.
They added that the project was expected to generate employment during construction and after completion, while creating additional opportunities for businesses and other sectors connected to the development.
For Periwinkle Empire, the Abuja project marks a major expansion of its luxury property portfolio after its developments in Lekki Phase 1, Lagos.