Le Rêve: The 16-storey luxury haven attracting Diaspora Nigerians and HNIs to Eko Atlantic

The city, built on reclaimed land from the Atlantic Ocean, provides world-class infrastructure, uninterrupted power, and a streamlined regulatory framework that accelerates property development.

As demand for premium residences grows, developers are capitalizing on the city’s investment-friendly policies to deliver high-end properties tailored to high-net-worth individuals, diaspora investors, and corporate executives.

One such development is a newly planned 16-storey residential tower featuring a collection of three-bedroom and four-bedroom maisonettes.

In this exclusive interview with Naijaonpoint, Tosin Soile, Managing Director of August Crossing Limited, discusses the project’s unique features, the regulatory framework within Eko Atlantic, and the broader investment case for high-end real estate in the Free Zone.

Naijaonpoint: Can you tell us about the key features of this 16-storey residential project? 

Tosin Soile: Absolutely! Our project is designed to set a new standard for luxury living in Lagos. Each unit offers spacious layouts, large windows that flood the interiors with natural light, and high ceilings to create an airy, elegant atmosphere.

We’ve curated an exclusive collection of 4-bedroom and 3-bedroom maisonettes, ensuring residents enjoy both space and sophistication. Located in the Harbor Lights region of Eko Atlantic, the project boasts breathtaking views of both the Harbor and the Atlantic Ocean. As an off-plan development, buyers also have the flexibility to customize their interiors to reflect their personal style.

In terms of amenities, we’re going all out—think a fully equipped gym, a serene swimming pool, and a dedicated children’s play area, all designed to complement a refined lifestyle. Construction began with piling in late 2022, and full-scale building work kicked off in 2024. We’re targeting completion by the fourth quarter of 2026.

Naijaonpoint: Before embarking on the Le Rêve project, you had an extensive career across different industries. Can you share some insights into your background and how it shaped your approach to real estate development? 

Tosin Soile: With over a decade in telecommunications, six years in banking, and eight years in real estate development, I have built a strong foundation in business management, overseeing operations, policy formulation, and fostering effective communication. My proactive approach to real estate has led to the successful completion of multiple projects in Lagos, the UK, the USA, and Canada, allowing me to navigate diverse markets and deliver high-value developments.

I hold a Bachelor’s in Electrical Electronics Engineering from the University of Lagos and a Master’s in Information Technology Security from the University of Westminster, UK. My technical expertise, combined with strategic acumen, has enabled me to drive successful projects, identify investment opportunities, and create lasting value in every market I engage with.

Naijaonpoint: Eko Atlantic is often described as an economic zone. Can you confirm its regulatory status? 

Tosin Soile: Yes, that’s correct! Eko Atlantic operates as a Free Trade Zone, which comes with a range of advantages—investment protections, tax incentives, and a more efficient regulatory process compared to other parts of Lagos.

Naijaonpoint: How does this status influence real estate developments like yours? Are there special approvals required? 

Tosin Soile: Absolutely. Since Eko Atlantic is a Free Zone Development, the approval process is quite streamlined. Before seeking approvals from Lagos State regulatory bodies like LASPPPA and LASBCA, developers first obtain clearance from South Energyx Nigeria Ltd., the city’s master developer.

Tosin Soile: Absolutely. Since Eko Atlantic is a Free Zone Development, the approval process is quite streamlined. Before seeking approvals from Lagos State regulatory bodies like LASPPPA and LASBCA, developers first obtain clearance from South Energyx Nigeria Ltd., the city’s master developer.

This approach significantly speeds up the permitting process and ensures that all developments align with the city’s high standards. South Energyx also conducts third-party peer reviews at different stages of construction to ensure compliance with global building codes. Additionally, all property titles in Eko Atlantic come with registered subleases backed by the Lagos State Government, giving investors added security.

Naijaonpoint: What special advantages does Eko Atlantic offer real estate developers compared to other parts of Lagos? 

Tosin Soile: There are quite a few! First, land ownership is secure. Titles come with a Deed of Sublease backed by the Lagos State Government, eliminating any risk of ownership disputes.

The approval process is also more efficient, reducing bureaucratic delays that often slow down projects elsewhere. Developers benefit from world-class infrastructure—uninterrupted electricity, water supply, high-speed internet, and well-planned drainage systems—all of which help lower operational costs.

From an investment standpoint, Eko Atlantic enjoys strong market positioning. There’s a high demand for premium real estate, which translates to competitive returns. Transactions can also be conducted in US dollars, making it easier for international investors to repatriate capital.

Another major advantage is climate resilience. The city is protected by the Great Wall of Lagos, ensuring long-term environmental security. Add to that private security, professional facility management, and potential tax incentives like VAT exemptions and import duty waivers, and you’ve got a real estate market unlike any other in Lagos.

Finally, the land itself is a game-changer. The reclamation process used sharp sand, providing a solid foundation for high-rise developments, which helps avoid the soil-related challenges faced in other parts of the city.

Naijaonpoint: Do property owners and businesses in Eko Atlantic pay the same taxes as those in other parts of Lagos? 

Tosin Soile: No, they don’t. At the moment, there’s no Land Use Charge for property owners, but I anticipate that could change in the future.

Naijaonpoint: What is the cost of developing this project? 

Tosin Soile: We’re looking at an investment of around $25 million.

Naijaonpoint: What kind of returns can investors expect? 

Tosin Soile: Investors can expect a solid return—over 50% ROI in USD within two years. Given the rising demand for premium properties in Eko Atlantic, capital appreciation is almost guaranteed.

Naijaonpoint: Who are the contractors handling the project? Are they local? 

Tosin Soile: It’s a blend of local and international expertise. YasNas handled the piling work, Buildisa (known for Eko Pearl) is the main contractor, and we’re working with specialists like CCL INT (post-tension and structural work), Archico Consults and OCAD (architects), Redworks and The Building Estimator (quantity surveyor). Project management is being handled by Asher & Amayah Concepts.

Naijaonpoint: Is the project fully subscribed? What is the current unit price, and what is the projected value at completion? 

Tosin Soile: We’re currently 50% subscribed. Prices start at $550,000 for a three-bedroom maisonette and $730,000 for a four-bedroom maisonette. By completion, we anticipate values to increase by at least 50%, making it an attractive investment.

Naijaonpoint: Who are the typical buyers of units in this development? 

Tosin Soile: Our buyers include high-net-worth individuals, diaspora investors, corporate executives, expatriates, young affluent families, and real estate investors looking for strong capital appreciation.

Naijaonpoint: Is Le Rêve the tallest residential building in Eko Atlantic? If not, what makes it unique? 

Tosin Soile: Le Rêve is a 16-floor residential project, but it is not the tallest in Eko Atlantic. The city features planned residential towers rising up to 32 floors, alongside commercial landmarks like the upcoming 40-floor First Bank headquarters.

What sets Le Rêve apart is its architectural design, spacious maisonette layouts, and investment-friendly financial structure. The ability to transact in USD further enhances its appeal, especially for international investors looking for a secure and high-value property in a prime location.