Two-bedroom apartments at Pelican-Valley Nigeria Limited's Ecostay Apartments have appreciated in stated value by ₦20 million per unit over the past year, according to the company's chief executive. Ambassador Babatunde Adeyemo said units valued at approximately ₦41 million about 12 months ago are now valued at ₦61 million, representing an increase of roughly 48.8 per cent. The company marked this milestone by commissioning Phase II of the development in Masa, along the Kobape-Abeokuta corridor of Ogun State, and handing over keys to new homeowners.
Phase I of Ecostay Apartments was commissioned on 11 September 2024. The Phase II apartment blocks, situated along Aremo Olusegun Osoba Drive within Pelican Brief Estate in Kobape, are designed as technology-driven, eco-friendly smart homes featuring automated security doors and access-control systems. The development is connected to the national electricity grid, and the company said electrical wiring and fittings have been designed to accommodate solar power and inverter systems, allowing homeowners flexibility in managing electricity costs and improving reliability of their household power supply.
Adeyemo described the successful completion of Phase II as a testament to resilience and strategic planning despite Nigeria's challenging economic climate. He noted that rising inflation, economic uncertainty and escalating construction costs had made real estate development increasingly demanding. The company said it positions developments within government-approved layouts to minimise title-related and zoning risks for property buyers. Adeyemo emphasised that Ecostay Apartments is an operational residential development with an established community of homeowners, offering investors property in a developing residential environment rather than requiring them to acquire land and wait for uncertain future development.
A realtor and property consultant, Deji Ogundimu, commended Pelican-Valley's consistency and capacity to deliver projects, saying it had helped build trust and dispel pessimism about real estate investment in Nigeria. He described Ecostay Apartments as a development that could encourage Nigerians in the diaspora to invest in property domestically. New homeowners at the Phase II ceremony included South Africa-based Prof. Oluboyo and US-based Mrs Adekola, who received keys and relevant documents enabling them to take immediate possession of their properties.
Adeyemo said the stated appreciation reflects Pelican-Valley's investment philosophy, which seeks to position property buyers to benefit from capital appreciation while acquiring assets for long-term wealth preservation. He added that the company sought to attract investors interested in building and preserving generational wealth through real estate, particularly given that inflation continues to erode the purchasing power of money. However, the reported appreciation represents an increase in stated value only and does not necessarily translate into a realised investment return, which would depend on achievable resale prices, transaction costs and other expenses associated with property ownership and disposal.