Ayodeji Ake
Cruxstone Development and Investment Limited has stated that it’s expanding its real estate footprint with two major projects that will reshape tourism and luxury living in Lagos.
The Managing Director /CEO of Cruxstone, Dr. Adetoro Bank-Omotoye, disclosed this to journalists in Lagos, saying the waterfront development projects are Nautica Rise and Nautica Beach Resort.
According to him, the company’s journey over the past decade has been guided by a long-term, future-focused vision that goes beyond conventional real estate development.
He said Cruxstone has been in the industry for about 10 years, starting primarily with real estate, “but our vision has always gone far beyond that. The company’s flagship project, Iconic Towers in Victoria Island, stands as a testament to this philosophy. The 12-story residential towers, located at Victoria Island, are designed with a blend of hospitality and lifestyle features more commonly associated with five-star hotels.”
Bank-Omotoye assured stakeholders that regarding the Nautica Rise and Nautica Beach Resort, all necessary steps have been taken on property security to boost investors’ confidence and Return on Investment (ROI).
He said: “Nautica Rise is an off-plan, luxury residential development designed for high-end living and investment, while Nautica Beach Resort is a separate, iconic leisure and recreational beachfront destination intended to be West Africa’s ultimate luxury beach escape designed to be a major hub for families, corporate events, and international tourists, offering a blend of architectural elegance and natural beauty along the Lagos coastline.
“We started primarily with real estate, but the vision had always been beyond real estate. Now, we do our projects with a huge infusion of hospitality and lifestyle. So, it gives you the feel of a hotel even in your own residence. The project is managed by a world-class hospitality management company to ensure that investors have maximum return on their investment. Its sitting on a 10-hectare waterfront site represents one of the last opportunities for large-scale, city-based beachfront development. More than a real estate project, Nautical Rise is envisioned as a destination-one that blends residential, leisure, and tourism infrastructure within a framework designed to meet global standards of quality and safety,” he said.
Speaking further, the realtor acknowledged that the stability of the naira is a saviour for business, especially real estate. Although it may be high, the stability helps with proper planning and timely execution of projects.
He said, “In Nigeria, the economy is looking much brighter than ever before. The policies that the administration is putting in place are having a huge impact on transforming a lot of things. We might agree with some things, but in terms of economic outlook, 2026 is looking better. 80 to 90 per cent of the materials that we use in construction or in real estate are imported, which means that they are dollar-dependent. Last year, when the dollar was on the rise, the impacts it had on the economy are yet to recover, but the stability of that currency today is a huge strength factor that’s made things really work. Right now, we can project, and we can plan, and we can procure.”
Reacting to the significant loss of investment in real estate by Nigerians at home and abroad, Bank-Omotoye explained that some of these losses, especially in the waterfront axis, are attributed to developers’ negligence.
The realtor, who has spent the last decade operating with a deliberate focus on execution, safety, and institutional accountability, explained that they are guided by the government’s rules in building properties, especially waterfront properties.
“The government can’t just wake up one day and decide to take down buildings. For example, the coastal road, what happened in all honesty, I’m not speaking for governments, but I know that there is a policy. There are rules and regulations. There is a gazette they use for locations; there is a master plan for Lagos state. When it comes to waterfronts, there is a setback that you must observe before you build. So, for loss of properties in that axis, some of their development forms on that setback,” he said.
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