Investors in Pelican Ecostay Apartments, a residential property development in Ogun State, have recorded a reported ₦20 million increase in the value of two-bedroom apartments within one year, as Pelican-Valley Nigeria Limited commissioned Phase II of the project.
The commissioning ceremony, held on Sunday at Pelican Brief Estate along Aremo Olusegun Osoba Drive, Kobape, featured the handover of keys and relevant property documents to new homeowners, enabling them to take possession of their apartments.
The development, located along the Kobape–Abeokuta corridor in Ogun State, comprises technology-driven, eco-friendly smart homes designed to combine modern residential comfort with environmentally conscious features.
Speaking at the ceremony, the Managing Director and Chief Executive Officer of Pelican-Valley Nigeria Limited, Ambassador Babatunde Adeyemo, said two-bedroom apartments that were available for subscription at ₦41 million approximately 12 months ago were now valued at ₦61 million.
The figures represent a reported increase of ₦20 million per apartment, equivalent to approximately 48.8 per cent growth in stated value over the period.
Mr Adeyemo described the appreciation as evidence of the development’s investment potential, noting that the company’s business model seeks to combine property ownership with long-term wealth preservation.
“At Pelican-Valley, we do not just sell land or bricks; we offer the Pelican Advantage,” he said.
He added that the company aimed to attract investors interested in building and preserving generational wealth through real estate, particularly amid rising inflation and economic uncertainty.
However, the reported increase reflects the stated value of the apartments and does not necessarily represent a realised profit. Actual returns would depend on achievable resale prices, transaction costs and other expenses associated with property ownership.
Phase II commissioned as homeowners receive keys
The Phase II commissioning ceremony was performed by Mr Adedehinbo Adeyinka, a 60-year-old businessman and the first landlord at Pelican Valley Estate, Laderin.
Among the new homeowners who received their keys and property documents were Prof. Oluboyo, who is based in South Africa, and Mrs Babatunde Adekola, who is based in the United States.
The event attracted real estate professionals, investors and other stakeholders, including Mr Deji Ogundimu, a realtor and property consultant; Mr Kayode Olaseinde, popularly known as Pa James, a television comedian and brand ambassador for Pelican-Valley; and Mr Adeyinka Adegbite, Assistant General Manager of Fresh 107.9FM, Abeokuta.
Veteran journalist Moshood Adebayo was also among the dignitaries who attended the event.
Real estate professionals praise project
Speaking at the ceremony, Ogundimu, Managing Partner of Serrial Realty Forte Limited, commended Adeyemo for his consistency, resilience and determination in the real estate sector.
He said the company’s ability to complete and deliver projects had helped build confidence in property investment in Nigeria.
Mr Ogundimu described Ecostay Apartments as a promising development that could encourage Nigerians living abroad to invest in residential property back home.
“Pelican-Valley’s consistency in this business is commendable, and that is what motivated me to identify with the company and come around to see things for myself. I’m impressed beyond words. This is a dream project,” he said.
He added that private developments offering a serene residential environment could attract diaspora investment and contribute to development.
In their separate goodwill messages, the new homeowners and other dignitaries praised Adeyemo for his consistency, tenacity, humility and integrity, which they said had contributed to the completion and delivery of Phase II.
Smart homes designed for modern living
The apartments feature automated security doors and access-control systems intended to improve residents’ safety and regulate movement within the estate.
The development is connected to the national electricity grid. However, the company said its electrical wiring and fittings were designed to accommodate solar power and inverter systems, allowing homeowners to adopt alternative energy solutions as needed.
According to Pelican-Valley, these provisions could give residents greater flexibility in managing electricity costs and improving the reliability of their household power supply.
Adeyemo highlights challenges in property development
Mr Adeyemo expressed gratitude for the successful completion of the project, describing it as the outcome of resilience, strategic planning and collective commitment amid Nigeria’s challenging economic conditions.
He noted that inflation, economic uncertainty and rising construction costs had made real estate development increasingly demanding.
Nevertheless, he said the delivery of Phase II demonstrated the company’s commitment to fulfilling its obligations to investors.
Mr Adeyemo also acknowledged the support of his wife, Mrs Titilayo Adeyemo, and commended the company’s project team for their dedication. He thanked homeowners for maintaining confidence in the Pelican-Valley brand.
Company emphasises land security and diaspora confidence
Beyond capital appreciation, Mr Adeyemo identified land security, regulatory compliance and timely project delivery as key considerations in the company’s property development strategy.
He said Pelican-Valley positioned its developments within government-approved layouts to help reduce title-related and zoning risks for buyers.
According to him, Ecostay Apartments offers investors an opportunity to own property in an established residential development with an existing community of homeowners, rather than purchase land and wait for an uncertain development timeline.
He also highlighted the confidence shown by Nigerians in the diaspora, noting that some homeowners had invested in the project without meeting him in person.
Mr Adeyemo said the successful completion of Phase II was intended to strengthen confidence among existing homeowners and prospective investors in Nigeria and abroad.
He assured buyers that the company would continue to uphold its standards while pursuing further residential development opportunities.
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