Pelican-Valley Nigeria Limited has commissioned Phase II of its Ecostay Apartments development in Masa, along the Kobape–Abeokuta corridor of Ogun State, marking another milestone in the company’s residential property development drive. The ceremony also featured the handover of keys to new homeowners.
The Phase II apartment blocks, located along Aremo Olusegun Osoba Drive within Pelican Brief Estate, Kobape, are designed as technology-driven, eco-friendly smart homes.
Phase I of the development was commissioned on September 11, 2024. During the ceremony, Aremo Olusegun Osoba Drive was unveiled and named in honour of former Ogun State Governor and elder statesman, Chief Olusegun Osoba, in recognition of his rural electrification project in the area during his tenure.
Osoba’s intervention helped lay the groundwork for the development of Pelican-Valley’s multibillion-naira projects in the area some three decades later.
The ribbon-cutting ceremony for Phase II, held on Sunday, was performed by Mr Adedehinbo Adeyinka, a 60-year-old businessman and the first landlord at Pelican Valley Estate, Laderin.
New homeowners, including South Africa based, Prof. Oluboyo and a US based Mrs Adekola, received the keys and relevant documents for their Ecostay Apartments, enabling them to take possession of their properties with immediate effect.
The apartments were designed to combine contemporary residential comfort with environmentally conscious features.
Among the facilities highlighted by the company during the handover ceremony were automated security doors and access-control systems intended to enhance residents’ safety and facilitate movement within the estate.
The development is connected to the national electricity grid. However, in anticipation of growing demand for alternative energy sources, the company said the electrical wiring and fittings had been designed to accommodate solar power and inverter systems.
According to the company, the provision would give homeowners greater flexibility in adopting alternative energy solutions to manage electricity costs and improve the reliability of their household on public power supply.
The event attracted real estate professionals and other stakeholders, including Deji Ogundimu, a realtor and property consultant; Kayode Olaseinde, popularly known as Pa James, a television comedian and Pelican-Valley brand ambassador; and Adeyinka Adegbite, assistant general manager of Fresh 107.9FM, Abeokuta. Investors and other dignitaries were also in attendance.
Speaking at the event, Ogundimu, managing partner of Serrial Realty Forte Limited, commended Pelican-Valley’s chief executive, Ambassador Babatunde Adeyemo, for his consistency, resilience and determination in the real estate business. He said the company’s capacity to deliver projects had helped build trust and dispel pessimism about real estate investment in Nigeria.
Ogundimu described Ecostay Apartments as a dream project that could encourage Nigerians in the diaspora to invest in property back home.
He said the development offered a serene environment and an ambience comparable to international residential standards, adding that initiatives of this nature could contribute to national development by attracting diaspora investment.
“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.
“This is a laudable private initiative that will continue to encourage Nigerians in the diaspora to own homes in a serene environment. No doubt, this will help drive development. I’m highly impressed beyond words,” he added.
In their separate goodwill messages, the new homeowners, Oluboyo and Babatunde Adekola, alongside other dignitaries, including veteran journalist Moshood Adebayo, praised the managing director and chief executive officer of Pelican-Valley Nigeria Limited, Ambassador Babatunde Adeyemo, for his consistency, tenacity, humility and integrity, which they said had contributed to the successful completion and delivery of Phase II of Ecostay Apartments.
Speaking earlier, Adeyemo expressed gratitude to God for the successful completion of the project, describing the achievement as a testament to resilience, strategic planning and collective commitment amid Nigeria’s challenging economic climate.
He noted that rising inflation, economic uncertainty and escalating construction costs had made real estate development increasingly demanding. Nevertheless, he said, the successful completion of the second phase demonstrated the company’s determination to fulfil its commitments to investors.
Adeyemo commended his wife, Mrs Titilayo Adeyemo, for her unwavering support. He also praised the company’s project team for their dedication and thanked the homeowners for their continued confidence in the Pelican brand.
A major highlight of Adeyemo’s address was the reported appreciation in the value of the apartments, which he presented as evidence of the development’s investment potential.
According to him, two-bedroom apartments that were available for subscription at ₦41 million approximately 12 months ago are now valued at ₦61 million, representing an indicated increase of ₦20 million per unit over the period.
Based on those figures, the stated value of the apartments has increased by approximately 48.8 per cent in one year.
Adeyemo said the figures reflected Pelican-Valley’s investment philosophy, which seeks to position property buyers to benefit from capital appreciation while acquiring assets for long-term wealth preservation.
“At Pelican-Valley, we do not just sell land or bricks; we offer the Pelican Advantage,” he said, highlighting the company’s focus on combining property ownership with investment value.
He added that the company sought to attract investors interested in building and preserving generational wealth through real estate, particularly at a time when inflation continued to erode the purchasing power of money.
However, the reported appreciation represents an increase in the stated value of the apartments and does not necessarily translate into a realised investment return. Actual returns would depend on achievable resale prices, transaction costs and other expenses associated with property ownership and disposal.
Beyond capital appreciation, Adeyemo identified land security, regulatory compliance and timely project delivery as key considerations underpinning the company’s approach to property development.
He said Pelican-Valley positioned this developments within government-approved layouts to help minimise title-related and zoning risks for property buyers.
According to him, Ecostay Apartments is an operational residential development with an established community of homeowners, offering investors the opportunity to own property in a developing residential environment rather than acquire land and wait for an uncertain future development.
He also highlighted the confidence demonstrated by Nigerians in the diaspora, noting that some homeowners had invested in the development without meeting him in person.
The chief executive described this as a reflection of the trust the company had built through its business model and project delivery record.
He added that the successful completion of Phase II was intended to strengthen confidence among existing investors and prospective buyers, both in Nigeria and abroad.
Adeyemo further noted that the project’s completion was reassuring to diaspora investors, who rely on developers’ credibility and performance to safeguard their interests from afar.
He assured existing homeowners and prospective investors that the company would continue to uphold its standards while pursuing opportunities to deliver quality residential developments.