Sujimoto Construction Limited – A Focus on Luxury Real Estate
In 2014, Sijibomi Ogundele, the CEO of Sujimoto Construction Limited, appeared on various television stations in Nigeria to proclaim that by 2020, his company will be one of the best in luxury real estate design and construction. At the time, he may have seemed too ambitious, especially coming from this little-known company, whose name, Sujimoto, comes from a Japanese word meaning excellence.
Today, the company is one of the most sought after for the construction of luxury residential properties. After being in the market for only five years, the company won the 2019 Bold Initiative in Property Development award, a fete many thought impossible for such a young company.
Sijibomi Ogundele attributes his ambition, which he considers to be one of the driving forces behind his company’s success, to something his mother taught him from the age of five; nothing is impossible, and everything he touches would turn to gold.
People who buy luxury homes have high expectations and venturing into this market can be a challenge for any design and construction company. Fortunately, Sujimoto Construction Company, based in Nigeria, has a team of designers, architects and engineers made up of local and international experts who understand what sets luxury homes apart from the rest and how to achieve the wow effect.
Why Luxury Real Estate?
While many people associate expensive properties with luxury, Sujimoto Construction Ltd knows it is so much more than the cost. This is why the company is attracting high-end buyers to its properties because most people willing to pay for luxury homes look beyond the asking price. The luxury properties designed and constructed by this company are unique, exclusive and considered superior to other properties that lack the delicate finish.
This company also expanded its service portfolio to ensure that their clients find everything they need when they seek luxury designs and construction plans. When it was first established, the company focused solely on construction, but it has over time added design, infrastructure construction, facility management, interior decoration and project management to its portfolio.
Luxury real estate also gives designers and construction companies leeway to include various amenities which high-end buyers consider essential and a bonus when paying for high-value properties. The additions include restaurants, supermarkets and museums. Location is also critical for luxury homes since buyers expect to be close to other luxury homes, or at least far from basic housing facilities.
High-end home buyers are always looking for investment opportunities because to them, buying a luxury property is an investment. Most are always ready to flip a mansion and invest in a condo or luxury vacation villa. This thirst for investment opportunities is what Sujimoto Construction Ltd is seeking to quench with their vast design and construction ideas.
Luxury real estate prices have also been on the rise over the years. In 2019, a Manhattan penthouse was the most expensive property sold at whopping $240 million. This topped the sale of the previous year’s most expensive property by close to $166 million! As the rich accumulate more wealth, the demand for luxury properties is also on the rise. Nigeria is no different. The wealthy are looking for more exclusive neighbourhoods to invest in, and Sujimoto is stepping up to meet the demand.
The pace at which this company has grown has naturally attracted criticism from various quarters. Still, time and again, Sujimoto proves the critics wrong with their outstanding designs and construction performance. Some of the projects include;
Medici is the tallest residential property on Banana Island. After exploring other luxury facilities close by, Sujimoto opted for height and other additional features to give this property an edge over other luxury facilities in the area. This building is fully automated, with residents having 24hrs electricity supply, top of the line indoor and outdoor security, ultra-modern gym, high-speed internet, a rooftop lounge, concierge and on-site facility management services.
This property sold out much faster than expected, especially given the lower economic outlook of the country in 2019. While some units were purchased for use by the buyers, some were investments from individual and corporate entities where between 8-12% return was expected in annual rental income. This is in addition to a 15% increase in property value.
The successful sale of this property has been attributed to the luxurious finish, flawless attention to detail, and the intriguing design. Part of the returns from the sale of this property went to charity in support of the company’s social responsibility effort.
Medici won the 2017/2018 prestigious International Property Award for Best Residential Development in Nigeria.
The Lorenzo is another property by Sujimoto that gets its name from the Medici family. Lorenzo de Medici was a Florentine statesman. Not only was he a ruler, but he was also a patron of the arts. He was known for his magnificence, and Sujimoto aimed for opulence with this luxury apartment building, located in Ikoyi, Banana Island. Bringing this 16th-century personality to a 21st century 25-storey building was deemed ambitious, but the outcome has left investors in awe.
The building is fully automated with fingerprint entry access. It is the first luxury building in Nigeria where one can control the curtains, music, air conditioning, lighting, and entertainment with a single device.
The Lorenzo has two, three, and four-bedroom apartments. The 23rd floor has a penthouse with a private pool with a 360-degree view of the Atlantic Ocean. The décor in each apartment is a blend of indigenous and royal mix to portray modern living with a hint of magnificence.
Sujimoto combined an excellent location with a great architectural design and lifestyle in one building that makes Lorenzo a unique addition to Nigeria’s skyline. The amenities at The Lorenzo include exclusively designed life-size pool decks with temperature-controlled water, an exquisite lobby, a health club, a virtual golf bar, a spa, a beauty salon, secure parking area, and a first-class restaurant.
Giuliano is another luxury facility by Sujimoto that is located in Banana Island, Nigeria’s most exclusive and extravagant neighbourhood. Unlike many of the properties on this island which remain vacant months after completion, Giuliano sold out six months before completion! Sujimoto attributes the successful sale to the attention to detail paid to the design, construction and luxurious finish.
Giuliano has eight five-bedroom terrace houses covering a floor area of 698sqm, with the living area being the largest with an area of 500sqm. Each house has three parking slots and two boys’ quarters.
Like all the other Sujimoto properties, the kitchen in the Giuliano has been created to complement the entire apartments. The kitchen is spacious, fitted with premium appliances, the shelves have touch sensors and wireless charging pad. Each unit is serviced with an elevator, has a world-class gym, and a swimming pool.
One of the selling points for Sujimoto was the sanitary wares in the master bathroom which was designed by Zaha Hadid, a renowned architect. Other features include hi-speed internet, CCTV, soundproof doors and windows, as well as the large, fully automated kitchen. All the fittings come with a five-year warranty.
This project was named after Lucrezia De Medici, an Italian noblewoman from the house of Medici. She was one of the most prestigious queens of 15th century Florence. The Sujimoto team brought their A-game, as usual, in the design and construction of these luxury apartments with features that appealed to high-end property investors.
The penthouse was the first of its kind in Nigeria, with a private gold garden, private pool on the 12th floor, private gym and private elevator being some of the features. The awesome view of the ocean and the breathtaking landscape around Banana Island made this an easy sale for Sujimoto. The building itself is wrapped with Grass Reinforced Concrete, a rare façade system and a first of its kind in Nigeria.
Each apartment unit has four secure parking slots and two maid rooms. When marketing the apartment block, Sujimoto gave the first six buyers a great price to encourage a quick sale which will allow the company to raise enough capital to build more apartments. Those who bought the units in the second phase paid 30% more than the first investors. This is one of the primary reasons Lorenzo sold out quickly.
Considering there are thousands of empty apartments on Banana Island, Sujimoto went out of its way to appeal to buyers. It provided a great quality foundation and luxury finish at a low price. Eighteen months later, those who bought the first units at close to $850,000 are turning down offers of $1.2 million per apartment because the value of the property is rising rapidly, so they are willing to hold onto the apartments a little longer.