By Esther Onyegbula

Shop prices at the Acada Arcade Shopping Complex, along the Lagos State University, LASU-Ojo axis of Lagos, are set to rise from August 17, with ground-floor units now priced at ₦1.2 million per square metre, amid rising construction costs and increased expenditure on infrastructure.

The upward review, announced yesterday by PeeDeep Arcade Properties Limited, PAPL, the developer of the commercial complex, also puts the new price of first-floor shop units at ₦1.1 million per square metre.

The company said the revised rates were necessitated by prevailing economic realities, particularly the rising cost of construction materials, statutory charges and ongoing infrastructure upgrades at the complex.

PAPL, in a statement by its Head of Marketing, Funmi Odetola, said the new prices were all-inclusive and reflected the expanded scope of construction and infrastructure delivery at the shopping complex.

According to the company, the adjustment was necessary to sustain the quality of the project and ensure that the commercial facility meets the infrastructure requirements of businesses expected to operate within it.

“This price increase is driven by prevailing economic realities, including rising construction costs, statutory charges, and ongoing infrastructure upgrades required to deliver a functional and sustainable commercial environment,” the company said.

The latest adjustment comes as developers and businesses continue to contend with elevated construction and operating costs, making the cost of delivering commercial real estate increasingly challenging.

PAPL, however, assured subscribers, investors and prospective buyers that the additional cost was being channelled into improved infrastructure and the overall delivery of the project.

A major component of the ongoing infrastructure work, according to the developer, is the installation of a transformer to provide reliable and stable electricity for businesses within the complex.

The company said the transformer installation was part of critical infrastructure being developed to enhance the functionality and sustainability of the commercial centre.

PAPL said the infrastructure upgrade was expected to provide a more conducive environment for businesses and contribute to the long-term value of investments in the complex.

The developer said: “PAPL remains committed to ensuring that subscribers continue to receive commensurate value for their investment.”
The company also appealed for the continued patience and understanding of subscribers and stakeholders, assuring them of its commitment to transparency, quality delivery and long-term value creation.
The revised prices will take effect on August 17, 2026.