Have you been to the Badagry axis this year? For years, the Badagry Expressway had gone bad and dilapidated. This had crippled business activities in the axis for years A journey that should take 30-40 minutes if the road was good, used to take several hours on that road.
A few months back, Governor Sanwo Olu took it upon his administration to ensure a speedy repair of the road. Consequently, he declared the road open for public use. The highway, which has been under construction for months, was completed, fulfilling the promise made by the Governor at the inception of his administration. The construction of the 4-kilometer section, which stretches from Agboju to Trade Fair, started shortly after the current administration took off.
The big news is that one section of the expressway has been opened for motorists and it has reduced the traffic bottleneck on the axis.
The immediate impact was a boost in real estate activities in that corridor of Lagos. Top players in the sector have started moving back to their sites and a lot of them are also acquiring new plots of land for real estate projects.
Now, the price of land in that axis has increased, as many property players now call the axis the New Lagos Phase 2.
Alhaji Jimoh Bashir, who is the MD/CEO, Bashmoh Homes and one of the big players in that corridor; he owns about 2 estates there. Last week, he spoke with City People’s, ISAAC ABIMBADE, about the potential of the Badagry axis, which includes Ijanikin, Agbara, Oko Afo, Sokoto road, Ile-Epo and many other areas where land is currently selling fast.
What can you say about the newly opened Badagry Expressway and what impact would it have on real estate in the area?
I will like to thank Mr. Governor, Babajide Sanwo Olu. He understands the sector and he is from our industry, the real estate sector of the economy. He has done extremely well.
There is no development anywhere in the world without road access. Access gives mobility. Mobility spurs Economic Activities that would subsequently make an impact on people’s lives. And this is what Sanwo Olu has done in the Badagry area.
What is the impact the new road would have on real estate business in that axis?
With the opening of the road, first, there would be a reduction in unemployment in the area. Most of us who have property there are going to start construction. We are going to open up our sites and some of us have already started clearing our sites. Some of us have started providing securities for our lands. We have started engaging gardeners who would do the agricultural layout for the land and this has a huge benefit for those living in that area. Prices for rent would go up, which means those who have properties and assets there would earn more and by earning more, you spend more and boost the economy. There is a huge increase in general activities in that area as the road is now opened.
Prior to this time, what was the price of land in that axis and now?
Prices of land at Ijanikin axis ranges between 1.2 to 1.5 million naira, but a week after the opening of the road and the grading of Ijanikin road, currently, the prices of a plot of land is now 1.8 to 2 million naira. I can tell you that, before the end of 2020, the volume of real estate investment there would be too surprising. The price of land by then would be from 2 to 3 million naira. That is the place for anybody to invest now.
I am talking about those who want to buy and build and those who want to buy and keep. Even if you are living in your property, there is what we call capital appreciation. The price that you bought it might not be the current market value of the property.
What is the advantage of the newly opened expressway on the population who are mostly from the South-East of the country?
A lot of people in that axis are from the South-East zone of the country and they have huge investments there. There would be an increase in demand for warehouses. we have received over 10 requests between when the road was opened and now. I tell you, the Alaba International Market will be decongested, the International Trade Fair axis will be decongested. All those trailers parking on the highway will relocate to new sites of warehouses. It is going to have a huge economic impact on residents. I think it is going to create 20 to 25 percent economic growth in Badagry, Oko-Afo, Ijanikin axis.
What you are saying is that, after Ibeju-Lekki, Badagry is next?
We call it, the new Lagos Phase 2. It has been regarded as the new Lagos Phase 2 in the industry now. And most of the infrastructure in the Ibeju-Lekki axis would be replicated in the Badagry axis.
How many estates do you have at the Badagry axis?
We have 2 estates there. We have one in Ijanikin and we have the other one on Sokoto road, around Ogun State territory.