Otunba Olumide Osunsina is one of the biggest real estate players in Lagos. He has done well in the industry. He studied Building Technology. And it has helped him become outstanding in that sector. 26 years after setting up MEGAMOUND Investments Limited, he has emerged a solid player in real estate.
Megamound has carved a niche for itself in real estate development and related activities on a stand-alone basis or in joint venture with reputable companies and high-net worth individuals.
Some of the key real estate development schemes which are on-going with the active involvement of the MEGAMOUND team as sole owner or as joint development partner include, but is not limited to the following:
(1) CARLTON GATE ESTATE BRANDS
Carlton Gate Estate is located on Chevron Drive, Lekki in Lagos. It is a 28.7 hectares real estate development project conceptualised as a residential site and service scheme that involves land reclamation and the provision of infrastructure. It is located on Chevron Drive, Lekki, and shares the magnificent ambience of the Chevron Texaco complex. The estate facilities have been completed and has been transformed into an exclusive upper class neighborhood similar to Nicon-Lekki Estate scheme.
The unique selling point of the estate is that houses are constructed with very low front fences as beauty is more emphasized with facade that is mind-blowing at night and greenery that combines with the estate lightings to create a beautiful scenery.
In its usual quest for quality, the infrastructure in the estate was outsourced to world-class construction firms with sand filling/land reclamation and the provision of civil works (roads, drainage, electrical/communication ducts etc) undertaken by Julius Berger and PW Limited respectively. The gigantic water treatment plant for the estate was also provided by EURO Water.
As at date, the company’s has 1500m2 of undeveloped land, 35 units of unsold buildings at different stages of development while its receivables on houses sold is in excess of N466 million.
(2) CARLTON GATE ESTATE, AKODO, LAGOS
This estate is conceptualised as a residential site and services scheme of mixed development on a 30 hectares of land. The infrastructure will be undertaken by a team of competent in-house and external engineers/contractors. The works in the estate commenced by the first quarter of 2011.
The location is unique in view of the complementary natural habitation that has the ocean and lush vegetation as its luxury . The preservation of this natural habitation is expected to raise the calibre of other landowners that include the Lekki Free Trade Zone, La Campaigne facility, the Akodo Tourist Hotels etc.
(3) CARLTON GATE HILLTOP ESTATE – ABEOKUTA
This is a 62-hectare land acquired from the Ogun State government to provide a very low density residential estate with minimum land allotment of not less than 2,000 square metre on which shall be built one dwelling home. The location as depicted by its name has an undulating hilly topography and construction/design is expected to be in sync with this topography for effect and beauty.
The estate will be constructed in line with the style of the colonial GRA with wide area for garden. The target buyers are the middle aged and ‘soon 2 retire’ High Networth Individuals (HNI), who crave country homes located in a well-packaged functional and secured estate. The Unique Selling Point (USP) of this estate is its new and functional infrastructure compared to the dilapidated state of things in old estates/GRA developed by the government in the 1950s and 60’s.
(4) CARLTON GATE ESTATE – AKOBO, IBADAN
This is a 50 hectare land concessioned to Megamound by the Oyo State Government under a Public-Private Partnership (PPP) arrangement to develop into a site and service residential estate with an aim to replicate the quality of the company’s development in Lagos at the Ibadan axis. The location of the estate is at the Kolapo Ishola Government Reservation area (GRA) along Monatan – Iwo road, Ibadan.
The project concept will be similar to what obtains in Carlton Estate, Lekki with infrastructure work currently on-going at a lightning speed to ensure the delivery of the project within 18 months. The developer has simultaneously commenced the construction of prototype houses on random plot for sale at very affordable prices to generate the required public awareness. This is an amazing development given that it is the first of such large scale real estate development in Oyo state.
(5)IBARA RENEWAL MEGA-M VILLAS, GRA, IBARA, ABEOKUTA
This is a joint venture development between Ibara Renewal Limited and Megamound Investment
Limited for the development of 12 units of semi-detached housing units (i.e 24 duplexes) for the former under-defined terms as contained in the joint property development agreement duly executed by the parties.
This project is on 1.26 hectares of land within the larger Ibara GRA and it is expected that there would be network of roads, sidewalks, kerbs, drainage, boreholes and water filtration plant as well as garden and recreational facilities within the estate.
(6) LEKKY COUNTRY HOMES, LEKKI, IKOTA
The LEKKY Country Homes scheme is a 66.67 hectares of land conceptualised as a site and service residential scheme that boasts of quality infrastructure that includes, but not limited to roads, treated water, communication ducts, drainages, perimeter fence, street lights etc. Its target market is the upper and low middle income earners/professionals to cater for their preference to pay to live in a decent and secured environment.
Major construction of houses is being undertaken by Megamound. This strategy is to encourage other allottes to develop their plots. Investors with bulk land holding within the estate includes, but not limited to the following; Fidelity Bank Plc, ELF Staff Cooperatives, Wema Homes etc. The combination of this strategic land and home owners testifies to the hidden potential of the estate in the near future.
The company still has undeveloped land in excess of 20000m2, while it has fully or partially developed prototype houses of 108 units, which will be sold to the public on completion.
(7) MEGAMOUND/FUNTAI COURTS, RUXTON, IKOYI
This is a joint venture redevelopment of an existing structure on the 3169.213 square meters of land into a 10-unit residential terrace building comprising 4-semi-detached and 2 detached 4-bedroom houses as contained in the Building/Development agreement duly executed between Funtai Limited and Megamound Investment Limited. Funtai Limited derived its interest in the landed property based on its development lease agreement under a Public-Private Partnership (PPP) arrangement with the Federal Ministry of Housing and Urban Development.
Megamound/Funtai Courts is 70 percent completed and it has a world-class infrastructure in place, which includes swimming pool, automated security gate, CCTV camera, experienced security personnel among others.
(8) MEGAMOUND HOMES, 7, IRU CLOSE, IKOYI, LAGOS
This is a joint venture redevelopment of an existing structure on the 2900.013 square meters of land into a 7 units residential terrace building comprising four – five (4-5) bedrooms each under the terms as contained in the Building/Development agreement duly executed between Eltuna Nigeria Limited and Megamound Investment Limited. Messrs Eltuna Nigeria Limited derived its interest in the landed property based on its development lease agreement under a Public-Private Partnership (PPP) arrangement with the Federal Ministry of Housing and Urban Development.
The cost of construction and completion of the 7 units luxury terrace houses is estimated at =N402.5 million and on completion the developer – Messrs Megamound Investment Limited shall be entitled to four (4) terrace units and 4070 of the proceeds of the sales of the fifth unit, the rest of the terrace units shall be for Eltuna as well as balance of the sale proceeds of the fifth unit.
(9) KINGS’ COURT (MEGA MOUND APARTMENTS), ONIRU
This is a 4,764.5 square metres of land situated within the Oniru Chieftaincy family Private Estate, Victoria Island extension on which land will be developed two (2) high-rise blocks consisting of 15 nos. 3 bedroom flats each with servant quarters for lease and/or for subsequent sale as may be determined by the company on completion.
This mini-estate comprising flats will have facilities that include swimming pool, central alternative power supply, inner pavelocks roads, treated water, communication ducts, security personnel and lightings, drainages etc within its perimeter walls for the comfort of occupants.
The estimated cost of construction given the envisaged finishing and the facilities to be provided is estimated at =N200 million, while proceeds from sale is not expected to be less than =N2 billion.
(10) MEGAMOUND TERRACES, LEKKI PHASE I
This is a joint venture development in respect of a 2800 square meters of land on which is to be developed 6 units Townhouses of 4 bedrooms each at the LASG Lekki Peninsular Phase I scheme under terms based on a joint development agreement duly executed between Otunba Yomi
Oshikoya and Megamound Investment Limited.
The owner derived its interest in the landed property by the purchase of the land from Lagos State government for which it has subsequently been issued a Certificate of Occupancy registered no. 97 at page 97 in volume 1993P at the lands registry, Ikeja, Lagos.
The cost of construction and completion of the 6 units luxurious and exquisite townhouses is estimated at =N120 million. On completion the developer – Messrs Megamound Investment Limited shall be entitled to four (4) of the townhouses, while 2 units shall be for Otunba Oshikoya.
(11) MEGAMOUND PLACE, VICTORIA ISLAND, LAGOS
This is a 615 square metres of land situated at 14 Muri Okunola Street, Victoria Island, which land is under lease to the company for next 35 years. The development on the land is a 3-floor office complex of 5 office suites and a penthouse office.
(12) MEGAMOUND SUITES, MURI OKUNOLA, VICTORIA ISLAND, LAGOS
The company is also developing a multi-storey 40 bed luxury hotel complex at Muri Okunola Street,
Victoria Island to rival, at least, an internationally rated 3-star hotel. The land on which this hotel complex is situated is on lease to the company for the next 20 years.