The Lagos State Government has called for interest from members of the public and real estate investors to buy its share of Lekki’s Phase 1, Orange Island development. It will be recalled that the Lagos State Government a few years back, in pursuance of the implementation of Lekki Infrastructural master-plan through its Ministry of Waterfront Infrastructure Development entered into Land Concession Agreement with FW Dredging Limited through a Special purpose Vehicle Company, the Orange Island Development Company Limited, to create Orange Island.
Orange Island is a 150 hectares High-End Residential Real Estate with provisions for Leisure and Commercial Developments including Marinas, Institutional and Hotel developments.The Island is located off the End of Freedom Way, Lekki Peninsula Residential Scheme Phase 1. It is connected to the mainland through a 1.8 kilometre Access Road.
The Orange Island, which is synonymous to Eko Atlantic City project was estimated to cost N40billion and to accommodate 25,000 population when it is eventually delivered. The project to be delivered in two phases has been described as one of the means by which the Lagos State Government intends to transform the landscape of the state into a more organised and structured mega city. Brokered under a Public Private Partnership (PPP) initiative, between the Lagos State Government and the developer, Orange Island Development Company (OIDC), the project involves the dredging of sand from the bed of the Lagos Lagoon, reclamation of a 150-hectare island, construction of an access land bridge and infrastructure to service the island. The Project will eventually be a fully serviced; community located 450 meters off the headland next to the existing Lekki Phase 1 foreshore reclamation project.
According to the project layout, the total land mass has been apportioned into different land use purposes including mixed use, 8.4209 hectares; utilities, 2.4239 hectares; educational and public facilities, 5.3146 hectares; business and commercial, 8.0676 hectares; medium density residential, 17.7143 hectares; low density residential, 58.9520 hectares; green and public open space, 15.6563 hectares; and road reserve, 33.4504 hectares.The layout of the Island will comprise four main schemes made up of residential, commercial, services and recreation/sports zones. The services provided will include electricity, water and sewage system.
Orange Island was one of the new satellite towns that to be developed in the Lekki, Badagry and Ikorodu districts of Lagos State over a period of time. To this end a Memorandum of Understanding between Lagos State Government and FW Dredging (Sponsors of the project) was signed in January 2013. A Public Private Partnership (PPP) concession agreement was signed.
A special purpose company, Orange Island Development Company was formed for the purpose of owning, developing and operating the project. A joint venture agreement with the Lagos State Ministry of Waterfront Infrastructure Development was signed on 9th January 2014. Partners on the project are KEDARI CAPITAL, Lead Financial Advisors; Mepas&Prodel Nigeria Limited, Town Planning Consultants; FR Projects Services Limited, Project Manager; Keystone Bank, Bankers to the Project; AiQ Capital Management Limited, Financial Advisors; Ecopro Resources, Environment Consultants; Van Oord, Dredging Contractor; and OOL ENG Nigeria Limited, Structure and Civil Engineers. Others are Swampsea Limited, Technical Engineering Consultants; Jackson, Etti&Edu, Solicitors; DELANO ARCHITECTS, Urban Planner & Architects; KOA, Mechanical and Technical Engineers; GREEFF, International Master Planners; VIA CONSULT Pty (Ltd) (SA), Engineering Design Services and ALDER creative intelligence as Brand Consultants.
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