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City People Reveals 5 Locations
Presently, there are about 5 locations in Lagos where real estate activities are on the rise. These are locations where real estate business is booming and many property players and firms have moved there for investment.
This week, City People brings to you 5 locations in Lagos where real estate investment is on the rise.
BADAGRY AXIS
Badagry axis is like a newly discovered location where real estate players are moving to. Since the commencement of blue rail line 2 months back, the activities on that corridor has increased.
Presently, a lot of people who had been struggling to ply the road before the completion of the rail are now smiling to their various destinations.
The Blue Light Rail Transit project is expected to improve the quality of life for residents in the Badagry axis. With the rail system in place, commuting to and from work or other areas will become easier and faster, reducing stress levels and allowing people to have more time for other activities. This is likely to attract more people to the area, driving up demand for housing and real estate.
Another impact of the Blue Light Rail Transit project on the real estate industry in the Badagry axis is the potential for increased development and investment in the area. With improved infrastructure and transportation links, developers and investors may see the potential for building new properties, such as residential complexes, shopping malls, and office spaces. This could lead to an increase in property values and rental rates, creating more opportunities for property owners in the area.
OGOMBO ROAD, AJAH
One of the hottest locations in Lagos where real estate business is booming is Ogombo road. There are many top real estate companies on this popular road.
Ogombo is a town after Ajah. It’s a five-minute drive from Ajah roundabout. The road can also be called Abraham Adesanya road.
A plot of land on this road now is around 28 to 30 million naira. Presently, a lot of big guns in the sector have positioned themselves there and they are seriously doing well. Some of them include LandWey Investment, a real estate company owned and managed by a versatile young man, Mr Olawale Ayilara. Others include The Pennek. That’s also a location where Oonirisa landed property is located and currently, the lands are being sand-filled. Don’t also forget the late Buruji Kashamu has a large expanse of land on that road and many others.
IBEJU-LEKKI
Land in the Ibeju-Lekki axis is relatively cheap but it’s selling faster than any other location in Lagos. You can ask any practitioner in the sector. Land in Ibeju Lekki sells between 1 million to 3 million depending on the location and title of the land.
Almost every player in the sector has one or two landed properties there. If you are a real estate player and you don’t have land in Ibeju axis, then you are missing a lot. Because that’s where the money comes from.
Ibeju-Lekki is one of the LGAs for planned Lekki City. With the actualization of the blueprint, Ibeju Lekki is expected to become a central hub for business, manufacturing, warehousing, and logistics. Forecasts have been made about an increase in commercial activities in the area as a result of these developments which will create thousands of jobs and make the area a major business location in the country.
In Ibeju Lekki, there are on-going and proposed industrial developments such as the Dangote Refinery which is expected to be the world’s biggest single-train facility and estimated to cost $9bn. It covers a total area of 2,635ha on the Lekki Free Zone near the Lekki Lagoon, enabling easy shipment of refined petroleum products to international markets. The refinery is expected to double Nigeria’s refining capacity, largely to accommodate the pressing demand for fuel and export to foreign markets in and out of Africa. A fertilizer plant is also included in the refinery complex, to fully utilize the raw materials released from the refinery.
Also, there is the Lekki International Airport project which was initiated to lessen the pressure on the Murtala Muhammed Airport (MMIA) in Ikeja. The master plan of the new airport shows that it’s designed to cater to wide-body, double-deck, and four-engine aircraft with the capacity for up to 500 seats. For a start, the Airbus A380 is expected to carry two million to five million passengers per annum with future prospects of expansion to cater to the increasing aviation needs of the rapidly developing Lekki area and its environs. There is also the Pan-African_University, Lekki Deep Seaport, Lekki International Golf Course and Eleganza Industries. These are among the many other industrial developments at Ibeju-Lekki. It has also tourist attractions and parks which includes LUFASI nature park which keeps some widely known endangered species and Lekki Conservation Center which has one of the best overhead walkways in the world.
ABIJO
Abijo is another location where real estate activity is booming. A lot of players in the sector have moved over there for a big investment. Abijo shares boundaries with Sangotedo. It’s a town after Sangotedo if you are coming from Lekki, Lagos. Currently, a plot of land in Abijo is above 30 million depending on the location and title of the land.
ORCHID ROAD, LEKKI
Have you driven along Lekki-Ajah Expressway in recent times? Do you know that there is a place in the Lekki axis where top property developers now play big when it comes to housing development? Do you know there is a place in Ikota (Lekki) called Orchid Road? Let’s quickly tell you about it!
Orchid Road is one of the busiest roads, full of real estate activities. It’s one of the longest roads in the Lekki axis. Orchid is opposite the popular housing estate of Lagos billionaire, Chief Rasaq Okoya, called Oluwa Ni Nsola Estate.
Let’s also tell you that’s the same road (Orchid), where the winner of Big Brother Nigeria, Mercy Ekeh bought her house, (Victoria Crest Homes). The acquisition of the property by this big brand has further opened up the area.
Another big estate on that road is Cooplag Estate, owned by Shell Nigeria. It’s an estate developed to house the staffers of Shell Nigeria. It’s immediately after the second toll gate if you are coming from Lekki Phase bus stop-stop leading to this road (Orchid) is called ElBus Stopus-Stop.
– ISAAC ABIMBADE
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