In the last few years, real estate investment in Oworoshoki town in Lagos has become a center of focus for many property developers.
Presently, more than 10 real estate firms have extended their operation to the area. This is so because more and more land are now being reclaimed on a daily basis and the land is relatively cheap compared to other similar locations in Lagos.
In the last 5 years, thousands of plot of lands have been reclaimed from the lagoon and alot of people, real estate companies and others have been taking advantage of this initiative powered by the Kabiesi of the town.
In the last few months, top property developers who believe more in real estate investment are beginning to invest in a large scale in the axis. In fact, many of them are of the opinion that, Oworo as popularly called will be another Banana Island in the near future. This statement is beginning to manifest as many property developers are now moving en masse to invest there. Let’s quickly tell you about Oworonshoki.
Oworonshoki is a suburb in Lagos State, Nigeria. The community is under the Kosofe Local Government Area of Lagos State. Geographically, Oworonshoki is pivotal to Lagos State as it connects the Mainland and Island areas of Lagos via the Third Mainland Bridge. It also hosts a terminus of the Apapa Oworonshoki Expressway.
Oworonshoki is a fully residential area with a high population density. The layout of the area can be rated as average with fair accessibility. The major road that leads into this area is Diya Street from Ifako Gbagada.
Oworonshoki can almost be seen as an Island as it is surrounded by the Lagos Lagoon. A lot of Lagosians consider Oworo (as preferably called) to be the centre of Lagos State because it is well positioned such that it is so easy to reach every other part of Lagos from this area. Redeemed Church of God, Mountain of Fire Ministries and several street mosques are the religious worship centres in Oworonshoki. Schools in the area include; Gulf Flower Schools, New Ocean, Oworonshoki Primary School.
Oworonshoki is one of the few locations in Lagos where, within 7 minutes drive you are in International Airport Ikeja, and you can connect the Island with 10 minutes driving. A lot of people, real estate investors are of the opinion that Oworonshoki is even more central than the popular Gbagada Estate. They said Oworo is easier to connect from the Third Mainland bridge than Gbagada Estate. It also has all the features of Banana Island. While some even say Oworonshoki is faster when going to Ikeja, or Airport. We can tell you for free that, all these reasons above are true!
The shocking thing about this town is that, despite the central location and easy access it enjoys, the price of land is still relatively cheap. How do we mean? A plot of land in Oworo now is around 35 million to 40 million naira, depending the location of the land. What majority of people (investors) are doing now is to buy the land with a house, demolish it and erect a modern house. This is the new trend. In ‘Papa’ area; Papa area is the new site, the newly reclaimed land area of Oworonshoki. This location is currently selling for about 40 million naira. A lot of people have erected their houses there. It’s an ocean view location area of Oworo.
About 5 years ago, one of the leading real estate firms in Lagos, EUC Homes moved to the axis and the MD, Chief Ben Odunzeh, reveals alot about the axis and why he had to move fast. “the area is fast developing. I can tell you that the place is cheap when you compare it with other locations with the same features. For every real estate player who wants to invest in the future, either build to rent or build to rent/lease, Oworonshoki is the best bet to do that now”. He said, the location is not in every developer’s eye but it’s one of the best locations for real estate investment on the Island. In fact, it has almost all the features of Banana Island” I’m glad we moved there and land is being sold for 40million naira and above, per plot there” he concluded.
Another real estate firm that relocated there recently is Simpli Mi Homes. In fact, they had a big party in one of their estates there. The MD, in a statement released recently said, their estate “ located at the Oworonshoki shoreline was part of the company’s plan to end homelessness in Nigeria by 2027.
According to the MD of the estate, the new housing estate in Oworo would be a haven providing the security of a genuine Supreme Court title document and proposed top notch infrastructure and amenities befitting the luxurious landscape.
Another advantage is that every buyer has a chance to enjoy his or her document. Most of the land there is under the royal family house and they have Supreme Court judgement backing it up. The above claim was confirmed when City People interviewed the late king, Oba Bashiru Oloruntoyin, a few years back.
