I recently acquired a piece of land around 5th roundabout in lekki. Plan to start developing soon. My initial plan was to build a block of 6 two bedroom flats on 2 stories( 3 on ground and 3 on the upper floor) . I already have a similar property somewhere else. A friend of mine is advising that I can build 4 terrace duplexes or 2 units of 2 semi detached( total of 4 units) on the land. His opinion is that either of his recommendations will bring better returns via rental income. I have to concerns about this, 1: I think building terrace duplexes or semi detached will take up most of the parking space within the compound. 2: in my opinion, better to build 2 bedroom flats that are cheaper to rent and will move faster than looking for people to rent terrace or semi detached duplex. I appreciate input from anyone knowledgeable about land development.

5th roundabout should be btw Ilasan and Jakande.

Terrace sells/rent faster in that area. You'll get minimum of 2.5m per annum and occupancy rate is higher if you have a good design.

2 bed equally not a bad idea if you can get a good design. Just market it to Chevron cooperative staffs.

Pls take note of the emphasis on good design and ample space for parking.

Thanks

@OP, please pardon my asking, how much did you get the land for. I'm looking for something around that area and I keep getting incredible amount for 650 -700sqm.

30m

diehard:
@OP, please pardon my asking, how much did you get the land for. I'm looking for something around that area and I keep getting incredible amount for 650 -700sqm.

Some agents hike the prices of lands that's probably why the prices are sometimes ridiculous but if the prices are too low then it is too good to be true.

I have a couple of lands available around the sixth round about. Beautiful estate with modern houses springing up, good road network, streetlights and 24 hrs arm security.

The estate is called Atlantic view estate. Prices are between 16m and 30m. Some lands are on a tarred road, some are on an untarred road while some are still in the bush that's why the prices differ.