Nigeria: Mowe-Ofada Corridor Records Unprecedented Construction Activities

Dada Jackson And Bamidele Ogunwusi

1 December 2008

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Real estate activities on the Mowe-Ofada axis along the Lagos-Ibadan Expressway seem to have peaked in the last couple of months due to the increase in the tempo of construction activities that have been witnessed there.

Daily Independent check on the corridor shows that in the last two or three months most developers have relocated to the area due what some of them ascribe to the advantages inherent in the axis.

The Managing Director of Cross and Churchill Realtors Limited, one of the latest developers in the axis, Mr.Taiwo Ogunbodede, told Daily Independent that his company decided to move to the corridor as a result of the serenity of the area and its 'virginity'.

Cross and Churchill Realtors, who are the promoters of Green Oak Park Estate, a residential cum commercial initiative is selling serviced plots for N700,000.00k with an attractive condition for prospective subscribers to pay 30 percent of the total cost of the land.

According to Ogunbodede the need to move to Mowe-Ofada was occasioned by the urgent request of some of its subscribers that getting out of the hassle and bustle of Lagos would better be appreciative if an estate was built far from the metropolis.

He pointed out, that building an estate along the corridor would help to educe the burden on the Lagos meteropolis, adding that in the next five years developers would be scrambling to get a space in that axis.

He was of the opinion, that the need to move development outside Lagos by developers was long overdue if only to reduce the 'stress' associated with the high activities in the metropolis.

He noted that the Mowe-Ofada axis would soon become a model city that in no distant future a plot of land in the area would go for as high as N2 million.,

The Managing Director of Ellyon Property, Mr. Sola Adekunle, said Ofada Town is currently experiencing increased activities due to the ingenuity of developers who are turning the former virgin land to spectacles of modern estate development.

Adekunle, whose company is developing a housing Estate in the Town, said the Town will soon take over leadership role from places like Magodo, Shangisha and even the Lekki-Ajah inestate development.

The Ellyon Property Developers boss, who is also the Managing Director of Elleon Properties Limited, developers of Aspen Estate in Isheri-North of Ogun State, added that houses that will be built in his estate will include those that will be affordable for the average Nigerians.

Daily Independent gathered that one of the unique selling points of the estate is that unlike many other developers, who borrow money from banks to buy land, the developers, Ellyon Property, has already bought the land.

Speaking on the development, Adekunle said his company is not under any pressure to pay any money to any bank and that those who intend to either buy land or houses may not be put under any pressure.
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Houses expected from the scheme include three bedroom flats, four and five bedroom duplexes and different types of bungalow houses. Work on the estate is expected to start in March 2009.

Some of the facilities being expected in the estate are good road network, good drainage system, water supply, electricity, well managed security and other modern facilities available in world-class estates across the country.

Some of the notable estates in the Mowe-Ofada Axis are: Dove Estate, Prime Estate, Union Home Estate, Oasis Estate, Honeyland Estate, Covenant Estate, Yotomi Estate, Master Golden Estate, Good Shepherd Estate, Parkland Estate, Meadow Estate Rosebud Estate, Union Bank Co-operative Estate Jubilee Estate, Mainland Estate Golden Heritage Estate Royal Life Estate, Crown Garden Resort, Unilag Co-operative Estate and Graceland Estate.

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