Hello House,

Am negotiating a 400sqm plot in a New Estate in Abijo just after fara park. The estate is going to 2mins drive from the Express Rd.

The Agents have agreed #9.7m.

It's a New estate with global c of o, No fence yet. They are about to start clearing. It's a dry land apparently.

My questions are

1. Is it overprice? Considering it's only 400sqm.

How much does 400sqm cost in neighbouring estates that are developed.

Is this too high a risk, especially as they are yet to have a fence.

Ur opinion matters. Pls contribute.
Tnks

bebe2:
Hello House,

Am negotiating a 400sqm plot in a New Estate in Abijo just after fara park. The estate is going to 2mins drive from the Express Rd.

The Agents have agreed #9.7m.

It's a New estate with global c of o, No fence yet. They are about to start clearing. It's a dry land apparently.

My questions are

1. Is it overprice? Considering it's only 400sqm.

How much does 400sqm cost in neighbouring estates that are developed.

Is this too high a risk, especially as they are yet to have a fence.

Ur opinion matters. Pls contribute.
Tnks

It is too high for 400 square metres in a new undeveloped estate. And they are just going to start clearing? If you had said 650sqm to 800sqm right on the expressway, then I may have not said anything. Please look at various property websites that have listed pieces of real estate for sale in that axis, and use their prices to draw a comparison before making a decision.

LaudableXX:


It is too high for 400 square metres in a new undeveloped estate. And they are just going to start clearing? If you had said 650sqm to 800sqm right on the expressway, then I may have not said anything. Please look at various property websites that have listed pieces of real estate for sale in that axis, and use their prices to draw a comparison before making a decision.

Tnks for that.

I knew it didn't make sense the minute i heard it.

He said I shud think of the infrastructure that's going to be there. Water treatment etc. It's going to be a low fence estate, blablabla.

It's just too much. Am hoping some agents Orr pple living around these area can shed more light.

bebe2:
Tnks for that.

I knew it didn't make sense the minute i heard it.

He said I shud think of the infrastructure that's going to be there. Water treatment etc. It's going to be a low fence estate, blablabla.

It's just too much. Am hoping some agents Orr pple living around these area can shed more light.

Go through the Properties section on NL, and look at the various threads that cover land for sale in different estates along the Lekki-Epe expressway. their prices would give you an idea on whether the fees you were quoted were high, or not. Price of land is also affected by the following:

1). How close is the land to the expressway?

2). Is the road leading to the site tarred or untarred?

3). What kind of title does it have? CofO, Excision or Gazette? Lands covered by a CofO or Governor's consent are generally more expensive than those with a gazette or an excision.

4). Has the estate where the land is located been fenced or have the roads within such an estate been tarred? Estates with such facilities have landed property that are more expensive, than those with uncleared plots.

Finally, please visit this thread: https://www.nairaland.com/4418835/serviced-plots-pearl-gardens-sangotedo

I do not know who opened the thread and offered the land for sale, neither have I dealt with the fellow before, so I cannot vouch for anything or anyone.

But I am quite familiar with the estate he mentioned, as it is well-fenced, well populated, fully tarred and well maintained. And if a well-built, fully inhabited estate like Pearl Garden has a 360sqm land surrounded by fully tarred roads going for 9 million, why would a 400sqm in an undeveloped, uncleared estate at Abijo be going for 9.7 million?

LaudableXX:


Go through the Properties section on NL, and look at the various threads that cover land for sale in different estates along the Lekki-Epe expressway. their prices would give you an idea on whether the fees you were quoted were high, or not. Price of land is also affected by the following:

1). How close is the land to the expressway?

2). Is the road leading to the site tarred or untarred?

3). What kind of title does it have? CofO, Excision or Gazette? Lands covered by a CofO or Governor's consent are generally more expensive than those with a gazette or an excision.

4). Has the estate where the land is located been fenced or have the roads within such an estate been tarred? Estates with such facilities have landed property that are more expensive, than those with uncleared plots.

Finally, please visit this thread: https://www.nairaland.com/4418835/serviced-plots-pearl-gardens-sangotedo

I do not know who opened the thread and offered the land for sale, neither have I dealt with the fellow before, so I cannot vouch for anything or anyone.

But I am quite familiar with the estate he mentioned, as it is well-fenced, well populated, fully tarred and well maintained. And if a well-built, fully inhabited estate like Pearl Garden has a 360sqm land surrounded by fully tarred roads going for 9 million, why would a 400sqm in an undeveloped, uncleared estate at Abijo be going for 9 million?

Tnk u ooo,
The gist is, the developer built a house for my friend in megamund estate, we were all praying and blessing him because he delivered it in 8months and didn't steal their money as we were all suspecting.

It's seems all dat praises has gone to his head. A few of us want to invest in the axis, so he came and said there is a new estate. It's has global c of o and dats it . They haven't even started clearing, no fence nothing.

bebe2:
Tnk u ooo,
The gist is, the developer built a house for my friend in megamund estate, we were all praying and blessing him because he delivered it in 8months and didn't steal their money as we were all suspecting.

It's seems all dat praises has gone to his head. A few of us want to invest in the axis, so he came and said there is a new estate. It's has global c of o and dats it . They haven't even started clearing, no fence nothing.

Well, still do a thorough check, please. I think the land he is offering you is grossly over-priced, or he too may be trying to sell it on behalf of someone else, without getting the full details...who knows?

PS: There is also Amity Estate which is a serviced, fenced neighborhood located shortly before Abijo, off the expressway. It is close to Fara park as well as Crown Estate. A 400sqm piece of land there costs about 10 million naira, but the roads within the estate are interlocked, paving stones, while there is a well connected drainage system, and electricity within the estate. You may use this as a comparison, too.

Well spoken @ LaudableXX. Thank u very much.

You can check out KHL Gardens as comperism @bebe2, clients are already building in the estate, and it's just off monastery road, behind Shoprite Sangotedo.
Title is C of O
600sqm
Families already living in the area
Goes for 10m presently.

U can consider this price Wen bargaining. Although this is the lowest price for c of o land of 600sqm I have seen around this neighborhood.

See video below.

https://www.youtube.com/watch?v=ReljhlTDWg0

LaudableXX:


Well, still do a thorough check, please. I think the land he is offering you is grossly over-priced, or he too may be trying to sell it on behalf of someone else, without getting the full details...who knows?

PS: There is also Amity Estate which is a serviced, fenced neighborhood located shortly before Abijo, off the expressway. It is close to Fara park as well as Crown Estate. A 400sqm piece of land there costs about 10 million naira, but the roads within the estate are interlocked, paving stones, while there is a well connected drainage system, and electricity within the estate. You may use this as a comparison, too.

U see most of these estates u mentioned I have never heard off. Am just googling them and am in shock. I just want a place to build my small retirement house. I don dey old.

The guy dey use megamund estate dey look me. I know myself , I no get that Kai money.

SteadyIncome11:
Well spoken @ LaudableXX. Thank u very much.

You can check out KHL Gardens as comperism @bebe2, clients are already building in the estate, and it's just off monastery road, behind Shoprite Sangotedo.
Title is C of O
600sqm
Families already living in the area
Goes for 10m presently.

U can consider this price Wen bargaining. Although this is the lowest price for c of o land of 600sqm I have seen around this neighborhood.

See video below.

https://www.youtube.com/watch?v=ReljhlTDWg0

But I can't see an estate gate. Where is the entrance? Is there security?

bebe2:
U see most of these estates u mentioned I have never heard off. Am just googling them and am in shock. I just want a place to build my small retirement house. I don dey old.

The guy dey use megamund estate dey look me. I know myself , I no get that Kai money.

ROFLMAO!! God will provide, jare. Don't mind him. just take your time to look around very well. There are several housing estates along the Lekki-Epe expressway all the way from Ajah to Ibeju-Lekki, containing different plots of land for sale, at different prices. Try and make your enquiries and physically inspect each one, before making a decision. Make sure you engage a good property lawyer to crosscheck the title deeds at the land registry before making any payment, though.

* Also please do your research very carefully, so that you do not fall into the hands of omo oniles, and unscrupulous estate resellers.

Like I said, some discussions have been held in the property section of NL about various estate schemes, and their current status. Try and go through that section. Here is a thread that I found useful: https://www.nairaland.com/377377/dont-victim-investigate-every-property/17#43034504

Best of luck!

bebe2:


But I can't see an estate gate. Where is the entrance? Is there security?

These are all proposed project, there will be put in place. It's still under construction. It's going to be an enclosed estate with fence, gate house, security, good road network, drainage, street lights, etc.

Amity already have these facilities in place.

See video below

https://www.youtube.com/watch?v=7X9VDDjxWDQ

bebe2:


U see most of these estates u mentioned I have never heard off. Am just googling them and am in shock. I just want a place to build my small retirement house. I don dey old.

The guy dey use megamund estate dey look me. I know myself , I no get that Kai money.

If you don't mind going a bit further along the Lekki-Epe axis, I will suggest Beechwood Estate to you.

The estate is along the express road @ Sapati immediately after Bogije. A 450sqm in the estate in the secondary market goes between #8.5 and #9 million.

A well developed estate, one of the best along that axis with good road network and 24 hours electricity. Am currently building my house there.