REASONS YOU SHOULD ALSO BUY LAND AT IBEJU LEKKI, THE CURRENT REAL ESTATE INVESTMENT HUB IN LAGOS, NIGERIA..

The Ibeju-Lekki area of Lagos state is assumed to be next real investment hot spot for development by many real estate developers and industry experts alike. The reason been that, there are plans for some great future developments like the Lagos Airport, Seaport coming to that area aside ongoing developments like the Free Trade Zone (FTZ), Dangote refinery, and Pan-African University Campus. It is also one of the locations for the Lagos Smart City deal with Dubai.

Industry experts are of the opinion that these projected developments coming into the area will increase economic activities in the area, create more jobs and generally make the area a major business district in the country.

Going by the above mentioned facts coupled with the current real estate trend in Lagos, this period seems the best for public to invest in landed property in the area, as it would be of great value in the near future. The idea is to invest in the area now that it is less developed and relatively affordable, as against when the area is fully developed and property prices skyrocket as it were in the cases of Lekki Phase 1, VGC, Ikoyi etc.

This write up aims to review the Ibeju-Lekki area, analyse its prospects in light of the much-anticipated industrialisation, critically review real estate developments in the area, and highlight those that will be of great value in the future:

PROSPECTS OF IBEJU LEKKI:
Ibeju-Lekki is a large local government area, starting just after Sangotedo and extending all the way to Epe. Ibeju-Lekki can hardly be described as a suburb of Lagos these days, as its exterior parts are already fully developed and integrated into the Lekki and Ajah area of Lagos.

A major factor is the Lekki Expressway that has being widened into a
6 lane express fur8ther down, residential and commercial developments followed correspondingly. These developments also come with an astronomical rise in the cost of property. Also, as gated estates with modern infrastructure are sprouting all around the Lekki area and also following the pace of development into Ibeju Lekki. Areas such as Abijo, Lakowe, and Awoyaya now have several estates, with the cost of properties in them steadily increasing annually.

However, these parts of Ibeju-Lekki are not the point of focus with regards to the expected industrialization. Most of the industrial developments are taking place along the Lekki Free Trade Zone road, off Eleko Junction along the Lekki – Epe Expressway. This place is approximately about an hour drive from Ajah, and the traffic duration is expected to increase as commercial activities increase further down the Lekki – Express.

The FTZ is realistically 45 minutes’ drive from Sangotedo, and 35 minutes from Awoyaya (also in Ibeju-Lekki), which is the closest place one can find supermarkets and other significant commercial activities.

Current industrial developments along the Free Trade Zone road are
(1) Power oil production plant
(2) Lekki Free Trade Zone, which houses the Dangote refinery (which is expected to be the largest refinery in Africa by output capacity), Dangote Fertilizer and Petrochemical Plant, Lekki Deep Sea Port, and other industries as well as Multi-nationals.

Other notable developments within the area include the Pan-African University new campus and the site for the proposed Lekki International Airport. If and when all these developments bevomes functional, the area would be another major business district in Lagos with similarities to Apapa.

SOME OF THE PROPOSED PROJECTS IN IBEJU LEKKI:

LEKKI INTERNATIONAL AIRPORT
The Lekki Airport is a pipeline project tied to the immense success of the Free Trade Zone, Deep Sea Port, and the availability of investors. The site is about 8KM to the Epe Bridge (while driving along Lekki – Epe Express). The Lagos state government intends for it to be a Public-Private Partnership project and when it is eventually actualized, it would instigate the appreciation of properties within the vicinity; similar to the way the Ikeja Airport and other airports across the country have commercial activities around them.

PAN ATLANTIC UNIVERSITY CAMPUS
Pan Atlantic University (parent institution of Lagos business school) now has its main campus at Elaraingbe, shortly after Eleko Junction in Ibeju-Lekki. The school has begun its undergraduate programs on this campus.

LEKKI FREE TRADE ZONE
The Lekki Free Trade Zone is located along Free Trade Zone road (FTZ road). The FTZ is already active with about 70 companies already in operation (particularly Chinese multinationals). However, commercial activities have not picked up as the Deep Sea Port expected to boost commercial activities in the zone is still under development.

The Free Trade Zone will certainly be a success as Lagos is one of the biggest commercial centres in Africa and businesses would appreciate the tax incentives it offers.

DEEP SEA PORT
The Lekki Deep Sea Port is located within the Free Trade Zone and is already under construction. Historically, ports area are known to become commercial hubs and population centres, with a collateral development of related infrastructure and businesses due to port activities. The timeline set for the completion of the Lekki deep sea port is 2019 but a more reasonable guess for when it will become fully active will be somewhere around 2024.

DANGOTE REFINERY:
Dangote group is investing $14 billion in the development of a refinery, a petrochemical and a fertiliser plant within the Lekki Free Trade Zone. These projects are currently under construction and over $4 billion have been spent on the projects already. The fertiliser plant is also ongoing as some structures have already been put in place indicating the project could meet the set target of being in operation by 2019 but a more feasible estimate would be 2020, considering the current state. This refinery plant would be the largest in Africa.

GOVERNMENT COMMITMENT TO THE SUCCESS OF PROJECTS IN IBEJU LEKKI.

The present and past governors of Lagos state have reiterated their plans to ensure the projects in the Ibeju-Lekki area are successful. The Lekki-Epe express is currently being expanded. Construction of the Ajah flyover bridge (Jubilee Bridge) on 17 May 2017.

EXPECTED PATTERN OF DEVELOPMENT IN IBEJU LEKKI.

The Lekki FTZ Master Plan focused on developing the zone as a modern satellite city in Lagos, with new economic functions, urban service industries, and real estate property development as the pillar; so as to promote the overall industrial development of the Zone.

Expectedly by 2025, the development of the Ibeju Lekki area would likely be in two phases. Firstly, development along the Lekki- Epe Expressway will go further into Ibeju Lekki, causing industrialization to expand further into the area. Secondly, the industries along the Free Trade Zone road will promote commercial activities in this satellite city, resulting in a central business district in the Free Trade Zone area.

Most investors that procure properties in estate developments in Awoyaya, Abijo, Lakowe and other exterior parts of Ibeju-Lekki LGA are people that works in the Lekki / Victoria Island business districts and do so because lands in these areas are cheaper than in the locations closer to Victoria Island. Properties along the Free Trade Zone road (FTZ road) will be in the immediate proximity of the Free Trade Zone and at the heart of the new satellite town, thus these properties offer the best potential return on investment.

The developments and commercial activities in the FTZ can possibly employ as much as 50,000 people and lead to a town of up to 200,000 in population. With this, properties close to the FTZ will steadily rise in value based on their proximity to the business district, and by 2035, FTZ road would likely have a development pattern similar to that of Lekki Phase 1.

Residential developments in the exterior parts of Ibeju-Lekki (Awoyaya, Abijo, Lakowe etc.) will be located in between the two business districts of Victoria Island and FTZ and their value will appreciate at a slower rate due to their considerable distance from both business districts (about 1 hour 45 mins to Victoria Island and 45 mins to FTZ).

One unique feature of the FTZ road is that there is the absence of a rural community in the vicinity, and the majority of the land in the area is being procured in large quantities by estate developers. This means the area can easily become a highbrow area as it will mainly comprise of planned residential estates, the Atlantic Ocean beach, the Free trade zone and offices of several businesses providing support services to the Refinery and Sea Port.

Also, the land here is mostly dry, unlike in Ibeju Town and Eleranigbe where parts of the lands are wet and waterlogged. Again, the central road in the area is wide and the road allowance available gives ample room for further expansion. The Lagos state government is keen to avoid the Apapa mistake and will likely expand the road when commercial activities peak.

There are several estate developments all around Ibeju Lekki, right from the exterior parts (Abijo, Awoyaya), all the way after the Epe Bridge.

However, in terms of projected future value, those along the Free Trade Zone road, Eleko road, and those in Eleranigbe are expected to appreciate the most; firstly because of their proximity to the would-be commercial hub, and secondly because these areas will likely develop into highbrow areas since majority of the land has been sold to estate developers who will build well-planned estates.

It has been observed that planned residential neighbourhoods (e.g Ikota Villa Estate and Chevy view estate) experience more development and become far more expensive than areas that develop as a result of the public buying lands directly from the community, without recourse to any proper layout or plan covering the area (e.g Agungi).

Now back to the business, you also can tap into the opportunity of becoming a proud land owner in this area and watch your investment grow into several millions within the shortest nearest future. We have several plots already laid out with all necessary approval granted by the relevant authorities for sale at the Free Trade Zone Area, Ibeju-Lekki, Lagos at N5,000,000.00 (Five Million Naira) per plot with option of instalmental payment to be mutually agreed.


Therefore, i implore you to waste no further time,contact me for more details at +2348032296562, +2348117949689 or by email at a2realmartoptions@gmail.com.

AKINTAYO AKINLOLU....Here to serve you better.

Thank you.