As Work Starts On 4th Mainland Bridge
Recent findings have shown that land prices in the Ajah area and those of Ibeju-Lekki have almost doubled in the last one year and real estate analysts are saying they are reactions to the commencement of work on the much talked about Dangote Refinery, 4th Mainland Bridge, and other landmark projects in the area.
The proposed Dangote’s refinery, with a capacity to refine 650,000 barrels ýof crude oil per day, will be completed is expected to be completed in 2017 and will commence full operations in 2018 – its set deadline. It will be recalled that President Dangote Groups, Alhaji Aliko Dangote had said that an estimated $17 billion was required to complete the Refinery, Fertilizer and Petrochemicals plants in Ibeju-Lekki. In an interactive session with journalists, Dangote said the refinery will cost $12 billion, the fertilizer plant $2 billion and the subsea pipeline will gulp $3 billion.Dangote, who stated that $100 million was paid the state government for the site measuring over 3000 hectares of land, added that they have spent $420million to sandfill the swampy areas.
In a similar development, Lagos State Government, recently said no fewer than 800 structures and shanties have been identified to give way through relocation to allow for the construction of the proposed 4th Mainland Bridge project. A Recent visit to the take-off point of the bridge in the Lekki axis, however, shows that pegging and markings for the construction of the bridge have already started. The 4th Mainland Bridge is expected to traverse from Ajah to North-West direction towards the lagoon shoreline to Lagos-Ibadan Expressway via Ikorodu. The approximate length of the bridge is 37.9 Km with a design speed of 140 km.
While progress is fast being made on these two massive projects, land prices in Ajah and Ibeju-Lekki have started to soar. Price comparison between October 2015 and now, shows that in some instance, they have almost doubled in these areas. In Ajah, Ado Road, Badore and Ogombo for example, plots of land which were being sold for between N7million and N10million per plot now sells for between N15million and N20million per plot.
In Sangotedo and Abijo GRA, plots of land which were being sold for N4million and N7million now sell for N6million and N11million respectively depending on the nearness to the expressway and the available land title. Going further down the road towards Epe, plots in Awoyaya and Lakowe, plots of land which were being sold for N2million and N1.5million respectively now sell for N4million and N2million.
In the main Ibeju-Lekki axis, plots of land that were being sold in Eleko for N1.5million now sell for N3million, Origanrigan for N1million now sell for N2.5million, Osoroko for N1million now sell for N2million, Itamerin for N1million now sell for N2million, Akodo for N500k now sell for N1.5million and Elerangbe for N300k now sell for N700k per plot.
Speaking on the development, Mr. Femi Ayinuola of Femi Ayinuola and Co; a firm of Estate Surveyors and Valuers explained that the influx of real estate investors have been massive over the last one year in reaction to the commencement of work on the Dangote Refinery and the 4th Mainland Bridge. “Now that work has started on the two projects, investors are more than confident that the Ajah-Ibeju-Lekki axis will in the nearest future see a big boom and they are already rushing into the area to position themselves for that time. The influx has been massive and just like the laws of Demand and Supply, demand for plots in the area is already nearing supply and the result of that can only be rising prices of plots”.
According to Ayinuola, the Dangote Refinery, and 4th Mainland Bridge are not the only projects pushing up prices in the area, there are also other projects like the Ajah Flyover Bridge, Lagos Free Trade Zone, International Airport, and the Deep Sea Port. “There is also an ongoing plan to construct a Coastal Road that will take off from Eko Atlantic City in Victoria Island to link the coastal areas of Eleko Beach. These projects are already taking off and smart investors know what will happen to property values and are not waiting until the period when prices go beyond their reach. They understand that this is the best time to move in”, he says.
Mr. Ayinuola predicts that in the next five to ten years, land prices in Ajah and Ibeju-Lekki may start to compare with those of the main Lekki axis, where land prices start from an average of N60million upwards. “The time when land prices in Ajah and Ibeju-Lekki will start to compare with those of areas like Elegushi and Lekki Phase 1 is near. It will not be about distance, but the availability of infrastructure. Those in Elegushi and Lekki Phase 1 may have to be the ones coming to Ibeju-Lekki to catch a flight at the Airport or come to the port to export their goods. Ibeju-Lekki will become a new city and the new face of Lagos and at that time, prices will have gone through the roof”, Ayinuola predicts.
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