An artistic impression shows the roof-top swimming pool of Pearl Apartments in Ebute-Metta.
The heavily developed status of parts of the Mainland like Yaba and Ebute-Metta has not been a hindrance to property developers willing to invest in these areas. While their counterparts doing business in other parts of the Mainland like Magodo GRA, Ikeja GRA, Omole and the likes tap into the availability of government allocated virgin plots for their projects, the developers in these heavily built-up areas of the Mainland either scramble for the very limited available virgin plots or simply purchase the old and mostly dilapidated buildings which traditionally come on large plots and redevelop them into modern multi-unit apartment buildings.
Our recent survey of new developments in these areas, show that over the last ten years, more than fifty of such developments have been built. While some of the developments have their buildings spread-out in several clusters over fairly large expanse of land, others come in one or two clusters on relatively small plots of land.
One of the large developments in Yaba is the Royal Estate on Connal Road, off Herbert Macauley Way. Developed by Royal Sanderton Technologies Nigeria Limited in conjunction with the Lagos State Government, through the Lagos State Ministry of Housing and Urban Development, the development consists of 40 units of 4 bedroom Terrace houses.
An example of a medium size development in these areas is the Pearl Apartments by CMB Building Maintenance and Investments Limited in Adekunle just by the Third Mainland Bridge in Ebute-Metta. It consists of 26units of 3bedroom apartments on 2blocks of 6floors and with a penthouse on each block. On the other hand, the about to be delivered Quantum 1 on Isaac John Street in Yaba gives an idea of the small size developments within Yaba and Ebute-Metta. Developed by Keymarro Height Realty Limited, it comprises of 8nos 3bedroom serviced apartments with one room boy’s quarters each.
While almost all the new developments come fully fitted and finished, common facilities provided by their developers for the eventual buyers include: standby generators to provide alternative power supply, intercom, treated boreholes, good road network with ample parking spaces and security. CMB Building Maintenance Investment Limited however raised the bar in 2012 when it provided a roof-top swimming pool in the Pearl Apartments.
Prices in these areas for the new developments have remained relatively affordable and stable over the last few years as a result of intense competition amongst the developers. While a typical new 3bedroom apartment carries a price tag of between N45million and N50million, a new 4bedroom apartment will be offered for between N50million and N60million depending on the quality of finishings.
According Mr. Mutiu Balogun of Mutiu Balogun and Co; the sole Marketing Agents of Quantum 1; Yaba, Ebute-Metta and Surulere appeals greatly to a lot of prospective Mainland landlords because of their centrality and easy access to almost all parts of Lagos and the opportunities are simply limitless for willing developers.
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