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Coastal road: Land prices jump, new investment opportunities open
Coastal road: Land prices jump, new investment opportunities open
…as construction work on Phase 1 nears completion
In a very dramatic manner, parcels of land along the 700-kilometre Lagos-Calabar coastal highway have, in the last six to 12 months, seen significant price increases, more so as construction on Phase 1 of the project is nearing completion.
The first phase of the highway, measuring 47.47 kilometres, starts from Ahmadu Bello Way in Victoria Island, Lagos, and ends in Lekki around the Lekki Deep Sea Port and Dangote Refinery axis. It is expected to be completed by May 29, 2025.
People who invested in land in all the areas around Lekki Free Tade Zone, Eleko and Ibeju Lekki had been enjoying considerable value appreciation as a result of the coming of developments such as Dangote Refinery, Lekki Deep Sea Port, among others.
The passing of the coastal highway through this axis has raised property values a lot higher in th as many investors swoop on the area, buying just any available land in anticipation of a further rise in prices in the coming years
“You need to visit these areas, especially all the areas around Ibeju Lekki, and see the level of investment going on there. People are taking position because when the coastal road is completed, you can drive to Victoria Island in less than one hour,” Ololarenwaju Kuyebi, managing director, GMH Luxury, said in an interview recently.
“Land value has gone up by more than 200 percent in the last 12 months in Ibeju Lekki. I know of someone I advised to key into the emerging opportunities in that axis. He bought three plots of land at N1.5 million each and, today, one plot is over N3 million,” he added.
Kuyebi disclosed that people are investing in land banking in that area, describing it as a wise investment decision that will give good return on investment in time to come.
Some real estate development companies are also perfecting plans to invest in that axis in the expectation that demand will come. Odunayo Ojo, the chief executive of UPDC , disclosed recently that Ibeju Lekki is part of their new towns development strategy.
Peter Oyedepo, a Lagos-based realtor, who described the coastal road as a transformative piece of infrastructure that promises to reshape Nigeria’s coastlines, enhancing connectivity and driving economic growth, says investors have every reason to invest along the coastal road.
Oyedepo explained recently that because the coastal road connects cities and towns, making once remote places accessible, it will drive population growth and real estate demand in those cities and towns.
He added that besides its economic growth potential, the coastal road will boost tourism. He explained that because the road passes through beaches, forests, and cultural landmarks, it is a prime spot for tourism-related investment such as resorts, hotels and vacation rentals.
Oyedepo advised that people can invest in both residential and commercial properties such as luxury buildings, affordable apartments, office facilities, malls, warehouses, among others. He hopes that all these will be in high demand in no distant future.
The federal government is already taking position along the coastal highway, as the first phase of the road construction approaches completion deadline
The government is planning to create tolling stations and construct tourist centres along the highway, expecting to draw in investors and enhance the country’s economy.
David Umahi, the minister of works, who disclosed this during an inspection tour of the road recently, said the entire road stretch measuring 700 kilometres is expected to be completed within eight years.
“Along the corridor, you have some lands that have been acquired for tourism, industries, factories, housing estates, etc. So, these are the road architectures that will be seen on this highway. And we also plan to have tolling units,” Umahi said.
According to him, the more than $12 billion superhighway project is also expected to be solarised for easy movement at night and security measures. It is also expected to have a flyover to avoid traffic jams. –
BUSINESSDAY
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Federal High Court Rules in Favour of Adron Homes Over Estate Management Rights
In a legal victory for Adron Homes, the Federal High Court sitting in Abeokuta, Ogun State, has dismissed the suit brought by the Registered Trustees of the City of David Residents Association (CODRA) and five others, Elder Gbadebo Aromolaran, Mr. Adetokunbo Adeshile, Mr. Olaolu Ayinde, Olusegun Aba Yomi Esq, Oluwadamilare Awokoya Esq, against Adron Homes and Properties Limited.
The case, Suit No. FHC/AB/FHR/58/2023, was presided over by Hon. Justice Abiodun J. Adeyemi, who, after an exhaustive review of the claims and evidence presented, found the Applicants’ allegations to be unsubstantiated, speculative, and without merit.
The Applicants had alleged that Adron Homes infringed on their right to personal liberty. However, the court held that they failed to present any credible evidence showing that Adron Homes posed any threat or committed any act constituting a breach of their fundamental human rights.
Hon. Justice Adeyemi noted that there was no record or proof of any invitation, arrest, or action traceable to Adron Homes that could justify such a claim. He concluded that the allegations were merely speculative and unsupported by evidence.
On the claim of proscription and infringement of the Applicants’ right to freedom of association, the court ruled emphatically that Adron Homes has no power to proscribe CODRA or prevent residents from associating. However, in a critical clarification, the court affirmed that while residents are free to associate among themselves, the legal right to own, manage, and make administrative decisions concerning the estate remains vested in Adron Homes, as the rightful developer and manager.
Justice Adeyemi stressed that the court’s decision was guided strictly by evidence and the law, not by conjecture or subjective interpretation. Consequently, the Applicants’ case was dismissed in its entirety.
Despite Adron Homes’ victory in the lawsuit, the organisation’s true victory is in ensuring the well-being and satisfaction of all its subscribers and residents, and they will not relent in guaranteeing this.
This landmark judgement not only vindicates Adron Homes but also reaffirms its position as a law-abiding, customer-focused developer dedicated to delivering value and protecting the interests of its clients.
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Federal High Court Dismisses CODRAS’ Suit, Victory for Adron Homes
In a legal victory for Adron Homes, the Federal High Court sitting in Abeokuta, Ogun State, has dismissed the suit brought by the Registered Trustees of the City of David Residents Association (CODRA) and five others, Elder Gbadebo Aromolaran, Mr. Adetokunbo Adeshile, Mr. Olaolu Ayinde, Olusegun Aba Yomi Esq, Oluwadamilare Awokoya Esq, against Adron Homes and Properties Limited.
The case, Suit No. FHC/AB/FHR/58/2023, was presided over by Hon. Justice Abiodun J. Adeyemi, who, after an exhaustive review of the claims and evidence presented, found the Applicants’ allegations to be unsubstantiated, speculative, and without merit.
The Applicants had alleged that Adron Homes infringed on their right to personal liberty. However, the court held that they failed to present any credible evidence showing that Adron Homes posed any threat or committed any act constituting a breach of their fundamental human rights.
Hon. Justice Adeyemi noted that there was no record or proof of any invitation, arrest, or action traceable to Adron Homes that could justify such a claim. He concluded that the allegations were merely speculative and unsupported by evidence.
On the claim of proscription and infringement of the Applicants’ right to freedom of association, the court ruled emphatically that Adron Homes has no power to proscribe CODRA or prevent residents from associating. However, in a critical clarification, the court affirmed that while residents are free to associate among themselves, the legal right to own, manage, and make administrative decisions concerning the estate remains vested in Adron Homes, as the rightful developer and manager.
The court per Justice Adeyemi stressed that the court’s decision was guided strictly by evidence and the law, not by conjecture or subjective interpretation. Consequently, the Applicants’ case was dismissed in its entirety.
Despite Adron Homes’ victory in the lawsuit, the organisation’s true victory is in ensuring the wellbeing and satisfaction of all its subscribers and residents, and they will not relent in guaranteeing this.
This landmark judgement not only vindicates Adron Homes but also reaffirms its position as a law-abiding, customer-focused developer dedicated to delivering value and protecting the interests of its clients.
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NIESV Lagos Chairman Leads Delegation to Adron Homes, Seeks Strategic Collaboration
In a significant move toward fostering synergy between key players in the real estate sector, the Chairman of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos State Branch, ESV Tosin Kadiri, led a high-powered delegation on a courtesy visit to the Chairman of Adron Group, Sir Aare Adetola Emmanuelking KOF. The visit, which took place at the Adron Homes Head Office, demonstrated the growing need for strategic partnerships to accelerate housing delivery and professional integration within Nigeria’s real estate ecosystem.
Welcoming the NIESV delegation, the Group Chairman, Sir Aare Adetola Emmanuelking, a proud member of the Institute, shared an inspiring insight into the journey that birthed Adron Homes. He recalled his early professional experiences in estate management, which shaped his vision to transition into property development, not merely to build houses, but to create cities, communities, and homes that endure.
“Adron Homes was not born out of convenience, but of a calling,” he stated. “The industry is rife with challenges, but if you are truly called and driven by vision, you will stand out. We’ve seen many fall by the wayside, but with determination, resilience, and strategic thinking, we have continued to build and grow.”
He highlighted Adron’s innovative application of the labelling theory in estate development, thematically branding each estate to reflect cultural or geographic inspiration. This, he noted, along with Adron’s heavy investment in infrastructure, has set the company apart as a responsible, visionary, and futuristic developer.
Speaking on behalf of the visiting team, the Chairman of NIESV Lagos Branch, ESV Kadiri Tosin, lauded Adron Homes as a formidable pillar in the Nigerian real estate landscape. He admired the scale and consistency of Adron’s developments and emphasized the need for a more structured relationship between the Nigerian Institution of Estate Surveyors and Valuers (NIESV), and Adron Homes.
“We are here to seek collaboration. We believe that our members can tap into the vast structures and opportunities that Adron Homes has already created,” he stated. Adding to the discourse, the Chairman of the NIESV Cooperative Society echoed the call for a deeper partnership. He proposed a collaborative housing scheme wherein Adron Homes could allocate a zone within its existing estates for NIESV members to create bespoke properties, aligned with their professional dreams and financial capabilities. According to him, “This collaboration could bring our collective dream into the larger Adron vision.”
In addition, the NIESV Lagos Chairman proposed a strategic partnership where experienced members of the institute, particularly those with expertise in estate and facility management, can be integrated into Adron Homes’ operations to create added value across its estates.
In his response, Aare Adetola Emmanuelking welcomed the proposals with open arms, expressing optimism about the future of a deepened collaboration between both parties.
“We’ve enjoyed a cordial and mutually beneficial relationship with NIESV Lagos Branch in the past,” he said. “This administration brings renewed energy, and we are eager to deepen that relationship in meaningful and strategic ways. We are always open to working with professionals whose values align with our mission and vision.”
Members of the NIESV Lagos Branch delegation took turns to commend the impressive footprint of Adron Homes across the nation. One of the executives remarked, “This visit has been an eye-opener. As practitioners in the industry, we often underestimate the breadth and depth of being a real estate developer. Today, we’ve gained a new perspective, and more importantly, renewed inspiration.”
In attendance at the high-level meeting were several NIESV executives; the Vice-Chairman, ESV Ayodeji Odeleye, the Honorary Secretary, ESV Olaseni Lojede, among others, as well as Adron Group’s management team, including the Managing Director, Adenike Ajobo; the Group Company Secretary, Shola Orunmuyiwa; the Deputy Managing Director, Business Investment, Chitola Roberts; the Chief Press Secretary, Maureen Echefu; and the Personal Assistant to the Chairman, Faruq Salisu, among other company executives.
The meeting ended on a promising note, with both institutions expressing strong commitment to building a collaborative future. The engagement marks a pivotal step toward the professionalization of housing development and delivery, opening doors to mutually rewarding collaborations between developers and estate professionals.
With visionaries like Aare Adetola Emmanuelking at the helm, championing sustainable development and collaboration, the future of Nigeria’s real estate industry continues to look exceptionally bright.
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