News
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
Adron Group Chairman Hails Dapo Abiodun’s Leadership at 66
The Chairman/Chief Executive Officer of Adron Group, Aare Adetola Emmanuel King, has extended his warm congratulations to the Executive Governor of Ogun State, His Excellency Prince Dapo Abiodun, CON, on the occasion of his 66th birthday.
In a goodwill message issued to commemorate the occasion, Aare EmmanuelKing described Governor Dapo Abiodun as a visionary leader, accomplished administrator, and distinguished statesman whose purposeful and people-oriented leadership continues to foster remarkable transformation, progressive governance, and sustainable development across Ogun State.
He noted that Governor Abiodun’s steadfast commitment to infrastructural development, economic advancement, youth empowerment, and the overall welfare of the citizenry has significantly positioned Ogun State as a foremost destination for investment, innovation, and socio-economic progress in Nigeria.
“On behalf of my family, the management, and staff of Adron Group, I sincerely felicitate with Your Excellency, Prince Dapo Abiodun, CON, on the occasion of your 66th birthday. Your exemplary leadership, humility, and unwavering dedication to public service remain highly commendable and inspiring. Ogun State has continued to experience substantial growth and development under your administration, while your contributions to governance and human capital development are truly noteworthy,” Aare EmmanuelKing stated.
He further offered prayers for God’s continued grace, wisdom, strength, and good health for the Governor as he continues to render selfless service to Ogun State and the nation at large.
Aare EmmanuelKing also wished Governor Abiodun many more years of impactful leadership, peace, and fulfillment in service to humanity.
Adron Homes Felicitates Muslims on Eid Celebration
Adron Homes & Properties has congratulated Muslim faithful across Nigeria and around the world on the occasion of Eid, urging them to continue embracing the virtues of peace, sacrifice, love, and unity that the season symbolizes.
In a statement issued by the management of Adron Homes & Properties, the company described Eid as a sacred period that promotes spiritual renewal, compassion, gratitude, and harmonious coexistence among people irrespective of tribe, religion, or social status.
The foremost real estate company noted that the values of selflessness, obedience, and generosity demonstrated during the holy season remain essential ingredients for national growth and societal development.
According to the statement, Nigerians should use the festive period as an opportunity to strengthen bonds of brotherhood, extend love to the less privileged, and pray for enduring peace and economic prosperity in the country.
Adron Homes further reaffirmed its commitment to providing affordable luxury homes and building sustainable communities that promote comfort, security, and family values for Nigerians at home and abroad.
The company prayed for divine blessings, joy, and fulfillment for all Muslim faithful celebrating Eid and wished them a peaceful and memorable celebration.
RERAPAN CELEBRATES AMB. ENGR. (DR.) EMMANUEL ADEJIDE FAJUMO ON HIS BIRTHDAY
The Real Estate Reporters and Publishers Association of Nigeria (RERAPAN) has extended the association warm congratulations to Amb. Engr. (Dr.) Emmanuel Adejide Fajumo PhD, the Chairman, Oinz Homes and Properties Ltd on the occasion of his birthday celebration.
In a congratulatory message, Real Estate Reporters and Publishers Association of Nigeria praised Amb. Engr. (Dr.) Emmanuel Adejide Fajumo PhD, for his Outstanding dedication and immense contributions to the Nigerian Real Estate sector.
RERAPAN described the celebrant as a shining example in the business community, whose passion and commitment have left an indelible mark on the Real Estate Industry in Nigeria.
“You are indeed a source of inspiration to your generation and a shining example within the business environment”.
There is no doubt that you have written your name in gold and have revolutionized the Nigeria Real Estate Industry.
The National President of RERAPAN, Mr. Okpe Anthony Okpe further describe Amb. Engr. (Dr.) Emmanuel Adejide Fajumo PhD, the Chairman, Oinz Homes and Properties Ltd as the Most Media friendly and Philanthropic Real Estate Personality and Real Estate company in Nigeria.
RERAPAN offered prayers for good health, greater accomplishments, and many more remarkable years ahead for the business mogul.
Inconclusion, He also said RERAPAN looks forward to partner and have a cordial working relationship with Oinz Homes and Properties Ltd.
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