In our last week edition, we started a descriptive exploration into the heart of Ibeju Lekki, the current real estate investment destination in Lagos State. Ibeju Lekki is a wide expanse of land that hosts choice developmental projects such as the Lekki Free Trade Zone, Lekki Deep Seaport, Dangote Refinery and Petrochemical Industry, Dangote Fertilizer Plant, International (Cargo) Airport, Lekki International Golf Course, Pan Atlantic University, Eleganza Industries and many others. It is really a hot investment spot.
Ibeju Lekki is broadly divided into three principal locations, which we are set to take you through for your convenience and ease of investment decision making. The locations are the Free Trade Zone Axis, the Elerangbe Axis and the Lekki-Epe Expressway Axis. Please visit our website, www.castles.com.ng, to read the complete article titled Where EXACTLY is Ibeju Lekki?
In this series 2 of the four series explorative articles, we will take a look at the Elerangbe axis of Ibeju Lekki. Here, we will examine the location and its unique offer for the real estate market.
Where is Elerangbe?
Elerangbe is located off Lekki-Epe Expressway, to the left, immediately after Pan Atlantic University and about 18 minutes’ drive from Abijo Bus Stop. It comprises of places like Okego Village, Tagbati all the way to Arapagi.
What Makes the Area Attractive?
Elerangbe offers the cheapest plots of land in Ibeju-lekki at present with plots selling for as low as N500,000 in some areas. Although this axis looks relatively undeveloped, the many proposed key developmental projects coming will open it up to rapid development. This is responsible for the growing interest by property investors. Some of the projects include:
The Lekki International Airport: The proposed Lekki International Airport is a $450million project located off Lekki-Epe Expressway towards Epe. It is about 4 minutes’ drive from Elerangbe. The Airport is planned to cover 3, 000 hectares of land.
4th Mainland Bridge: when completed in 2019 as promised by Governor Akinwunmi Ambode, the 37.9 kilometres 4th Mainland Bridge is principally meant to link Ikorodu and Ajah/Badore through the Elerangbe axis, traversing to North-West direction towards the Lagoon shoreline to Lagos-Ibadan Expressway. This is another reason Elerangbe is gradually becoming a choice location.
With the bridge in place, it means that residents of Elerangbe will have easy access route to the Mainland as well as other Island locations.
Free Trade Zone: At present, it may be hard to establish the possibility of Elerangbe benefitting hugely from the much talked about Lekki Free Trade Zone considering that it would take 50 minutes to drive to the zone from Elerangbe. However, a direct link road between the two locations is being proposed. This will reduce the distance to about 15 minutes’ drive.
For investors interested in this area, these are some of the estates currently selling:
Ifitech & Associates (08060955660) has on offer 660 square meters plots of land with Deed of Assignment title at West Point Gardens Phases 1, 2, 3 and 4. Phase 1 goes for N1million per plot; Phase 2, N1.1million; Phase 3, N500, 000 and Phase 4 N1.8million per plot.
Jerico Realty Limited (07014931652) has 648 square meters gazette plots on offer at Peace Estate for N1.5million per plot; Coastal City Estate for N2million and Lekki Golden City at N1.8million.
Pwan Homes (08137570038) has 675 square meters plots on offer in Oakwood Park Estate at N1.2million.
Kemchuta Homes Limited (08160614645) has 648 square meters plot on offer at Agom Villa Phase 1 at N1.35million per plot.
Other estates along the axis are Regent Park & Gardens, 4th Bridge Estate, Potters Estate, Folkland Estate, Foresight Estate, Living Stone Estate, Havilla Gardens, Kew Garden, Rosewood Estate, Lekki Diamond, Regent Park, Diamond Estate, Wisdom Estate and Dominion Onward.