In the past few years Nigeria’s economy has grown in leaps and bounds with the cities of Lagos, Port Harcourt and Abuja recording growths in the value of landed property. In Lagos areas such as Lekki phases 1 and 2, Ikoyi, Victoria Island, on the Island have witnessed the value of land, rental properties and houses for sale shoot up astronomically. These areas are exclusive and very upscale. They are the hubs of big businesses and residencies of the rich and the mega rich. Setting up shop or living in these areas is a seal of recognition as a big player in the economy.
The rich have however gone a step further at carving a niche for themselves with the Banana Island in Lagos. Banana Island is a choice location at the South West of Ikoyi. The island is accessed via an existing road network and occupies a sand filled area of approximately 1,630,000 square metres.
The Island is zoned into 536 plots consisting of 100 closes, which serve to enhance the banana shape of the island. Plot sizes range from 1000 square metres to 4000 square metres. The island is designed for a mixed development with plots for residential, commercial, recreational areas, a main piazza, primary and secondary schools, fire and police stations, clinics, hotels and club-houses.
The least cost of a plot of land goes for two Hundred and fifty million naira, N250, 000,000. And true to its status, there is what can only be described as architectural wonders built in this part of town.
Its exclusivity speaks for itself with those that have a laid a stake in it. The ‘‘Asiwaju’’ of Yorubaland himself packed his bag and baggage and moved to Banana Island as one of its new residents. This could well have reduced the prestige of Bourdillon Road. Also on Banana Island, Globacom’s founder also lays a strong claim on the island with a magnificent building.
The next property frontier to conquer may well be the Lagos Atlantic City but before that comes on stream Banana Island holds sway. Welcome to the new world of the high and mighty!
By Olugbenga Adebanjo
The rich have however gone a step further at carving a niche for themselves with the Banana Island in Lagos. Banana Island is a choice location at the South West of Ikoyi. The island is accessed via an existing road network and occupies a sand filled area of approximately 1,630,000 square metres.
The Island is zoned into 536 plots consisting of 100 closes, which serve to enhance the banana shape of the island. Plot sizes range from 1000 square metres to 4000 square metres. The island is designed for a mixed development with plots for residential, commercial, recreational areas, a main piazza, primary and secondary schools, fire and police stations, clinics, hotels and club-houses.
The least cost of a plot of land goes for two Hundred and fifty million naira, N250, 000,000. And true to its status, there is what can only be described as architectural wonders built in this part of town.
Its exclusivity speaks for itself with those that have a laid a stake in it. The ‘‘Asiwaju’’ of Yorubaland himself packed his bag and baggage and moved to Banana Island as one of its new residents. This could well have reduced the prestige of Bourdillon Road. Also on Banana Island, Globacom’s founder also lays a strong claim on the island with a magnificent building.
The next property frontier to conquer may well be the Lagos Atlantic City but before that comes on stream Banana Island holds sway. Welcome to the new world of the high and mighty!
By Olugbenga Adebanjo
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