To answer this question, we will explain Ibeju-Lekki under three broad locations with regard to the ongoing key projects there. These include the Free Trade Zone axis; the Elerangbe axis, and the Lekki-Epe Expressway axis (see various maps on the different sections).
1. FREE TRADE ZONE AXIS
_This is the most commercial of the three locations and stretches from Eleko Beach Road through the Free Trade Zone Road to La Campagne Tropicana Resort and beyond. It hosts the Free Trade Zone, Lekki Deed Seaport, Dangote Refinery and Petrochemical Industry, Dangote Fertilizer Plant and other businesses. The Lekki Free Zone is designed to be a satellite city to Lagos with dynamic commerce, trade and modern industrial sectors with an eco-city for residents.
The Master Plan covers a total area of about 30 square kilometres with 27 square kilometres for urban construction purposes. This will accommodate a total resident population of 120,000.
The zone is divided into four phases. The first phase, which is under construction will feature the Central Business District, residential areas, industrial parks, logistics and warehouses and will be fully ready in 10 to 12 years’ time.
The Free Trade Zone Axis, today, can be described as a developing area with a major tarred road and few functioning industries. Viewing it from a property investment perspective, we would limit the area to the Eleko Beach Road through the Free Trade Zone Road to La Campagne Tropicana Resort. But this description is extremely limited because this axis is the proposed site for many major commercial and industrial businesses. The Free Trade Zone, Lekki Deep Seaport, Dangote Refinery and Petrochemical Industry and Dangote Fertilizer Plant are some of the identified public and private concerns that will berth here.
Opposite the Free Trade Zone Phase 1 is the Lekki Deep Seaport designed to handle about 6 million Twenty-foot Equivalent Units (TEUs) of containers and create an estimated 169, 000 jobs directly and indirectly. Work is in progress here, and the projection is that it may be in operation in 2019.
About 4 minutes’ drive from the Free Trade Zone is the Dangote Refinery and Petrochemical Industry. This is an on - going $14 billion project by Dangote Group, which will have the capacity to refine 650,000 barrels of crude oil per day when completed in the coming years. Apart from petrol, other petrochemical products such as polyethylene and polypropylene will be produced here. This may be the plant where up to 90% of Nigeria’s petrol will be produced. To underline its importance, the Central Bank Governor, Mr Godwin Emefiele, visited the site and promised to support the forex needs of the project. “We are doing this to fasttrack the importation of equipment you need for a speedy completion of that project and to encourage other Nigerians to follow your lead,”
Another 4 minutes’ drive from the refinery is the Fertilizer Plant, while another 15 kilometers from the plant is located the La Campagne Tropicana Beach Resort.
With such large commercial concerns in the offing, the consensus among real estate practitioners is that property in the axis will enjoy high capital appreciation as a knock on effect of the investments. Accordingly, land in this axis is significantly more expensive than in Elerangbe.
2. THE ELERANGBE AXIS
This is where you find the cheapest plots of land in Ibeju-Lekki presently, and is mostly a residential location. This axis comprises of places like Okego Village, Tagbati all the way to Arapagi. Elerangbe is off Lekki-Epe Expressway to the left, after Eleko Junction. The key infrastructure expected to open up this location is the proposed 4th Mainland Bridge and the Lekki International Airport.
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 portions 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. The government said the construction of the bridge will start this year 2017. Read news HERE
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 benefiting 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.
3. THE LEKKI –EPE EXPRESSWAY (IBEJU LEKKI AXIS)
Ibeju Lekki on the the Lekki-Epe Expressway axis starts from Abijo up to Eleko Junction. This stretch of the expressway has a mixture of residential and commercial characteristics. The area already houses business ventures such as Eleganza Industries, Coscharis Motors head office and has a number of built up residential estates. Of the three locations, this is where one can buy, build and live conveniently at present. From Eleko Junction to Ajah is about 15 minutes’ drive.
To plug into investment opportunities in this region, you have to act fast. Remember that Lekki phase 1 and environs (now selling between N80m and N250m per plot of land) presented this kind of opportunity to smart investors some years ago.
THIS IS THE TIME TO MOULD THE DESTINY OF YOUR FAMILY'S FINANCIAL FUTURE WITH YOUR OWN BARE HANDS!
There are several options everyone can afford now. Just talk to us at KORP Properties today. Call 08183567878. You can also check our online shop by clicking HERE
Credit - Castle Magazine
No comments:
Post a Comment