Exorbitant land cost in the highbrow district of Ikoyi has forced the hands of developers to build high rises in order to add value to their properties.
That has inadvertently made the district an exclusive enclave for the upscale property market.
Findings by Daily Trust revealed that the average price of land in Ikoyi is between N800,000 to N1.5m per square metre. In Ikoyi estates like Banana Island, Parkview Estate, Osborne, among others, lands are priced in billions.
Ikoyi exudes flamboyance and luxury living with expansive, magnificent high-rises in various architectural designs lining the popular streets.
Daily Trust learned the glamour has become a major attraction for high-end property lovers.
Ikoyi has always been a choice area for the high and the mighty. It is one of the high-priced areas in Lagos, providing luxury and premium luxury properties for celebrities, business moguls and powerful politicians.
From Osborne Foreshore Estate to Parkview down to the many luxury apartments on Alfred Rewane, Alexander, Bourdillon, Gerrard, Glover Road, among others, Ikoyi is a beautiful sight to behold with sterling architectural masterpieces adorning major areas.
In recent years, Ikoyi has become more attractive with the sprawling skyscrapers providing bespoke accommodation for individuals and corporate offices.
Kingsway Tower is an aesthetically pleasing 14-storey high rise building on Alfred Rewane. It comprises of offices, ground floor retail and basement parking. It is located on the corner of Glover Road and Alfred Rewane Road (formerly Kingsway Road). The building, which was completed last year was developed by Sutherland Engineers.
The Kingsway Tower is just one out of the many high-rises springing up on Alfred Rewane, which has become a destination of choice for many Nigerian businesses.
It is on the same Kingsway Road that Dangote Group is building its global headquarters.
The Dangote Industries HQ building, situated 1km away from their old headquarters at Union House Building Falomo, is an 18-floor office development that will, on completion, serve as the HQ of Dangote Group.
It is being developed by Dangote Industries Limited on a Gross Leasable Area occupying 15,000 sqm with a completion date of 2023.
Another iconic tower expected to adorn this axis is Famfa Oil Tower, which is a 22-floor office development and will serve as the headquarters of Famfa Oil Limited, owned by an oil magnate and one of Africa’s richest women, Chief (Mrs) Folorunsho Alakija. It was learnt that Famfa Oil will occupy three (3) floors for her business activities and lease other floors to the public.
Other amenities and features of Famfa Towers include: A gymnasium, multipurpose hall, helipad (with a dedicated waiting lounge), 266 parking bays, raised access floors and select granite finishes.
The project being developed by Dayspring Property Development Company has an estimated completion date of the second quarter of 2022.
Away from Alfred Rewane, Gerrard Road, which was made popular by the infamous building collapse in November, is another area dotted with magnificent, eye-catching high-rises being developed by top real estate companies for the luxury and premium luxury segment of the real estate market.
Bourdillon’s many skyscrapers
On Bourdillon alone, there are about five skyscrapers, namely: Skyvilla, Luxuria, The Belmonte and The Vailze Bourdillon and there is Sisi Paris.
Skyvilla by Grenadines is a 10-floor residential development located at Probyn Close, off Onisiwo (formerly Probyn) Road. It offers 24 units of four-bedroom condominiums with sizes ranging from 343 square metres to 425 square metres.
Also visible along Alexander Road is IME HEIGHTS, a residential development being developed by Foreshore Waters Limited. The project, which started in 2021 has 33 floors and it is estimated to be completed in December 2023.
But analysts say the collapse of the 360 degree Towers being developed by Fourscore Homes owned by Femi Osibona, now late, was a dent in the upscale market and a disincentive to investors.
However, the Lagos State Government in the wake of the building collapse in Ikoy directed the audit of all ongoing high-rises in order to ensure that they meet the set standards.
President of the Architect Registration Council of Nigeria (ARCON), Sir Dipo Ajayi, said there would definitely be more high rises as Nigeria evolves as a developing country. But what is important is for developers to always do the right thing to instill confidence in the mind of the investment public.
“There would still be a lot of high-rises because Nigeria is a developing country, a pregnant country and we will have more and more of this. What is salient and important is that we must avoid running it as business as usual. There must be a selection of qualified consultants, there must be registered architects, there must be registered contractors. Don’t just come to this country and start designing,” he said.
Mr. Charles Maduka, a chartered architect and property development consultant said Nigeria is ready for high rises, saying more so when Ikoyi land is too costly. According to him, anyone buying land in Ikoyi must be able to maximise it by building a skyscraper.
He said high-rises are the latest trend globally in building construction and Nigeria cannot afford to lag behind.
He said: “I can say that Nigeria is ripe for the development of any level of high-rise building. Architecture is if I may say is an international profession. The world indeed could have been a massive void without architecture.
“The perspective with which I see the springing up of high rises in Ikoyi, Lagos is that most property investors would always go for high rise buildings as the first option. Land in Ikoyi is not cheap and easy to come by, hence the need go up in order to maximise profit.
“Ikoyi is a highbrow location, it is a choice location for expatriates. It has a fairly good security. It is serene with a lot of aquatic advantages. So up it goes for developers.”