In most human activities, location holds the ace for success. In real estate, for instance, location means everything which explains why some real estate projects succeed while others fail, depending on the kind of location they enjoy. Good location, always, is an antidote for success in real estate ventures.
Infrastructure is yet another good determinant of real estate project success or failure. Availability of infrastructure—good road network, water and electricity supply—presupposes success in living and investing in a given real estate project. Successful investing means good return on investment (ROI).
It is, therefore, given that a real estate project that combines good location and infrastructure that is not just available, but also good is not only an apt definition of success, but also an attractive destination for living and investment.
Many real estate projects have leveraged these factors to make good showing in the market. These factors, especially location, have become more critical now that many young home seekers prioritise location for their real estate needs.
One of such real estate firms in Nigeria that places high premium on location and infrastructure in their project considerations is Propertymart—developers of The Meadows.
The Meadows is a smart development also described by its promoters as a haven where scenic beauty and a sense of belonging combine to create a community one will be proud to call home. It is also regarded as a sanctuary where architecture combines with nature to offer comfortable and convenient living.
The project which sits on an expansive land space measuring 79 hectares is set to be one of the smartest master-planned communities in the Lekki coastal region. It hopes to provide about 1000 homes for an estimated 5,000 residents. The Meadows offers a lifestyle that will inspire its residents to thrive.
The development, also known as the Lagos Meadows, is an exclusive site and service project with a design concept of luxury lifestyle. It is a well-thought-out project with all the essential amenities and infrastructure that guarantee its stakeholders a bespoke lifestyle.
The Meadows is located in an area that is adjudged the fastest developing in Lagos in particular and Nigeria at large. It is located in a developed area of the Lekki Free Trade Zone (LFTZ) known as Magbon Alade and enjoys close proximity with the Eleko Beach junction and about four minutes’ drive away from Amen Estate.
Magbon Alade in Ibeju-Lekki gives The Meadows a strategic location. The area is regarded as the next hot spot in Lagos State, especially in terms of development. It has become one of the most sought-after locations for real estate developers, investors, and other industry experts. This area is predominantly residential in nature with some commercial hubs therein. Magbon Alade is a developed district and sits close proximity to Dangote Refinery is an added advantage.
Bonds, government securities and most company stocks are no longer attractive and profitable asset classes, thus leaving real estate as the only viable option
Within this location are landmark projects and institutions such as Eleko Beach, The Magbon Police Station, Magbon Alade Magistrate Court, Magbon Post Office, Jara Beach Resort, Retail stores, Hotels etc. It is a prime location due to the current visible level of developments within the area.
Its nearness to LFTZ is a huge advantage. The LFTZ is a spectacular, large-size project being promoted by a partnership between Nigeria and the Chinese governments to foster economic relationships between both countries. Experts say that it is a rare privilege for any project to be located within the precinct of a free trade zone. That privilege is what The Meadows by Propertymart enjoys.
This privileged location, the promoters say, easily yields to profitable investment now, more than ever before, when savvy investors are looking for where to invest in order to hedge their cash against inflation.
Nigeria’s economy is at cross roads. Macro-economic indices don’t have cheering looks. A situation where interest on bank deposit is at its lowest rate and inflation rate (May) is as high as 17.77 percent, does not encourage savings because value of money depreciates almost on daily basis.
Bonds, government securities and most company stocks are no longer attractive and profitable asset classes, thus leaving real estate as the only viable option. As an asset class, real estate provides a good hedge against an inflationary period that poses huge risk to investment.
But experts advise that investors must be guided by common sense which demands that investment must follow location, good infrastructure and major developments such as the LFTZ.
According to government sources, the LFTZ is an indispensable and integral part of what is today known as New Lekki or New Lagos Development plan and the Lagos Metropolis Blueprint that was launched a few years ago by Lagos State government.
The FTZ is said to be the largest in West Africa and provides world class infrastructure and amenities including the Seaport; a power plant (an Independent Power Plant with 12MW capacity); good road networks; water plant; Lagos State Golf Course and the natural gas pipeline.
Other amenities at the FTZ include a Railway, Dry Bulk Jetty, Sewage Treatment Plant, recreational/resort facilities, Grade A hospital for staff healthcare to be provided by St. Nicholas Hospital, and mass transit facilities.
With The Meadows, the saying is true that ‘if you tell me your neighbours, I will tell you who you are’. The close neighbours of this project are exclusive institutions and iconic projects such as Greenspring School, Corona School, Pan-African University Campus, The Magbon Magistrate Court, Magbon Police Station, proposed Lekki Airport, Dangote Refinery, Kellogg’s Nigeria, Eleko Beach, Chaka Resort and Jara Beach Resort.
Complementing these are top-notch infrastructures and amenities which include Community Centre, Cycling Track, Swimming Pool, Gymnasium, Tennis Court, Basketball Court, 5-A-Side Football Pitch, Jogging Track, Kids Play Area, WIFI Towers, Outdoor Gym, Park Furniture, Water Treatment Plant, Green Energy and Sewage Treatment Plant.
Besides location and infrastructure, the promoters of this project say there are other reasons for people to buy and be part of a project that holds much promise for its stakeholders. They add that the area where The Meadows is cited has many up-coming developments, making the place a go-to area for real estate developers and potential investors.
“Ibeju-Lekki is favourably situated in proximity to prime development projects such as Dangote Refinery worth about $9 billion, the New International Airport, Lekki Golf Course, Pan-Atlantic University, Lagos-Kano rail line, the Lekki Free Trade Zone and the deep seaport,” Hakeem Bakare, Propertymart’s General Manager, said.
There is also what the GM called Return on Investment, explaining that the on-going developments in this axis have made it a prime location for real estate investors. This is because the location can almost guarantee returns as high as 300 percent within a period of time. “Many refer to investment in Ibeju Lekki as a goldmine,” he said.
Hakeem revealed that there are on-going plans by the Lagos State government to make the Lekki-Epe Expressway a 10-lane road to connect to other major roads in Ikorodu, Itokin as well as Ijebu-Ode, stressing that Ibeju-Lekki is, arguably, one of the fastest growing neighborhoods in Lagos State with a good number of opulent estates completed and under construction. This has also prompted the plan to expand the road networks in the area for better accessibility.
The Meadows offers both residential and commercial plots to interested buyers and, according to the General Manager, a residential plot measuring 500 square metres sells for N15 million outright purchase while commercial plots are available on request. Plots can be secured with a minimum initial deposit of N3.75 million for an installment payment plan.
Bakare assured of high land appreciation that guarantees up to 40 percent Return on Investment (ROI), describing the estate as a secured and well planned gated community with first class facilities and infrastructures, and sited in prime location
“The Meadows has low purchase price; enjoys proximity to leisure/tourist, retail areas and air/sea ports; it is located in the fastest growing region in Nigeria and has available market for lease of flats to expatriates; all these are good reasons for investors to snap the opportunity on offer.” he said.