• Tuesday, November 28, 2023
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New Lagos estate development offers buyers, investors opportunity


A new window has opened for people to buy homes or invest as Lagos State government and Megamound Investment Limited have entered into partnership to build an estate in Surulere, Lagos.

The estate called Greater Lagos County Apartments is aimed to give prospective buyers a taste of affordable luxury on Lagos Mainland and also tackle the housing deficit in Lagos.

The choice of Surulere for the joint venture project, according to its promoters, is strategic. As a middle class settlement, Surulere is both residential and commercial and passes easily as one of the most exclusive areas on the Mainland.

Read also: ‘We see collaboration, not competition in real estate business’

Surulere is a key transport node in Lagos, connecting the city’s mainland with Lagos Island and Victoria Island. Since it serves as a mid-point between the island and mainland, people who live there have quick and easy access to both areas.

Greater Lagos County Apartments, therefore, presents a good location for both residence and investment. Today, Surulere is one of the most attractive residential locations in Lagos with a very active rental market, making it a good destination for investors.

Greater Lagos County Apartments is Megamound’s first joint venture project with Lagos State government. It is also its major development outside the island, particularly Lekki.

As a developer, Megamound is known for choice homes that appeal to the interest of its clients across the country. It has carved a niche for itself and become an industry leader in the areas of construction, real estate development, management, dredging and allied businesses.

It has a good number of elegant housing products on its stable and is presently giving attention to the Greater Lagos County Apartments and another project called Willcrown Apartments located in Ikota.

In the former, Megamound is partnering with the state government through its agency, the Lagos Building Investment Company (LBIC) to build 1, 2, 3 bedroom private residences, measuring 43 to 135 square meters.

The estate is a multi-floor development driven by elevators that are designed exclusively for those who desire a truly unique social environment.

“Each apartment incorporates a distinctive design with modern innovation to create homes with unique settings of spacious living,” Marian Ofenimu, the firm’s Head of Sales & Marketing, explained to BusinessDay, revealing that the apartments have beautiful interiors, functional infrastructure and a serene environment.

Willcrown Apartments is located in the secluded and secure Kingsbay Estate in Ikota, about 5-minute drive away from the imposing headquarters of the Chevron oil company and the 2nd Lekki Toll Gate.

“The estate’s location is a breezy, ocean- bathed stretch of territory carved out of the famous Kingsbay Estate. The 100-unit estate features uninterrupted 24 hours electricity supply from different sources such as standby generators and solar inverter.

Each apartment is wired to a Central Water Heating System and Wifi/ Internet facilities, DStv Satellite connection, among others. Willcrown Apartments blocks are on 3 floors, comprising 1, 2 and 3-bedroom house-types.

At Greater Lagos County Apartments, each unit of 1-bedroom sells for N22million, 2-bedroom, N32.5 million and the 3-bedroom, N42 million while at Willcrown Apartments, 1-bedroom goes for N24 million, 2-bedroom, N38.7 million and the 3-bedroom, N45.4million.

An initial deposit of 20 percent is required to secure an allocation while the balance may be paid by installments according to a chosen payment plan or mortgage facility that could be accessed on a 7-year tenor for Greater Lagos County Apartments and 10 years for Willcrown Apartments.