• Monday, May 20, 2024
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BusinessDay

‘Lack of sustainable infrastructure withering real estate potentials in Lekki-Epe corridor’

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The lack of sustainable infrastructures on the Lekki-Epe corridor, which is home to one of West Africa’s fastest growing real estate market, is not only withering the corridor’s  huge real estate potentials, but also constituting a stumbling block to its growth, a real estate expert has disclosed.

The Lekki-Epe property market which is now home to most high net-worth individuals grew to prominence over the past two decades with the coming on stream of the Lekki scheme I and the Victoria Garden City (VGC), thus spreading developments to major parts of the hitherto under-developed area.

Femi Akintunde, the CEO of Alpha Meads Facilities Management Company, noted that “infrastructure delivery at the axis, also known as the New Lagos, has remained far from convincing or sustainable, with the major access road (Lekki-Epe Expressway) standing out as the only formidable infrastructure traceable to the axis”.

In his presentation on ‘Infrastructure Facilities Management: A Critical Success Factor for Sustainable Real Estate Development Using the Lekki-Epe Axis as Case Study’ at a real estate conference in Lagos, Akintunde posited that sustainable infrastructure centred on the ability to rehabilitate, reuse or optimise the use of an existing infrastructure.

“It also encompasses the long-term economic analysis of infrastructure, energy use and the protection of existing infrastructure from environmental degradation, material selection for sustainability, quality, durability and energy conservation”, he said, raising concerns over the wide gap that exist between the Lekki Master Plan and current realities.

He explained that while the implementation of infrastructure and real estate development plans for the axis seemed to be on course, its sustainability looked to be at risk based on current trends.

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He listed some of the gaps between the master plan and current realities as the inability of other forms of transportation to materialise, causing quick dilapidation on the main access road, non-availability of good drainage and sewage system in the inner towns, short supply of social amenities such as schools, hospitals etc.

With a built up area of about 10,380 hectare, expected to accommodate a residential population of about 3.4 million people and non-residential population of about 1.9 million people, Akintunde observed that there was  need for adequate infrastructure to match the level of activities expected in the near future.

According to him, the new Lekki master plan proposes five major zones for the area including the Lagoon zone for commercial and business area; the North Urban zone for largely new residential and the South Urban zone for existing and new residential with commercial and mixed uses, while the Natural park and Atlantic coastal zones will comprise environmental, nature conservation park and recreational centres respectively.

Other proposed infrastructure in the master plan include; an airport, a seaport, storm water management system, a water collection and disposal system and a well articulated transport system comprising – light rails, water transport and roads.