IKOYI MOVES FROM OLD TO NEW!!!
In the 70s, 80s and early 90s, Old Ikoyi was mainly a Government Reserved Area, dominated by single unit bungalows and one storey buildings on large plots of land (3,000sqm and above). But all that has changed; influenced by the massive sale of Federal Government landed properties in the area over the last two decades. Also, the rising prices of plots and procedures needed to perfect land title documents in Old Ikoyi has led to a situation where developers have to go as high as they can or add more units to their developments on these large plots of land in other to get reasonable returns from their investments.
The recently released approval order for buildings in Ikoyi by the Lagos State Government has made it possible for developers to go as high as 30 floors and also build up to 15 apartment units on a 1,000sqm of land. The developers have been responding effectively to the “gesture” and the skylines and face of Old Ikoyi over the last two decades have changed enormously. A recent check on some of the newly completed and ongoing projects in the area got me really fascinated by the ingenuity of modern day Ikoyi developers. There is a competition that is translating into excellence amongst the developers.
For example, Hotels of international standard are currently being developed in the area. One of them is the Transcorp Hilton Hotel on Glover Road, opposite Lagos Prep School. The new Transcorp Hilton, Ikoyi is to come with a minimum of 300 rooms and is jointly owned by Transcorp Hotels Plc. and Heirs Holdings. Other hotel developments include the one by Chelsea Hotel, Abuja on the Osborne Road and Alfred Rewane Road junction and that of Chief Sunny Odogwu at the exit point from Inner Crescent to Gerrard Road whose construction is presently stalled. When eventually completed, the impact of these massive developments on the character of Old Ikoyi can be predicted. Already, hotels like Southern Sun and Wheat Baker have continued to significantly impact on the traffic situation of their immediate environment when hosting events.
In-between Modupe Alakija Crescent (formerly Ikoyi Crescent) and Inner Crescent are several other ongoing mammoth developments in Old Ikoyi. Dayspring Properties Limited owned by Mrs. Folorunsho Modupe Alakija now revered as the richest black woman on earth has an ongoing gigantic development on Modupe Alakija Crescent, while Chartwell Africa Limited and Project Scope Limited also have massive residential developments going on in the area.
The number of completed and ongoing commercial and mixed use high-rise developments have also increased in Old Ikoyi. There are currently about ten new developments on and off Alfred Rewane Road (formerly Kingsway Road); they include: Heritage Mall on 15 floors, Kingsway Towers on 16 floors, Alliance Place on 12 floors, Temple Place on 15 floors, Glover Towers on 12 floors and the BAT Rising Sun Towers on 12 floors. Apart from helping to change the skylines of Old Ikoyi, these developments are expected to put extreme pressure on public utilities in the area.
On the high-streets of Gerrard and Bourdillon are several ongoing mammoth residential developments. At the junction of Gerrard Road and Oloto Road is the ongoing re-construction of a ten storey building by Cobblestone Properties and Estates Limited, while the projects on Bourdillon Road include: a ten storey luxury residential apartment by Eltees Properties Limited, a residential development known as Gordon Wilson Court by Cadwell by McDonald Road and the 25 storey No. 4 Bourdillon by Kaizen Properties Limited and El-Alan Group; expected to be the tallest tower in Ikoyi when completed.
Cooper Road is also expected to have a total change of face with several ongoing and newly completed developments. They include: Oakwood Place on Plot 23 Cooper Road by Heroes Properties Limited with construction work by HFP Engineering, a 6floor residential development by Kaiser Properties Limited, a residential development by Jubilee Garden Limited and another 6 floor residential development being marketed by Cortts Real Estate Limited. The trend is unending and with more of these kinds of developments expected to continue springing up as the term Old Ikoyi may soon change to New Ikoyi. Pictured here is the artistic impression of the new Transcorp Hilton, Lagos.