AMBODE’S IKORODU-AREPO LINK ROAD PROJECT DELIGHTS PROPERTY INVESTORS!
Property Investors in Ikorodu and many of the locations along the Lagos-Ibadan expressway like Arepo, Magboro, Isheri-North, Ibafo, Asese and Pakuro have expressed delight at the recent announcement by the Lagos State Government that it has commenced the construction of a major road to link Ikorodu directly to the Lagos-Ibadan expressway. Meanwhile real estate developers in the axis are reiterating their calls for a Lagos-Ogun Mega City Development Master Plan.
It will be recalled that after several years of failed government promises to construct the Konu-Ishawo-Lagos Ibadan Expressway road in Ikorodu West Local Council of Lagos State, Governor Akinwunmi Ambode recently announced that he has awarded the multi-billion naira Ikorodu-Arepo link road to High Tech Nigeria Limited in line with what he says were his administration’s drive to ensure even development within Lagos communities through the development of key infrastructures.
The 7.4 kilometres road will pass through Agric intersection through Isawo-Konu and Arepo in Ogun State to link Lagos-Ibadan Expressway according to a recent announcement by the Commissioner of Industry, Commerce and Cooperative, Rotimi Ogunleye, who represented the governor at a stakeholders meeting in Ikorodu. He said the road, which will be completed within 18 months, would accelerate commercial activities in the area as well as help in checking security challenges in the axis. According to him, when completed, residents can easily access Lagos-Ibadan Expressway from Ikorodu.
Describing the event as historic, the Governor recalled that he has made the promise of developing the rural areas for the overall development of the state. He appealed for the cooperation of the concerned communities to ensure that the project is completed in time, noting that the meeting was to sensitize the communities, as some structures will be affected during the implementation of the project.
Also speaking on the project, the Permanent Secretary in the Ministry of Works & Infrastructure, the Supervisory Ministry, Mr. Temidayo Olufolahan, said the first phase of the dual carriage road will with start from 400 metres away from Agric intersection in Ikorodu, to Isawo with four pedestrian bridges, 10 lay bays, a bridge and drainage on both sides. He also said there would be streetlights to enhance the security of the area, while officials of the Ministry will come in to do the needful in terms of marked structures on the right of way. Political, traditional and religious leaders as well as community development leaders, who attended the meeting pledged to support the government to achieve its objective. They also resolved to allow removal of structures on the right of way for earlier completion of the project.
Meanwhile real estate investors in both Ikorodu and locations along the Lagos-Ibadan Expressway have been expressing delight on the project. “It will further improve the fortunes of property investors in the entire Ikorodu axis”, says Banjo Oladele the MD/CEO of Banjol Real Estate and Investment Company Limited. According to Oladele, Ikorodu will be the major beneficiary of the project as property prices in the entire areas will soon see a substantial rise. “Already people are trooping into Ikorodu en-mass, the number will soon double and demand for properties will skyrocket. When demand goes up and there is pressure on supply, property prices are bound to skyrocket”, he says.
Oladele added that the major problem confronting the Property Market in Ikorodu has always been the dearth of quality infrastructure like accessible roads. “Despite the potentials of Ikorodu as a location of choice for property investors, the fact that there are few accessible, quality and Motorable roads from other parts of Lagos has limited the possibilities of a bigger boom. But now, there is this is cheering news of the Ikorodu-Arepo link road that may just improve the stake for Ikorodu”, he says.
Chief Samuel Ajisafe the Chairman of Crownwealth Homes and Lands Limited the developers of Crownwealth Gardens Estate in Arepo says the dream of a Lagos-Ogun Mega City Plan is already becoming a reality. “Arepo is in Ogun State and most parts of Ikorodu fall in Lagos State. Already most of the locations along the Lagos-Ibadan Expressway are benefitting from their proximity to Lagos and the new link road will further bring into reality the dream of a LAGOS-OGUN MEGA CITY DEVELOPMENT PLAN, where quality infrastructure will serve communities in both states to the extent that it will almost be difficult to say which area is Ogun or Lagos”, Chief Ajisafe enumerated.
Explaining in details what the Lagos-Ogun Mega City Plan idea was all about, Chief Ajisafe says many real estate developers in Ogun communities that share land boundaries with Lagos have for over two decades been calling for this development plan to ensure that both state have a common development agenda since almost 30% of people working in Lagos reside in communities that are situated in Ogun State. “Both states can invest in infrastructure, open up new communities and set in motion a joint revenue generation agenda. We are hoping that in a few years both States will have improved transportation arrangements like light-rails, bus rapid transits, ferry services and even cable car transportation systems. That is what the Lagos-Ogun Mega City Development Plan is all about”, Chief Ajisafe explained.
Another real estate developer in Isheri North, Stanley Effiong of Beverly Homes and Properties Limited says there is now an urgent need for a summit to be held to draft a master plan for the LAGOS-OGUN MEGA CITY. “The private sector have been driving the agenda all alone over the last two decades and it is now time for governments in the two states to key into the laudable agenda and there is really little that the private sector can do without the partnerships and commitment of government. Most of the projects anticipated for the city like rail networks and bus transit channels don’t have to be funded by the government alone. All that can be achieved through PRIVATE PARTNERSHIP ARRANGEMENTS backed by government commitments and legislations”, Effiong added.