LEKKI GETS ANOTHER SUPER ISLAND DEVELOPMENT IN ELEGUSHI
Expected to cover an approximately 31.66 HECTARES OF RECLAIMED ISLAND, the PERIWINKLE RESIDENCES is coming as a joint venture development between Periwinkle Residences Limited and the Elegushi Royal Family. The Project which will eventually be a fully serviced community located 1 Kilometer off the headland of Lekki Phase 1 is the latest addition to number of reclaimed island developments on the Lekki axis. The major access to the Island is through Freedom Way, Lekki Phase 1. The site is actually at the end of Freedom Way, through this Present Home Church, Babalola Ikate, Lekki Phase 1.
Almost sold out, plots in the Island which measures approximately 500sqm, 1,000sqm and 2000sqm currently sells for N95,000:00 per sqm with 60% down payment and balance spread over 6 to 12 months. Full development on the Island is being projected to the last quarter of 2018 and that is to come with a mixed development of luxury blocks of apartments with some of the best facilities available for modern living. Savvy real estate investors on the Lekki axis see the offer at Periwinkle as simply mouthwatering when compared to what it takes to own a plot within the Lekki Phase 1 and Elegushi axis. An investor who spoke with City People Magazine says the fact that a 1,000sqm of land in the upcoming Island is being sold for N95million compared to N150million to N200million that will take you to get a similar land within Lekki Phase 1 makes the offer very good and attractive.
The Periwinkle Island is coming on the heels of another recently launched Island within the Elegushi kingdom known as the IMPERIAL INTERNATIONAL BUSINESS CITY expected to be the first eco-friendly smart business city in Africa. The Imperial International Business City came as a result of a recently received approval from the Lagos State Government (LASG) by the Elegushi Royal Family for the expansion of Ikate Kingdom by 200 hectares; all to be reclaimed from the Lagos Lagoon. Access roads to the Imperial International Business City unlike Periwinkle which has only one are three and they are: Freedom Road through Lekki Phase 1 (Lekki Third Roundabout), Kunsenla Road by 4th Roundabout off Lekki-Epe highway, Oba Saheed Ademola Elegushi road by SPAR supermarket before Jakande. Other access roads in the future will be through Femi Okunnu and Jakande roundabout. Plot sizes in the city at the period of its launch were sold in 650sqm, 800sqm, 1000sqm, 1200sqm, 2000sqm, 3000sqm and 5000sqm at N65, 000 per sqm.
The project’s top end Infrastructure includes Roads, Waterways, Underground drainage, Sewage, Water and water treatment plant, Independent electricity (Gas Generated), Fiber optics cable, Cloud enabled Communication network and smart city/house infrastructure for willing subscribers, a mini marina, First Smart Shopping Mall in Africa, Cloud enabled 24 hours spy eyed security connected to a central security center, World class hospital within a dedicated Healthcare Zone. Some of the best contractors and consultants from the western world in the areas of marine engineering and town planning are said to have been engaged to build the new smart city. The list includes Dredging International Limited from Belgium, Royal HaskoningDHV from Holland, Mott Macdonald from United Kingdom and Gensler Associates also from the United Kingdom.
Another Island development on the Lekki axis is the The Gracefield Island also known as ‘The Phoenix’. It is located at the end of Chevron Drive, Lekki by the Lagoon. It also came up as a joint venture project between Gravitas Investments Limited and Lagos State Government with a proposed size of 100 hectares. As at October 2016, 24 hectares of land had been reclaimed and the entire reclamation work is expected to be completed at the end of 2017. The Island is 1.87klm to the shoreline and will be linked by a bridge. The development is conceived and planned to be unique in its landscaping, infrastructure design, architectural presentation as it expected to bring an ambience of tranquillity and happiness to its residents and visitors. The Island is proposed for residential properties ranging from single household units, duplexes, terraced houses, blocks of flats to luxury apartments. Land prices at the estate which are expected to be comparable to those of Banana Island at completion and in a few years’ time stood at N77, 000 per sqm (N77million for 1,000sqm of land) as at October 2016.
Also on the list of new Island developments on the Lekki axis is The Orange Island project which is a Public Private Partnership (PPP) initiative conceptualized in the original master plan of Lagos State and is expected to be delivered in two phases. The project involves the reclamation of a 150 hectare of land and construction of an access land bridge and infrastructure to the Island. To be fully serviced and located 450 meters off the headland of Lekki Phase 1, Orange Islands is planned to ultimately match some of the most expensive estates in Lagos like Banana Island. According to the developers of the estate, it will be an exclusive, well managed and secure neighbourhood. Infrastructure will be of global standards and will be in close proximity to Lekki Phase 1, Nicon Town Estate, and Foreshore Estate with views of Ikoyi and Banana Island. World renowned dredging giants Van Oord Limited are the dredging contractors. Van Oord has handled several projects including the Palm Island in Dubai as well as several projects in Lagos, Rivers and Delta State. Construction work on the Island started in July 2014 and was scheduled for completion by the end of 2016. Although sales of plots on the Island have currently been suspended, land prices at the estate as the first quarter of 2015 when about half of the estate’s land had been successfully dredged and sold, stood at between N75, 000 and N80, 000 per sqm (N75million-N80million for 1,000sqm of land).