Lekki Gardens, a notable real estate player in Lagos, has stimulated development in Ikate-Eleguishi, a suburb of Lagos Island which hitherto lacked infrastructure with prospect for upscale property market.
A real estate broker, Makinde Balogun, told journalists at a virtual conference recently that prior to the inroad Lekki Gardens made in providing infrastructure in the area, they (brokers) found it difficult convincing prospective home owners to buy plots.
Balogun said, “With vast portions of land, low human settlements and no economic activities, the Ikate-Eleguishi axis of Lagos Island consistently struggled to woo investors and the upper middle class for a long time due to the shortage of infrastructural development in the area, while farther locations like Chevron and Victoria Garden City (VGC) became more prominent.
“However, the last couple of years have experienced massive infrastructural development in the Ikate-Eleguishi area with the arrival of leading real estate companies like Lekki Gardens. The real estate company known for building affordable luxury houses has made significant impact in boosting development in Ikate-Eleguishi.
“It has constructed a cumulative four-kilometre access road across the Kunsela, Ikate, Eleguishi and Nike Arts Gallery Road and done one kilometre of fencing, 3km2 of landscaping and constructed drainage systems in the suburb.”
According to Balogun, the firm has also developed 2,000 units of luxury apartments in the area which have already sold for up to 40 per cent below the market value at the time of sale.
He further said, “These property has not only given the area modernization, but has also become the benchmark for luxury living. With this development, we can say that Lekki Gardens is supporting the state government in its quest to make Lagos a 21st Century economy.”
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