654.627 SQM Residential Land

Property Details Location: Royal Pine Estate, Orchid Road, Lagos Transaction Type: Joint Venture (JV) Land Size: 654.627 SQM Stated Land Value: ₦500,000,000 (₦500 Million) Premium: Nil Facilitators' Fee: 10% Proposed Development: A mix of 2-bedroom and 3-bedroom luxury apartments Sharing Formula: To be discussed Title: Not provided; to be confirmed during due diligence Zahari View This joint venture opportunity in Royal Pine Estate, Orchid Road, Lagos, presents a residential development proposition for a developer considering a compact apartment project within the Lekki corridor. The site measures 654.627 SQM, with a proposed development comprising a mix of two-bedroom and three-bedroom luxury apartments. The stated land value is ₦500 million, with no premium indicated. This provides an initial basis for assessing the land contribution and negotiating the commercial terms of the proposed partnership. However, the number of apartments that can be delivered, their configuration and the overall project feasibility will depend on the site's physical characteristics, applicable planning regulations and approved building parameters. For a prospective developer, the next step is to establish the development capacity of the site through an architectural feasibility assessment. The parties should also agree on their respective contributions, the sharing arrangement, construction responsibilities, project timeline and the basis for the facilitators' fee before entering into a binding agreement. Property Highlights Located in Royal Pine Estate, Orchid Road, Lagos. Land size of 654.627 SQM. Stated land value of ₦500 million. No premium indicated. Proposed mix of two-bedroom and three-bedroom luxury apartments. Facilitators' fee stated at 10%. Potential opportunity for a small-to-medium residential development, subject to feasibility and approvals. Joint venture terms to be negotiated and documented. Why This Joint Venture Deserves Attention The proposed apartment mix allows the developer to explore a residential concept that caters to different household sizes and buyer or tenant requirements. The final mix should be guided by the site's development capacity, market research, target audience and the financial performance of each apartment type. The relatively compact land area makes efficient site planning particularly important. The developer will need to assess the buildable footprint, circulation, parking, setbacks, common areas, access and essential services before determining the appropriate number and size of apartments. The financial assessment should include the stated land value, construction costs, professional fees, statutory charges, financing costs, marketing and other project expenses. These figures should be compared with realistic sales or rental estimates to determine whether the proposed partnership offers a commercially viable structure for both parties. Developer's Perspective: What to Verify Before proceeding with the joint venture, prospective developers should independently confirm: Exact land boundaries and surveyed area. Ownership records and the landowner's authority to enter into the JV. Title documentation and any encumbrances, disputes or restrictions. Permitted land use and applicable estate development guidelines. Building height, density, setbacks and other planning requirements. Feasibility of the proposed two-bedroom and three-bedroom apartment mix. Parking, access, circulation and common-area requirements. Availability of drainage, water, electricity and other essential infrastructure. Estimated construction costs and professional fees. Responsibility for planning approvals, construction funding and project delivery. The proposed sharing formula and allocation of completed apartments or proceeds. The basis, payment responsibility and timing of the facilitators' fee. Independent legal, architectural, engineering and financial reviews are recommended before the parties make binding commitments. Joint Venture Structure and Commercial Considerations The sharing formula has not been provided and should be negotiated between the landowner and developer. The agreement should clearly define what each party contributes and how the project's benefits, costs and risks will be allocated. Key terms to establish include: Land contribution: Confirmation of the land interest being contributed and the agreed ₦500 million valuation. Developer's contribution: Funding, construction, professional services and project management responsibilities. Sharing formula: Allocation of completed apartments, sale proceeds, rental income or another agreed benefit. Apartment allocation: The specific units assigned to each party, including their sizes, positions and specifications. Facilitators' fee: Confirmation of who pays the stated 10%, the amount on which it is calculated and the payment trigger. Project timeline: Approval milestones, construction stages and expected handover dates. Cost management: Procedures for variations, unforeseen expenses and cost overruns. Default and dispute resolution: Remedies, exit provisions and processes for resolving disagreements. The final agreement should be professionally prepared and reflect the verified title position, approved development scheme and negotiated commercial terms. Investment Perspective The stated land value is ₦500 million, with no premium indicated. However, the land value alone is not enough to establish the project's profitability. A detailed feasibility model should account for construction, design and consultancy fees, approvals, infrastructure, financing, marketing, the facilitators' fee and contingency provisions. The projected sales or rental value of the completed apartments should then be assessed against the total development cost. The proposed apartment mix should remain a development concept until the site has been assessed and the relevant planning requirements confirmed. Investor / Developer Note This opportunity may suit a developer with experience in residential apartment projects and the capacity to manage design, approvals, construction and delivery. Before committing, the parties should verify the land title, assess the site's development potential, prepare a realistic financial model and agree on a transparent sharing formula. The 10% facilitators' fee should also be clearly defined in writing to avoid uncertainty during the transaction. For Enquiries & Inspections Phone: +234 907 301 3359 Website: www.zaharihub.com Zahari Properties ...Points in the right direction. Disclaimer: This listing is based on the information provided and does not constitute independent verification of the land, title, valuation or development potential. Prospective parties should independently verify ownership, title documents, site measurements, planning requirements, development feasibility, facilitators' fee terms and all joint venture conditions before proceeding.