Residential land joint venture
Lekki Phase 1, Lekki, Lagos
Prime joint venture development opportunity lekki phase 1 right, lagos
1,040 sqm proposed terraces/block flats land value: ₦1.5b premium: ₦100m net
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property & proposal overview
- location: lekki phase 1 (right hand side), lagos.
- land size: 1,040 sqm.
- land value: ₦1.5 billion (≈ ₦1.44 million per sqm).
- premium: ₦100 million net.
- total land contribution value: ₦1.6 billion (₦1.5b land value + ₦100m premium).
- owner's proposal: development of terraces or block of flats.
- facilitator's fee: 10% of the land value.
- status: marketed as a verified and closable opportunity.
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key highlights
- elite lekki phase 1 right address: the rhs is among the most exclusive and serene parts of phase 1, often featuring larger plots, better proximity to the lagoon, and established high-value homes, ensuring strong demand.
- "verified" opportunity: the listing's claim of being verified suggests initial due diligence may have been conducted, potentially reducing preliminary risk and accelerating the partnership process.
- clear mid-density vision: the proposal for terraces or block flats is perfectly suited for the location, targeting the high-demand market for quality family homes and premium rentals in phase 1.
- defined financial structure: clear breakdown of land value, net premium, and facilitator's fee provides transparency for initial financial modeling of the joint venture.
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️ development potential
the proposal aligns with optimal land use in this prime residential zone:
- luxury terraced houses: 4-6 high-spec terrace units with private entrances and modern amenities.
- premium block of flats: a boutique apartment building with 8-12 units (2-3 bedrooms each).
- potential amenities: private parking, communal gardens, swimming pool, and 24/7 security would be expected in this location.
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location & market context
- pinnacle of suburban luxury: lekki phase 1 right is the definitive address for established, low-density, high-security luxury living in lagos.
- market validation: the land value of ~₦1.44m/sqm is competitive for titled land in this specific micro-market. for comparison, recent listings for bare land in core phase 1 have ranged from ₦1.2m to over ₦2.5m per sqm, heavily dependent on the exact street and proximity to the lagoon.
- strong pre-sales/rental market: end-users and tenants actively seek properties in phase 1, supporting strong absorption rates and premium pricing for well-executed projects.
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jv financial structure
- landowner's contribution: land valued at ₦1.6 billion (including premium).
- developer's contribution: 100% of construction financing, expertise, and project execution.
- ownership split: to be negotiated, typically based on the agreed land contribution value versus total developed project cost. a fair market valuation of the land is crucial for this negotiation.
- project scale: a quality development here would be a multi-billion naira project targeting the upper tier of the residential market.
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️ critical next steps for a "closable" deal
even with a "verified" tag, independent due diligence is the foundation of a secure jv.
1. independent title verification: confirm the authenticity of the title (expect governor's consent or c of o) at the lagos state lands bureau.
2. site & feasibility inspection: visit with your architect and surveyor. assess topography, access, and validate the proposed development's feasibility.
3. financial & legal structuring: engage a lawyer to draft a jv agreement that clearly defines roles, contributions, profit-sharing, decision-making, and dispute resolution.
4. verify the "verification": request details on what specific checks have been completed (title search, planning status) and review the documentation.
ideal partner profile:
- residential development firm with experience in delivering quality terrace houses or apartment blocks in high-value lagos neighborhoods.
- investor or consortium with strong financial backing and a focus on the premium market.
this is a prime location with a clear vision. its "closable" potential hinges on translating the verification claims into independently verified, legally binding partnership ter...
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₦1,600,000,000
Ac Valour International
08036503218