Residential land joint venture
1,400 SQM Residential Land
Joint Venture Opportunity -- Victoria Island, Lagos 1,400 SQM C of O & Governor's Consent Title Premium: Zero Land Value: ₦3M per SQM Proposed: Flats/G+8 Floors 50/50 Sharing Facilitator's Fee: 8% Net Property & JV Overview Location: Victoria Island, Lagos -- a prime commercial and residential district. Land Size: 1,400 SQM. Title: Certificate of Occupancy (C of O) & Governor's Consent -- the strongest title combination in Lagos, ensuring legal security and bankability. Land Value: ₦3,000,000 per SQM. Total Land Value: ₦4,200,000,000 (≈ ₦4.2 Billion). Premium: Zero (Nil) -- a significant advantage, reducing upfront costs for the developer. Proposed Development: Flats/G+8 Floors (Ground plus 8 upper floors) -- a mid-rise luxury apartment building. Sharing Formula: 50/50 (landowner : developer). Facilitator's Fee: 8% Net of land value. Status: Vacant land, ready for a joint venture development. Key Highlights Prime Victoria Island Location: A highly prestigious business and residential address, offering maximum visibility and accessibility. Strong Dual Title: C of O with Governor's Consent -- the strongest title combination in Lagos, ensuring legal security and smooth transfer. No Premium Required: Zero premium eliminates a major upfront cost, allowing the developer to deploy more capital into construction. Clear 50/50 Sharing: Transparent and balanced partnership structure that aligns the interests of both parties. Excellent Scale: 1,400 SQM is ideal for a G+8 floor luxury apartment block, offering strong return on investment. High Demand Area: Victoria Island consistently attracts high-net-worth tenants and buyers, ensuring strong sales and rental potential. Development Potential G+8 Floor Modern Apartment Building with a mix of 2- and 3-bedroom flats. Ground Floor: Parking, lobby, and possibly retail or office space (if zoning permits). Upper Floors: Residential units with premium finishes, balconies, and modern amenities. Rooftop Amenities: Lounge, garden, or gym -- subject to design. Infrastructure: Backup power, water treatment, elevators, and 24/7 security. Target Market: Professionals, expatriates, and corporate tenants seeking upscale living in Victoria Island. Location Benefits -- Victoria Island Heart of VI: Close to major banks, embassies, hotels, corporate offices, and Eko Atlantic. Excellent Connectivity: Easy access to Ahmadu Bello Way, Ozumba Mbadiwe, and the Lekki-VI link bridge. Prestige Address: VI remains Lagos's premier business and lifestyle destination. High Occupancy Demand: Luxury apartments in this area consistently achieve premium rents and resale values. Financial Structure Land Contribution Value: ₦4.2 Billion. Premium (Upfront): Zero -- no upfront payment required from the developer. Developer's Role: Provide 100% of construction financing, project management, bank guarantee, and sales/letting. Profit Sharing: 50% Landowner / 50% Developer -- after recovery of agreed development costs. Facilitator's Fee: 8% Net of land value, typically paid from the landowner's share upon JV execution. Next Steps for Qualified Developers Interested developers must submit: 1. Letter of Intent (LOI) -- confirming interest and acceptance of the 50/50 sharing structure and zero premium terms. 2. Company Profile -- with verifiable evidence of luxury apartment or high-rise projects completed in Victoria Island, Ikoyi, or Lekki. 3. Proof of Funds -- bank statements or financing letters showing capacity for a project of this scale (estimated construction cost ₦10B--₦18B+). 4. Bank Guarantee -- ability to provide a performance guarantee as required. 5. Preliminary Concept Note -- initial design and timeline aligned with the G+8 floor flats proposal. Due Diligence: Upon signing an nda and facilitator fee agreement, the facilitator will provide the C of O, Governor's Consent, survey, and arrange a site inspection. Title verification to be conducted at the Lagos State Lands Bureau. Ideal Partner Profile: A reputable real estate development firm with a proven track record in multi-unit residential projects in prime Lagos locations. Strong financial capacity and ability to fund construction without sole reliance on off-plan sales. Victoria Island JV -- 1,400 SQM, C of O & Governor's Consent, zero premium, 50/50 sharing, 8% facilitator fee. Serious, qualified developers only -- with proof of funds and track record.