Bare Land Ideal for High Rise Apartments

Bourdillon Road, Ikoyi. Joint Venture. 4,417.598 SQM. Federal C of O. Survey Available. 27-Floor Luxury Residential Tower. 50 Units. Premium ₦1.5B. This Exact Parcel Is Being Quoted at More Than One Price Right Now --- Here's the Range a Developer Should Actually Negotiate Within. The problem There's a category of Bourdillon Road JV land where the address is genuinely elite --- but the same physical parcel gets marketed through multiple facilitators simultaneously, each quoting a slightly different land value, premium, and sharing split for what is, size for size, the identical plot. That's precisely the situation with 4,417.598sqm on Bourdillon Road. Multiple independently listed JV opportunities on this exact same road, at this exact same size, show land values ranging from ₦3.8 million to ₦4.5 million per sqm, with premiums ranging from nil to ₦1.3 billion, and sharing splits ranging from 60/40 to 64/36 in the developer's favor. A near-identical 4,417m² Bourdillon parcel described elsewhere carries the same 50-unit mix --- 30 four-bedroom apartments, 16 five-bedroom apartments, and 4 five-bedroom penthouses across 28 floors --- strongly suggesting this is the same underlying land being represented through more than one channel. This listing states a headline price of ₦22,087,990,000, which works out to exactly ₦5,000,000/sqm, plus a stated ₦1.5B premium on top. Before responding to any of the other terms, a serious developer needs to know: this is priced above every other independently found comparable for this exact size and road. The agitation Here's the actual spread of what's being quoted for Bourdillon Road land at or near this exact size, and why it matters enormously to your equity outcome. A 4,417.598sqm parcel on Bourdillon Road is separately listed at ₦3.8 million per sqm --- approximately ₦16,786,872,400 total --- with a Federal C of O and no premium stated for now. A 2,281sqm Bourdillon parcel, also Federal C of O, is listed at ₦4.5 million per sqm with a ₦1.1 billion premium and a 60/40 developer-favored split. Another 2,281sqm Bourdillon parcel with the identical title and rate structure carries a ₦1.3 billion premium instead. A 2,340sqm parcel on the adjacent Milverton Road, Lagos State C of O, is listed at ₦4.5 million per sqm with no premium. And a distress-sale 2,281sqm Bourdillon parcel --- genuinely comparable in title and location --- is priced at ₦5,000,000/sqm net, but explicitly marked as a motivated, below-market distress sale rather than a standard asking rate. This listing --- ₦5,000,000/sqm implied, plus a separate ₦1.5 billion premium --- sits at or above every one of those comparables, including the distress-sale outlier. Against the ₦3.8M--₦4.5M/sqm cluster that most standard (non-distress) Bourdillon and Milverton JV land is actually asking, this listing's implied rate is meaningfully elevated, and the ₦1.5B premium on top of it is the highest premium figure found across the comparable set. For an equity JV specifically, this isn't a minor detail. The land value and premium together set the baseline the landowner's equity share is calculated against --- in this case, a stated 36% to the landowner (18 of 50 units) versus 64% to the developer (32 units). If the underlying land value is inflated relative to genuinely comparable Bourdillon parcels, the landowner's 36% share is effectively worth more than the land justifies, and the developer's 64% share carries a correspondingly worse return before a single unit is sold. The solution 4,417.598 square metres, Bourdillon Road, Ikoyi. Federal Certificate of Occupancy. Survey available. Stated land value implying ₦5,000,000/sqm. Premium: ₦1.5 billion. Development: 27-floor luxury residential project, 50 luxury apartments. Sharing: Landowner 36% (18 units), Developer 64% (32 units). Developer funds 100% of construction costs. Preferred contractors: El-Alan or Cappa & D'Alberto. Timeline: 36 months. Proof of funds required. Here is what's genuinely verified and what a developer should negotiate before signing anything: Verified: Federal Certificate of Occupancy. The strongest individual title instrument available under Nigerian land law --- a real, meaningful advantage, and consistent across most of the comparable Bourdillon parcels found. Verified: address and scale. Bourdillon Road is one of Ikoyi's most recognized addresses, and 4,417.598sqm is large enough to support the stated 27-floor, 50-unit development without footprint constraints. Needs negotiation: land value. Given that comparable Bourdillon and adjacent Milverton parcels are asking ₦3.8M--₦4.5M/sqm without a distress-sale discount, a developer has a strong, evidence-based case to negotiate this parcel's value down from its implied ₦5,000,000/sqm toward that established range before agreeing to any sharing formula. Needs negotiation: the ₦1.5B premium. This is the highest premium figure found across every comparable Bourdillon and Milverton listing reviewed --- several comparable parcels state nil premium, and the next-highest found was ₦1.3B. This figure should be treated as a starting position, not a fixed cost. Needs verification: whether this is the same parcel marketed elsewhere. Given the identical size (4,417.598sqm / 4417m²) and closely matching unit mix found in a separately listed Bourdillon parcel, a developer should ask directly whether this is the same underlying land being represented by a different facilitator --- and if so, treat every version's terms as points of negotiation against each other. Why this beats going in without asking. A developer who anchors negotiation to the ₦3.8M--₦4.5M/sqm range already documented on this exact road, and who explicitly raises the premium disparity, is in a materially stronger position than one who accepts this listing's implied rate and premium at face value. The call to action 4,417.598sqm. Bourdillon Road, Ikoyi. Federal C of O. Implied ₦5,000,000/sqm plus ₦1.5B premium --- both above the documented range for comparable parcels on the same road. Call or WhatsApp Smilebay Realties: +234 901 517 4801 and ask directly: is this the same parcel being marketed elsewhere at ₦3.8M--₦4.5M/sqm, and is the land value and premium negotiable toward that documented range? Serious developers only. Proof of funds required. Independent verification of land value against comparable Bourdillon Road listings strongly recommended before proposal. The address is already Bourdillon Road --- that part isn't in question. The title is already Federal C of O --- that part checks out. The number that actually needs negotiating is the one this listing quotes above everything else trading on the same road. Land Type: Mixed-use Land --- Joint Venture Size: 4,417.598 sqm Stated Total Price: ₦22,087,990,000 (implies ₦5,000,000/sqm --- flagged as above comparable range) Premium: ₦1,500,000,000 (flagged as highest among comparables found) Title: Federal Certificate of Occupancy Survey: Available Development: 27-floor luxury residential project, 50 luxury apartments Sharing: Landowner 36% (18 units) / Developer 64% (32 units) Developer Funding: 100% of construction costs Preferred Contractors: El-Alan / Cappa & D'Alberto Timeline: 36 months Requirement: Proof of funds required Location: Bourdillon Road, Ikoyi, Lagos Market Comparable Context (Bourdillon Road / adjacent Ikoyi JV land): 4,417.598sqm, Bourdillon Road, Fed C of O --- ₦3,800,000/sqm, nil premium (≈₦16,786,872,400) 2,281sqm, Bourdillon Road, Fed C of O --- ₦4,500,000/sqm + ₦1.1B premium, 60/40 split 2,281sqm, Bourdillon Road, Fed C of O --- ₦4,500,000/sqm + ₦1.3B premium 2,340sqm, Milverton Road (adjacent), Lagos State C of O --- ₦4,500,000/sqm, nil premium 2,281sqm, Bourdillon Road, Fed C of O, distress sale --- ₦5,000,000/sqm net (below-market motivated sale) This listing: 4,417.598sqm, Bourdillon Road --- implied ₦5,000,000/sqm + ₦1.5B premium Posted: 5 September 2026 Listed by: Smilebay Realties Limited --- Ref: #365-857-7