4,947 Sqm Joint Venture Banana Island, Ikoyi
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Property Description
JOINT VENTURE OPPORTUNITY -- BANANA ISLAND, IKOYI
4,947.766 SQM Prime Residential Land C of O Title
Land Value: ₦4,000,000 per SQM (₦19.79 Billion Total)
Proposal: Flats, Maisonettes & Penthouses on 6 Floors
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Property Overview
- Location: Banana Island, Ikoyi, Lagos -- Africa's most exclusive waterfront residential enclave.
- Land Size: 4,947.766 SQM (approximately half a hectare of prime Banana Island land).
- Zone: Residential Area -- surrounded by Lagos's most elite homes and residents.
- Title: Certificate of Occupancy (C of O) -- the highest form of title security.
- Land Value: ₦4,000,000 per SQM.
- Total Land Value: ₦19,791,064,000 (approx. ₦19.79 Billion).
- Proposal: Luxury Flats, Maisonettes, and Penthouses across 6 floors.
- JV Structure: Open to partnership between landowner and capable developer.
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Key Highlights
- Ultimate Banana Island Address: The most prestigious residential address in Nigeria -- home to billionaires, captains of industry, and diplomatic elite.
- Massive Scale: At nearly 5,000 SQM, this is one of the largest available development parcels on Banana Island -- a true landmark opportunity.
- Superior Title Security: C of O provides absolute ownership certainty -- bankable and ready for JV financing.
- Premium Residential Zone: Surrounded by existing high-value homes, ensuring immediate prestige and long-term value appreciation.
- 6- Floor Development Potential: Flats, maisonettes, and penthouses -- a mix that caters to different luxury buyer profiles while maximizing returns.
- Rare Offering: Land of this size on Banana Island is virtually extinct -- this is a generational opportunity.
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️ Development Potential
4,947.766 SQM -- 6 Floors of Luxury Residential
- Total Built-Up Area: Approx. 20,000--25,000 SQM (depending on design and floor plates).
- Unit Mix Potential:
- Luxury 2/3/4-Bedroom Flats
- Spacious Maisonettes (Duplex-style units)
- Premium Penthouses with private terraces
- Estimated Unit Count: 40--60 luxury units, depending on unit sizes and configuration.
- Amenities: Swimming pool, gym, concierge, secure parking, lush landscaping.
- Target Market: Ultra-high-net-worth Nigerians, diaspora buyers, expatriates, diplomatic corps.
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Market Context
Metric Value
Land Size 4,947.766 SQM
Per SQM Valuation ₦4,000,000
Total Land Value ₦19.79 Billion
Market Range (Banana Island) ₦3.5M--₦6M/SQM
JV Sharing To be negotiated
- Per SQM Benchmark: At ₦4M/SQM, this land is competitively positioned within Banana Island's current market range (₦3.5M--₦6M/SQM depending on waterfront access, exact location, and plot characteristics).
- Scarcity Value: Parcels exceeding 4,000 SQM in Banana Island's residential zone are exceptionally rare -- most have been developed or subdivided.
- Development Upside: A well-executed luxury development on this site could achieve Gross Development Value (GDV) of ₦40B--₦60B+, depending on unit mix and market conditions at completion.
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️ JV Structure (Typical)
Party Contribution Sharing (Negotiable)
Landowner Land (C of O, valued at ₦19.79B) 40--50% of completed units/sales
Developer 100% Construction Funding 50--60% of completed units/sales
- Facilitator's Fee: Applicable as agreed with introducing agent.
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Requirements for Interested Developers
1. Letter of Intent (LOI) -- Formal expression of interest.
2. Company Profile -- Track record in luxury, large-scale developments.
3. Proof of Funds -- Evidence of construction financing capacity (minimum ₦15B--₦20B project cost).
4. Development Proposal -- Preliminary concept, unit mix, architectural vision, financial projections.
5. Site Inspection -- Physical viewing of this landmark parcel.
6. JV Negotiation -- Direct engagement with landowner to finalize terms.
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Ideal For: Top-tier developers with proven experience in ultra-luxury, large-scale residential projects; institutional investors seeking a flagship Banana Island development.
A once-in-a-generation opportunity -- nearly 5,000 SQM of C of O--titled land on Banana Island, ready for a world-class luxury residential development.
Serious and capable developers only. This is the pinnacle of Nigerian real estate.
Property Details
| Property Ref: 3365768 | Last Updated: 01 Mar 2026 | Market Status: Available |
| Type: Residential Land |
Interesting Facts
Banana Island is steeped in fascinating historical facts that enhance its allure. The area's captivating history, status as an artificial island, exclusivity, and prestigious address all contribute to its legendary reputation as a luxurious and refined haven. It is renowned as one of the most expensive neighborhoods in Africa, attracting affluent individuals from diverse backgrounds.
Leisure and Shopping
Banana Island offers a plethora of leisure and shopping options that cater to the refined tastes of its esteemed residents. Residents of Banana Island can indulge in high-end retail therapy, embrace the tranquility of lush green spaces, and enjoy the luxurious amenities provided by the exclusive relaxation centers. Oladimeji Shonubi Supermarket, Mr. Femi Superstores, Hartleys Supermarket, Kola Superstores, Banana Island Sports Field, Banana Island Park, and the Banana Island Club are prime examples of the leisure and shopping options available in Banana Island.
Popular Estates
Banana Island proudly showcases a collection of prestigious estates that embody the essence of lavish living. These highly coveted residential developments feature architectural masterpieces that provide awe-inspiring vistas. Boasting top-notch facilities and unmatched seclusion, these estates are a testament to elegance, ensuring each resident experiences an unparalleled lifestyle. Among the distinguished estates on Banana Island are Happy Haven Estate, The Address Homes, Bella Vista Apartments, Grace Court, and Morgan Apartments.
Day Life
Throughout the daytime, Banana Island buzzes with vitality, boasting a diverse selection of dining establishments, enjoyable venues such as the Banana Island Sports Field for families, and captivating establishments like the Hanging Basket Restaurant and the esteemed Chicken Republic. If you're in search of a destination suitable for the whole family, the nearby Youfine Art Gallery presents nature trails of art work, providing a delightful experience.
Night Life
Banana Island provides a serene and exclusive residential atmosphere, making it an ideal place for residents seeking a peaceful lifestyle. It is primarily known for its residential properties and luxurious lifestyle rather than its nightlife scene. The island is a serene and exclusive area with a focus on privacy and security. However, for a livelier nightlife scene, residents can venture to nearby areas such as Victoria Island and Ikoyi, where one can find several upscale lounges, bars, and clubs that offer an unforgettable evening of entertainment. We have places like Escape Nightclub, Quilox, Sky Restaurant and Lounge, The Blowfish Hotel and Club, Caliente Club, and Escape Nightclub.
Schools
Banana Island not only boasts of magnificent residential estates and top-tier amenities but also grants residents access to exceptional educational institutions. Families seeking a world-class education for their children need look no further, as Banana Island International School stands as a beacon of prestige within this coveted community. Additionally, residents have the privilege of choosing from a range of esteemed schools in close proximity, including Greenwood House School, Meadow Hall School, and Lagoon School, all of which provide excellent educational options to meet the discerning standards of Banana Island's residents.
Read the full area guide for Banana Island, Ikoyi, Lagos.
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