Development of Block of Apartments

Hot Deal! Joint Venture Development or Sale of Block of Apartments in Old Ikoyi, Lagos 4,756 SQM Federal C of O Title Land Value: ₦24 Billion Proposed: 25 Floors or 2 Blocks of 10 Floors Sharing: 60/40 Premium: ₦1.2 Billion Facilitator's Fee: 10% (Negotiable) Property & JV Overview Location: Old Ikoyi, Lagos -- one of the most prestigious and established residential districts in Nigeria. Land Size: 4,756 SQM. Title: Federal Certificate of Occupancy (C of O) -- a strong title verified through the Federal Ministry of Lands, Housing & Urban Development. Land Value: ₦24,000,000,000 (≈ ₦5.05 Million per SQM). Proposed Development: 25 Floors or 2 Blocks of 10 Floors (high-rise luxury apartments). Sharing Formula: 60/40 (landowner : developer -- to be confirmed during negotiation). Premium: ₦1,200,000,000 (payable upon JV contract signing). Facilitator's Fee: 10% of land value (negotiable). Status: Vacant land, ready for a landmark high-rise development. Also Open To: Sale of the block of apartments (post-development or as a pre-sale arrangement). Key Highlights Old Ikoyi Prestige Address: One of Lagos's most exclusive neighbourhoods -- home to embassies, top executives, and legacy families. Unmatched prestige and security. Federal C of O Title: Provides robust legal backing; verification through Federal channels is required but ensures strong ownership security. Massive Development Scale: 4,756 SQM allows for a landmark high-rise (25 floors) or twin 10-floor blocks -- significant unit yield and return potential. Clear Sharing Ratio: 60/40 split offers a balanced partnership structure, open for discussion based on final development cost. Premium Commitment: ₦1.2 Billion upfront at signing -- ensures a serious, well-capitalised developer. Negotiable Facilitator's Fee: 10% is standard but negotiable, offering flexibility in transaction structuring. Development Potential 25‑Floor Tower: Ultra‑luxury residential apartments with panoramic views, penthouses, and premium amenities. 2 × 10‑Floor Blocks: A phased or twin‑block development offering a mix of 2‑, 3‑, and 4‑bedroom apartments. Target Market: Ultra‑high‑net‑worth individuals, corporate executives, expatriates, and international investors. Amenities: Ground floor lobby, multi‑level parking, gym, pool, spa, rooftop lounge, 24/7 security, backup power, and water treatment. Location Benefits -- Old Ikoyi Prestige & Privacy: Quiet, tree‑lined streets, low density, and a mature, high‑value community. Proximity to Business Hubs: Minutes from Victoria Island, Ikoyi business district, and Lagos Island. Excellent Infrastructure: Well‑maintained roads, drainage, security, and access to top schools, hospitals, and clubs. High Demand, Limited Supply: New luxury developments in Old Ikoyi are rare -- ensuring strong pre‑sales and rental demand. Financial Structure Land Contribution Value: ₦24 Billion. Premium (Upfront): ₦1.2 Billion -- payable to landowner upon JV contract signing. Developer's Role: Provide 100% of construction financing, bank guarantee, project management, and sales/letting. Profit Sharing: 60% Landowner / 40% Developer (or as negotiated) -- after recovery of agreed development costs. Facilitator's Fee: 10% of land value (negotiable), 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 premium and sharing structure. 2. Company Profile -- with verifiable evidence of luxury high‑rise projects (15+ floors) completed in Ikoyi, Victoria Island, or Banana Island. 3. Proof of Funds -- bank statements or financing letters showing capacity for a project of this scale (estimated construction cost ₦30B--₦50B+). 4. Bank Guarantee -- ability to provide a performance guarantee as required. 5. Preliminary Concept Note -- initial design and timeline aligned with the 25‑floor or 2 × 10‑floor proposal. Due Diligence: Upon signing an nda and facilitator fee agreement, the facilitator will provide the Federal C of O, survey, and arrange a site inspection. Title verification to be conducted through the Federal Ministry of Lands (Abuja or Lagos office). Ideal Partner Profile: Top‑tier real estate development firm with a proven track record in ultra‑luxury high‑rises in prime Lagos locations. Strong financial capacity and access to construction finance. Experience with Federal C of O properties is advantageous. Old Ikoyi JV -- 4,756 SQM, Federal C of O, ₦24B land value, 60/40 sharing, ₦1.2B premium. Serious, qualified developers only -- with proof of funds and luxury track record.