6,000 Sqm Joint Venture Ikate, Lekki, Lagos

Joint Venture Development Opportunity -- Prime Land in Ikate, Lekki
6,000 SQM Fully Developed Estate off Kushenla Road Land Value: ₦5.5 Billion Proposed: Terraces, Semi-Detached & Fully Detached Homes

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Property & JV Overview

- Location: Ikate, Lekki, Lagos (within a fully developed estate off Kushenla Road).
- Land Size: 6,000 SQM.
- Land Value: ₦5.5 Billion (≈ ₦916,667 per SQM).
- Title: Expected to be C of O / Governor's Consent (estate land).
- Owner's Proposal: Development of a mix of terraces, semi-detached, and fully detached homes.
- Sharing Formula: Open for discussion based on land contribution vs. development cost.
- Facilitator's Fee: 10% of land value.
- Status: Vacant, titled land in a quality estate environment, ready for JV partnership.

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Key Highlights

- Prime Ikate Location: Situated in a fully developed estate off Kushenla Road, offering security, good roads, and a prestigious address within the Lekki growth corridor.
- Large-Scale Development Canvas: 6,000 SQM allows for a substantial residential scheme -- ideal for a mixed product offering (terraces, semi-detached, detached).
- Clear Development Vision: The owner has specified the desired housing mix, providing clear direction for feasibility studies and architectural planning.
- Flexible JV Terms: Sharing ratio is open for discussion, allowing a qualified developer to negotiate a fair partnership based on market realities and project costs.
- Estate Advantage: Being within a gated community reduces infrastructure burden (roads, security, layout) and enhances end-user appeal.

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️ Development Potential

The scale and location lend themselves to a premium residential community:

- Terrace Homes: 4--6 units per row, offering high density and efficient land use.
- Semi-Detached Duplexes: Pairs of luxury homes with shared walls but private amenities.
- Fully Detached Villas: Standalone homes for the ultra-luxury segment.
- Product Mix Suggestion (Example): 20 terrace units + 10 semi-detached pairs (20 homes) + 4 detached villas -- total ~44 units, subject to estate layout and approvals.

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Financial Implication

- Land Contribution Value: ₦5.5 Billion.
- Developer's Role: Provide 100% construction funding, project management, and sales expertise.
- Profit Sharing: To be negotiated, typically based on the ratio of land value to total development cost (construction + soft costs + contingency).
- Facilitator's Fee: 10% of the ₦5.5B land value (₦550M), usually payable from the landowner's share upon JV agreement.

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Next Steps for Qualified Developers

Submit Expression of Interest including:

- Company profile and track record (especially in estate/mixed residential projects).
- Proof of financial capacity for a project of this scale.
- Preliminary proposal on product mix and JV structure.
- Willingness to sign an agency agreement.

Due Diligence First Steps:

- Site inspection and estate verification.
- Title search at the Lagos State Lands Bureau.
- Feasibility study and preliminary architectural concepts.

Ideal Partner Profile:

- Mid-to-large scale residential developer with experience in gated estates.
- Strong balance sheet and ability to fund construction.
- Proven ability to deliver terraces, semi-detached, and detached homes.

A substantial JV opportunity in a prime Ikate estate -- ready for a developer with vision and capacity.