Proposed Development: Blocks of Flats

Joint Venture Opportunity -- Salem Ilasan, Lekki, Lagos 1,400 SQM Governor's Consent Title Land Value: ₦1.4 Billion Proposed: Blocks of Flats Facilitator's Fee: 8% Property & JV Overview

• Location: Salem Ilasan, Lekki, Lagos (a rapidly developing residential corridor).
• Land Size: 1,400 SQM.
• Title: Governor's Consent.
• Land Value: ₦1,400,000,000 (≈ ₦1,000,000 per SQM).
• Proposed Development: Blocks of flats.
• Sharing Formula: Open for discussion/negotiation based on development costs.
• Facilitator's Fee: 8% of land value (₦112 Million), payable upon JV agreement.
• Status: Vacant, titled land ready for a joint venture partnership.

Key Highlights

• Prime Ilasan Location: Situated in a highly populated and fast-appreciating residential zone in Lekki, offering excellent rental demand.
• Strong Title Security: A Governor's Consent provides a solid legal foundation, giving confidence to developers and financiers.
• Reduced Facilitator Fee: At 8% (compared to the standard 10%), the transaction costs are optimized, making the deal more attractive for the developer.
• Clear Development Vision: The owner proposes a "Blocks of Flats" development, which aligns perfectly with the high demand for quality mid-income housing in the Ilasan/Ikate axis.
• Optimal Scale: At 1,400 SQM, the land is perfectly sized for a boutique development of 2 to 3 blocks of flats with parking and amenities.

Development Potential

• Residential Blocks of Flats: A modern development of 2-3 blocks (likely 3-4 storeys each), comprising a mix of 2-bedroom and 3-bedroom apartments.
• Estimated Unit Count: 18--24 units (subject to design and density regulations).
• Amenities: Ground floor parking, 24/7 security, backup power, and water treatment.
• Target Market: Young professionals, families, and investors seeking accessible, quality housing in the Lekki corridor.

Location Benefits -- Salem Ilasan, Lekki

• High-Demand Residential Hub: Ilasan is a densely populated and thriving area, ensuring a steady stream of potential tenants and buyers.
• Connectivity: Easy access to the Lekki-Epe Expressway, linking to Lekki Phase 1, Ikoyi, and Victoria Island.
• Proximity to Amenities: Close to schools, hospitals, markets, and commercial hubs.
• Future Appreciation: Ongoing infrastructure improvements in the Lekki axis support long-term capital growth.

Financial Structure

• Land Contribution Value: ₦1.4 Billion.
• Developer's Role: Provide 100% of construction financing, project management, and sales/letting.
• Profit Sharing: To be negotiated (typically based on land value vs. total development cost).
• Facilitator's Fee: 8% of land value (₦112 Million), 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 willingness to discuss JV terms. 2. Company Profile -- with verifiable evidence of residential block-of-flats projects completed in Lekki or similar areas. 3. Proof of Funds -- demonstrating capacity to fund a project of this scale. 4. Preliminary Concept Note -- initial design and timeline aligned with the blocks of flats proposal. Due Diligence:

• Upon signing an nda and facilitator fee agreement, the facilitator will provide title documents, survey, and arrange a site inspection.

Salem Ilasan JV -- 1,400 SQM, Governor's Consent, ₦1.4B Land Value, Blocks of Flats Proposal, 8% Facilitator Fee. A viable and streamlined opportunity for serious developers. Direct mandate -- serious inquiries only.